Collect Data
The second step is to Prepare or Collect the Data. This step includes collecting data and storing it for further analysis. The analyst has to collect the data based on the task given from multiple sources. The data has to be collected from various sources, internal or external sources. Internal data is the data available in the organization that you work for while external data is the data available in sources other than your organization. The data that is collected by an individual from their own resources is called first-party data. The data that is collected and sold is called second-party data. Data that is collected from outside sources is called third-party data. The common sources from where the data is collected are Interviews, Surveys, Feedback, Questionnaires. The collected data can be stored in a spreadsheet or SQL database.
A spreadsheet is a digital worksheet that contains rows and columns while a database contains tables that have functions to manipulate the data. Spreadsheets are used to store some thousands or ten thousand of data while databases are used when there are too many rows to store. The best tools to store the data are MS Excel or Google Sheets in the case of Spreadsheets and there are so many databases like Oracle, Microsoft to store the data.
Six Steps of Data Analysis Process
Data analysis is the methodical exploration and interpretation of data, underpins decision-making in today’s dynamic landscape. As the demand for skilled Data Analysts grows, understanding the six key steps in this process becomes imperative. From defining problems to presenting insights, each step plays a vital role in transforming raw data into actionable knowledge.
In this article let’s delve into the six essential steps of data analysis, emphasizing the significance of each phase in extracting meaningful conclusions.