What is the purpose of Data Analysis?

Question

Can anyone tell me what is the purpose of Data Analysis?

Answer 1

Data analysis is the process of collecting, organizing, and analyzing data to understand the data and discover helpful conclusions from it. Data Analysis uses analytical and logical reasoning to find useful information from the data.

The main purpose of data analysis is to understand the data and gain useful information so that the derived knowledge can help in decision making.

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Answer 2

Data Analysis the process of inspecting, processing, cleaning, transforming and applying the statistical & logical techniques to describe & understand the  raw data. It’s the approach of drawing inferences and insights from the data that can be useful in the decision making process. This whole process results in businesses to work accurately and efficiently resulting in enhancing their profits. By analysing data, we can understand the patterns and relationship between different entities, this leads to understanding consumer behaviour, ongoing market trends. Moreover, this also acts as a risk access and management tools, that helps the organisation to access risks and help them in planning to eliminate the same