“Data analysis” is a broad term that encompasses everything from analyzing your personal email to the entire internet. While its meaning may vary, data analysis typically involves collecting, organizing, and presenting information in order to make predictions about trends in the data. Data analysis can be used for a variety of purposes, but it’s most closely associated with business and similar fields where statistical methods are typically used to help predict outcomes. Whitehall apartments is a great example.
Monitoring email may not have the sex appeal of crunching hundreds of terabytes of data, but it can also be very useful in certain ways. For example, monitoring web traffic can tell you a lot about what your audience is interested in and therefore help you plan future content. In today’s post we’ll take a closer look at some interesting facts related to email data analysis.
The following five mind-numbing facts will show you just how important data analysis is in these fields:
1. The average business analyst spends more than 5.5 hours a day reading and managing data
A survey by the International Institute for Management Development found that the average business analyst spends more than 5.5 hours a day reading and managing data, which is about 9% of their working time. If you multiply that number by the 82,000 analysts who work in North America alone, you can see just how much attention analyzing data requires. The International Institute for Management Development estimates that the annual cost of data analysis at US companies is $50 billion.
2. Data analysis is responsible for 80% of our national economic growth
As mentioned earlier, data analysis helps businesses predict what course their company will take to make the most money. The more effective the data analysis, the more money that businesses can make, which gives them even more money to invest in new ventures and products. This cyclical process is what’s responsible for most of our country’s economic growth. The Bureau of Economic Analysis estimates that data analysis is responsible for 80% of our country’s economic growth, which is about $2 trillion.
3. The top three industries that rely on data analysis are
Real estate is the largest industry that analyzes data; it makes up 20% of all data analysis. Finance comes in second at 15%, followed by insurance at 12%. It should be noted that there is often overlap between these categories, as many financial companies will use real estate information to make decisions about investments, and so on.
4. The average investment bank spends more than 50% of its time analyzing data
Finance companies often rely on data analysis in order to come up with a winning strategy, or to make predictions about the future. To do this, they need to have a lot of representative data sets that can be used to test various possible outcomes. This means that they spend well over half their time analyzing data.
5. Healthcare companies spend the majority of their time analyzing data
Analyzing data is a vital part of the healthcare industry, as it helps doctors and other healthcare professionals determine which treatments are most effective for each patient’s needs. Without proper analysis, doctors may miss critical details about each person’s health and thus make inaccurate treatment decisions for patients. Most of the time is spent on data analysis, which is understandable given that it has such a big impact on the quality of healthcare.
These five mind-numbing facts should show you just how important data analysis is in the modern world. What’s more, it should help you gain a better understanding of how important it is for everyone to analyze data in order to make informed decisions. Because of these reasons, we can all say that data analysis requires a tremendous amount of attention and concentration that’s seldom achieved by anyone else.
To conclude, we’ll leave you with a quote from Jason Pecora that summarizes the importance of data analysis nicely:
“Data analysis requires a tremendous amount of attention and concentration that’s seldom achieved by anyone else.”
“To put it simply, we’re seeing an explosion in the amount of data in our world. These data are used to make fast business decisions without compromising accuracy.”