Why is DATA important for companies?

What do you think Data Analysis is, and do you know its importance?

The term ‘Data Analysis’ is quite common within organizations and companies nowadays, but some may have just heard of it or become familiar with it recently. Today, our team would like to provide you with additional information on Data Analysis, using insights from TOT. Data Analysis is indeed a crucial skill.

What is Data Analysis?

Data Analysis, or ‘การวิเคราะห์ข้อมูล’ in Thai, is a vital and highly sought-after skill, especially with the rise of technology. This skill is essential for various job roles, including those in Digital Marketing, Marketing Research, Strategic Planning, and more. It has become increasingly crucial for organizations to collect and analyze data from various sources to gain a competitive edge. By tracking and gathering data, companies can make informed decisions that lead to better business outcomes.

Market Analysis

Starting a business can seem daunting, as it requires a deep understanding and analysis of the market. This analysis helps set goals and marketing strategies to reach a broader audience. It also involves studying competitors and market trends. Therefore, business owners should use comprehensive market research and analysis to tailor their plans and marketing approaches to meet consumer demands effectively.

Data Mining

Data Mining involves accessing and sifting through vast amounts of data, using multiple factors to classify data into various categories. It’s like mining for valuable information within Big Data. Data Mining is crucial for planning advertising and marketing strategies, ensuring that businesses are efficient and achieve successful results.

Data Mining has three main steps:

  1. Pre-processing: Preparing and cleaning data before analysis.
  2. Data mining: The actual process of mining and analyzing data.
  3. Result validation: Evaluating and validating the outcomes.

In summary, Data Analysis is a crucial skill that allows organizations and business owners to collect data systematically, making it easier to select and analyze for business benefits.”

Please note that this translation has been shortened to make it more concise and easier to read.

Credit to : https://www.tot.co.th/


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