Introduction to Data Analytics

Jul 3, 2024

Introduction to Data Analytics

Overview

  • Purpose: Provide an understanding of what data analytics is and what a data analyst does.
  • Structure: Video covers five key points on data analytics and roles in the field.
  • Interaction: Encourages viewers to like, subscribe, and ask questions in the comments.

Step 1: What is Data Analytics?

  • Definition: Process of analyzing raw data to extract useful insights for companies.
  • Importance: Helps drive smart business decisions with interpreted data.
  • Role of Data Analysts:
    • Interpret complex data to provide actionable insights.
    • Help companies make informed decisions.
    • Solve business problems and identify patterns in data.

Step 2: How is Data Analytics Used?

  • Broad Uses:
    • Make faster and better business decisions.
    • Reduce business costs.
    • Develop new products and services.
  • Specific Uses:
    • Predict future sales or purchasing behaviors.
    • Security and fraud protection.
    • Analyze marketing campaign effectiveness.
    • Boost customer acquisition and retention.
    • Increase supply chain efficiency.

Step 3: Daily Activities of a Data Analyst

  • Typical Roles and Responsibilities:
    • Deliver user satisfaction surveys and report results.
    • Collaborate with business line owners to develop requirements and success metrics.
    • Manage and execute analytical projects.
    • Monitor systems for improvement opportunities.
    • Translate questions into analytical tasks and gather data.
    • Organize data from multiple sources.
    • Design, build, and maintain back-end code.
    • Define and implement data quality processes.
    • Evaluate and analyze key data to shape business strategies.
    • Look for job descriptions on platforms like LinkedIn, Indeed, and iCrunchData.

Step 4: Data Analysis Process

1. Define Questions

  • Determine why the analysis is conducted and what questions need answers.
  • Example: "What strategies can retain customers after a free trial?"

2. Collect Data

  • Gather data from primary sources (internal, CRM) and secondary sources (government portals, Google Trends).

3. Clean Data

  • Remove duplicates, anomalies, and missing data to ensure accuracy.

4. Analyze Data

  • Use techniques such as regression analysis, cluster analysis, and time series analysis.

5. Interpret and Share Results

  • Present findings in understandable formats like charts and graphs.
  • Collaborate with stakeholders on the next steps.
  • Reflect on data limitations and further analysis.

Step 5: Skills Needed for Data Analysts

  • Hard Skills:
    • Mathematical and statistical ability.
    • Knowledge of programming languages (Python, SQL, Oracle).
  • Soft Skills:
    • Analytical mindset and problem-solving skills.
    • Excellent communication skills for sharing insights with stakeholders.

Conclusion

  • Further Learning: CareerFoundry offers a detailed article and a five-day short course on data analytics.
  • Encouragement: Viewers are invited to ask questions in the comments for further clarification.