9 Steps to Accelerate Data Analysis Using the Scientific Method
Have you ever wondered how we turn a whole bunch of numbers into useful analysis?
Like knowing which Coca-Cola product is most popular. Or why Coke tastes so much better than Pepsi.
Well, that’s called data analysis!
Just like scientists have steps to run experiments, data analysts have steps to find insights.
Let’s learn about them!
1. Gather the Data 💻
First, we collect all the sales data for Coke and Pepsi. Think of it like adding up every Coca-Cola bottle sold in every store.
2. What’s Our Goal? 🎯
Then we need to determine the question(s) we’re trying to answer. For example:
- Do we want to know which store sells the most Coke?
- Which city loves Coca-Cola the most?
- Which month has the highest sales?
Don’t go onto step 3 until you are 100% certain you understand the goals.
3. First Look! 👀
Take a quick peek at the data. Check the initial sales numbers.
Maybe we see a huge spike in summer sales Or a drop during the Super Bowl when Pepsi is a sponsor.
Make note of these to verify later.
4. Clean It Up 🧻
Not all data is perfect! Maybe some sales entries were duplicated or missed.
Remove these errors so that we’re only looking at the real, accurate sales.
5. Pick the Best Parts ✅
Choose the most crucial sales figures.
Maybe we focus on sales during major holidays. Or events when Coke and Pepsi were both running promotions.
6. Build a Model 🧱
Use all of the tools and techniques at your disposal to find patterns, like if sales increase every time there’s a big football game.
7. Test the Model 🧪
Evaluate how well the model works. Does it give us a clear picture?
If not, continue to tweak it.
8. What Did We Find? 🤔
Check the findings.
Did our sales spike during Christmas? Were certain promotions more successful than others?
9. Share the Results 🗞️
After all the hard work, we need to report what we found. Share it with your stakeholders.
It will help all of them make better sales decisions in the future.
Those can be people at Coke and perhaps retailers. Get confirmation of this when you define the goals.
Final Thoughts
By following these 9 steps grounded in the scientific method, you will get meaningful insights from your data.
You’ll be well-equipped to make informed decisions and create winning strategies.
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