How do we conduct a data analysis?

Data analysis deals with collecting, inspecting, cleaning, transforming and modeling data to glean valuable insights and support better decision-making in an organization along with the motive to increase the profit. The various steps involved in the data analysis process can be a sequence in the following manner,

• Data Exploration: After identifying the business problem, a data analyst has to go through the data provided by the client to analyze the cause of the problem.
• Data Preparation: This is the most crucial step of this process wherein any data anomalies (like missing values or detecting outliers with the data have to be modeled in the right direction.
• Data Modeling: This step begins once the data has been prepared. Modeling is an iterative process wherein a model is repeatedly run for improvements. This ensures that the best possible result is found for a given problem.
• Validation: In this step, validation of the data is done between the one provided by the client and the model developed by the data analyst. The aim is to find out if the developed model will meet the business requirements or not.
• Implementation of the Model and Tracking: This is the final step, where the model is implemented in production and is tested for accuracy and efficiency purpose.