10 Simple Ways to analyse data

1. Outliers

Outliners are oddities or deviations from the norm.

2. Relationship-based on the Driver

As one item occurs or changes, another one does as well—either in the same direction as the first change or in the opposite direction.

3. Data Visualization

 Data visualization is the graphical representation of information and data. By using visual elements like charts, graphs, and maps, data visualization tools provide an accessible way to see and understand trends, outliers, and patterns in data.

4. Profitability Analysis

Profitability refers to the profits or gains a business makes in relation to its expenses. Therefore, profitability analysis refers to the process of calculating or analyzing the profits of a business. It helps businesses identify their revenue streams and where they can reduce their expenses to generate maximum gains. 

5. Drillup and drill down 

 You can drill down and drill up to explore different aspects of your business and move between levels of information. For example, you can examine revenue for an entire product line and then drill down to see revenue for each individual product in the line.

 6. Benchmarking

 Benchmarking allows you to compare your data with aggregated industry data from other companies that share their data. This provides valuable context, helping you to set meaningful targets, gain insight into trends occurring across your industry, and find out how you are doing compared to your competition.

7. Slicing and Dicing

 To slice and dice is to break information down into smaller parts or to examine it from different viewpoints so that you can understand it better.

8. Peaks and troughs

Seasonality or peaks and troughs refers to predictable changes that occur over a one-year period in a business or economy based on the seasons including calendar or commercial seasons.

9. Segmentation

Data Segmentation is the process of taking the data you hold and dividing it up and grouping similar data together based on the chosen parameters so that you can use it more efficiently within marketing and operations.

10. Trend Analysis

Trend analysis is a technique used to examine and predict the movements of an item based on current and historical data. You can use trend analysis to improve your business using trend data to inform your decision-making