The Questions Businesses Should be Asking about Data Analysis

In recent year, data science has rapidly evolved its capabilities and applications to business. This is drawing the attention of global businesses in a multitude of industries.

According to Accenture, 89% of business leaders believe that big data will evolve their businesses on a similar scale to the internet. This demonstrates that data analysis is perceived as a fundamental part of any modern-day business. What’s more, if you don’t have a clear data strategy already, you need to get one. Especially if you want to compete in today’s market. 

However, for business leaders who are not digital experts, navigating the data-driven culture can be confusing, complicated and overwhelming. 

How does your business make the move from reading about data science to investing and implementing it?

Question mark on a chalkboard.

Step 1

The initial step we recommend for businesses looking to implement data analysis into their infrastructure is to contact data analysis experts. From this, you should be able to have a comprehensive discussion about the process. Even if you decide to pursue data analysis in-house, picking the brains of experts will guide you on your data analysis journey. What’s more, it will certainly improve your understanding of its application to your business. However, we do stress the benefits of utilising the professional services of data analysis agencies. They are specialists after all. 

Upon deciding to contact an agency, you may begin to plan the conversation out in your head. But what questions should you be asking?

In today’s feature, we provide you with some must-ask questions for your data analysts. These fundamental questions will ensure you have a better understanding of how data will work for, and your business.

What is data analysis and how does it work for business?

You may have read multiple features, articles and essays about data science and its applications to the business world. But, with numerous interpretations out there, your picture of the concept may not accurately represent what data analysis is.

It is also important to remember that many professional organisations will differ in their practices and services. Therefore, gaining a thorough understanding of how the organisation approaches data analysis will help you to determine its suitability to your business goals.

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What is the potential of data analysis for business?

It will be your responsibility to educate your workforce about the future potential of this practice. As well as relay where the process will sit in the infrastructure of the business. Data analysts will be able to help you consider this part of the process.

Envisioning how you see this service evolving your business will help you to consider its suitability and calculate its ROI (just like you would any investment). Expert data analysts will be able to point out opportunities for your business to develop. Opportunities that are unlikely to be apparent to those within decision-making roles.

How will we help you achieve your business goals?

You need to be clear about what you want to accomplish. Ambiguity could have negative implications further down the line. Consider what impacts and opportunities you hope the data can provide and discuss this with your data analysts. They will be able to compile the right set of questions to ask of the data. That way you can ensure that the project is on the right course.

What data will you need?

After determining the right questions/objectives, your data analyst will begin to explore the availability of data sources. As well as your own databases, there is a wealth of public data that can be utilised towards answering your problems. If you are unsure of where to access data, experts in the field will be able to help guide you on your journey. They will work alongside you to source and gather the data needed for the outlined project. And will be able to highlight actionable insights so that you can focus on the task at hand. 

business processHow will this process be successful and what are the risk factors?

It is vital that you and your analyst address risk factors that will stop you from succeeding. Having open discussions will allow you to take the necessary steps to minimise costs and risks. Like any business collaboration, ensuring you ask the right type of questions will limit any cross wires. 

So, why not contact Pansensic today. Ask for a demo. Ask us these questions, and any others you may have.

We pride ourselves on our ability to discuss the organisational needs of businesses. We put aside the jargon, and show how easy it is to implement qualitative data analysis techniques into your business infrastructure. 

If you want to find out more, just reach out and speak with one of our analysts today.

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