Extracting hidden value using data analytics requires great skill and prowess. The use of various skills, tools and techniques are essential to execute this exercise effectively. Here are 10 tips to enhance deep data analytics.
1. Define clear objectives:
Clearly outline what the objective of the analysis is going to be as well as making a note of the potential value that could be uncovered at the end of the investigation.
2. Understand your data:
Before any analysis can take place, it is of utmost importance to understand the data at hand. This would include the data structure, quality, and context. Cleaning, preprocessing and data integrity checks would fall part of understanding the data.
3. Advanced analytical techniques:
Advanced analytical techniques are a detailed subject on its own. It is usually related to statistical analysis such as regression models. Although the use of machine learning is becoming more common. Make use of these tools to extract information that may not be immediately identified.
4. Combine multiple data sources:
Getting data from multiple data sources and combining them together is a good way to uncover relationships and patterns between different areas. But remember that correlation does not always mean causation.
5. Visualise complex data:
Visualisations can also reveal insights into the data that may be hidden in the raw data. It is a good idea to use charts and graphs to plot the data to see what information may be available.
6. Hone in on outliers and anomalies:
Outliers generally hold a lot of valuable information. These can point out hidden trends and even identify issues. Always do an investigation on new anomalies.
7. Make use of domain knowledge:
By having knowledge on the sector being analysed, the right questions can be asked from the perspective of a domain expert. This together with analytic capabilities has the potential to be extremely valuable.
8. Iterate and refine:
Simple yet important, always review and improve analysis methods.
9. Communicate results effectively:
Tailor your reports to your audience and present them in a clear and compelling manner. Your audience may spot something you have missed.
10. Remain curious and open minded:
Having a curious mindset is crucial in data analytics. Probing new areas and expecting the unexpected will lead to great discoveries.