This summer I devoted myself to studying Statistical Data Analytics through grad classes, online courses and personal projects. Mainly working with the statistical language of R, Tableau, google analytics and analyzing huge sets of data to obtain insights from it. And I am loving it!
By now everyone has accepted the huge competitive advantage that right data analytics could bring about. Data is the new beacon. It shows a business where to go and which steps to take to be more profitable. We also see many data analytics companies that have sprung up due to this and as well as tools to analyze the data. But it is not enough to create fancy visualizations though the data and be happy at that. Anyne can create fancy visulizations. But the point is to gain insights from the data analytics. Actionable insights. Unfortunately many people miss this point and be content at creating fancy visualizations. On the contrary many people understand that gainig insight from the data is the key, and they succeed. Customer feedback coupled with insights gathered from data can do miracles for any business.
When you know the statistics in data analytics you start seeing patterns which you will normally miss. I feel it is definitely helpful for an entrepreneur to have the basics of data analytics, so that he/she can take informed choices. And it is of utmost importance for product managers to know what they can do with the data. Knowledge of Statistical Data Analytics allows one to ask right questions to the data hence get the most helpful insights.
Now, after being more data aware and using the tools mentioned to gather insights I can see interesting patterns on Google Analytics for some of the websites I am monitoring. I am able to act soon on the insights and if needed do some more analysis by importing the data in R to know where can it be improved. I think that is very helpful for me and infact to everyone!
Moral of the story: If you haven’t already, learn how to gain insights from data. Spend a weekend on it, it’ll be worth it.