What are the 5 steps in Data Analytics?

13 May 2022 By PAYCEC

5 steps in the data analytics process must be completed.

• Step 1: Establishing the goal

The first stage is to define our goal, which is also known as a "problem statement."

• Step 2: Data collection

Once the goal has been established, the analyst must begin obtaining and organizing the necessary data. As a result, defining the required data is a must. This can be qualitative or quantitative information. Each piece of information is divided into three categories: first-party, second-party, and third-party data.

• Step 3: Cleaning the data

We prepare to do the analysis after the data has been collected, which includes cleaning and scrubbing the data to ensure that its quality remains intact.

• Step 4: Interpreting the data

The method we choose to analyze this data is determined by our goal. There are numerous data analysis kinds at our disposal, including time series analysis, regression analysis, and univariate and bivariate analysis. The true challenge is putting them into practice.

• Step 5: Presenting the findings

The last phase in the data analysis process is to share insights with the people involved after the analyst has completed their studies and produced their insights.