Data Analytics Masterclass Tips — The 3 T’s of Analytics
To have good data analytics, you need three T’s — Talent, Tools and Technique. The three T’s go with the three I’s (Identify, Inventory and Integrate), which I mentioned in one of my previous posts.
When you have these three T’s in place, you will be able to employ the right people, have the right tools and the right training to do things that need to get done for your business.
When it comes to talent, you need to find people who love to work with spreadsheets. They should be excited to find patterns, trends and answers to questions about your business, such as why your sales are down from the previous month, what areas you should expand into in the next quarter or which customers give you the most profit.
Questions related to these areas are easy to answer when you have the right data and the right person to look at and analyze the data.
In some cases, the data analyst could be you or people you hire. It could also be a member of your team whose primary job function is to analyze data.
When looking for talent, you need someone who can do data analysis and not mere data entry. At the minimum, the person you need to consider as your data analyst is someone who can create pivot tables, simple functions or models in Excel.
One of the best tools for data analysis is Microsoft Excel because a majority of businesses still use it to look at their data. Moreover, data analysts need to be adept at Excel because it is the blueprint of all other analytics tools.
In addition to Excel, you need to have a good business dashboard tool like Tableau or Power BI to create visuals of your data.
The training to be able to use the tools comes from experience, from going to classes and from actually using the tools. Data analytics tools like Microsoft Excel are always improving so there is something new to learn all the time.
The best place to learn new techniques is YouTube. Follow an expert in data analytics to learn how to make more sense of your numbers.
Visit Dan’s YouTube channel for videos about data analytics that you can use to grow your business!
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Mr. Dan Meyer is one of the top experts in Data Analytics and Virtual Staffing in Southeast Asia and has personally trained over 10,000 Filipinos in areas such as virtual assistance, data analytics, business process outsourcing and social media marketing & management.