5 Tips to Make an Infallible Data Analysis

5 Tips to Make an Infallible Data Analysis

Companies generate more and more data in their daily lives, but more important than quantity is the ability to analyze the information generated. There is currently more than 5 times more information than in 1987, and one of the biggest challenges for companies is to analyze data effectively so they can make decisions on the basis of reliable facts. It is not always easy to deal with so much information and finding the best tactics for data analysis can be a very difficult task. In today’s article, we’ve put together 5 tips for doing a foolproof data analysis!

To know what you want to analyze

The data is of no use if we don’t know what we need to do with them. It is essential to define the key metrics for analysis and to evaluate often whether the metrics we are analyzing still make sense to the business. Today, business happens at a very dynamic pace and this causes constant change. Analyzing data effectively allows us to offer better customer service because we will be more aware of what they really need.

Real-time data analysis

Nowadays, it is no longer enough to analyze the data after a week of situations occur. Everything happens at a very fast pace and it is imperative that you analyze the data at the very moment they happen. Multipeers allows you to analyze the data in real time and alerts you to situations that go beyond what was previously established as normal. Let’s imagine that you own a chain of clothing stores and that you want every day until midday to sell X. If one day the value is outside the normal, Multipeers alerts you immediately so you can take actions such as launching a promotional campaign for that day.

Create reports frequently

Data analysis should be done on a constant basis so that decisions are made on the basis of current information. Many companies make weekly reports and when they find the information this already has a few days. Ideally, you should create short, relevant, easy-to-read reports. Multipeers allows you to create simple reports, in which all users perceive information and analysis outputs. This change will positively impact the marketing actions, which will be much more controlled and effective.

Presence on multiple platforms

Companies should be present on various platforms (social media, blog, website) and thus collect data from various sources. This information can be used to better understand customers and their needs and desires. In this way, business supply can be adapted to the real needs of consumers, which will make them more loyal to the brand.

Data visualization for all

All employees of a company must have access to relevant data to the performance of their duties. If the data were previously only available to top managers and decision makers, it is currently expected that there will be a democratization of data access so that all employees are better informed and better able to perform their tasks.