Why is data analysis important in business?

Why is data analysis important in business?

Data analysis is important in business to ensure that the same mistakes are not repeated, and the business can tailor in historical performances in designing future strategies and formulating the business plan. Descriptive analysis provides a view of the as-is performance of business; predictive analysis delves deep into business forecasts, and prescriptive analysis showcases the best practices and plausible strategies that the business can incorporate to reach its targets and priorities.

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