Data analyst training institute in gurgaon Archives - Page 3 of 9 - DexLab Analytics | Big Data Hadoop SAS R Analytics Predictive Modeling & Excel VBA

Tag: Data analyst training institute in gurgaon

The Almighty Central Limit Theorem

Posted on by Dexlab

The Almighty Central Limit Theorem

The Central Limit Theorem (CLT) is perhaps one of the most important results in all of the statistics. In this blog, we will take a glance at why CLT is so special and how it works out in practice. Intuitive examples will be used to explain the underlying concepts of CLT.

First, let us take a look at why CLT is so significant. Firstly, CLT affords us the flexibility of not knowing the underlying distribution of any data set provided if the sample is large enough. Secondly, it enables us to make “Large sample inference” about the population parameters such as its mean and standard deviation.

The obvious question anybody would be asking themselves is why it is useful not to know the underlying distribution of a given data set?

To put it simply in real life, often times than not the population size of anything will be unknown. Population size here refers to the entire collection of something, like the exact number of cars in Gurgaon, NCR at any given day. It would be very cumbersome and expensive to get a true estimate of the population size. If the population size is unknown its underlying distribution will be known too and so will be its standard deviation. Here, CLT is used to approximate the underlying unknown distribution to a normal distribution. In a nutshell, we don’t have to worry about knowing the size of the population or its distribution. If the sample sizes are large enough, i.e. – we have a lot of observed data, it takes the shape of a symmetric bell-shaped curve. 

Now let’s talk about what we mean by “Large sample inference”. Imagine slicing up the data into ‘n’ number of samples as below:

Now, each of these samples will have a mean of their own.

Therefore, effectively the mean of each sample is a random variable which follows the below distribution:

Imagine, plotting each of the sample mean on a line plot, and as “n”, i.e. the number of samples goes to infinity or a large number the distribution takes a perfect bell-shaped curve, i.e – it tends to a normal distribution.

Large sample inferences could be drawn about the population from the above distribution of x̅. Say, if you’d like to know the probability that any given sample mean will not exceed quantity or limit.

The Central Limit Theorem has vast application in statistics which makes analyzing very large quantities easy through a large enough sample. Some of these we will meet in the subsequent blogs.

Try this for yourself: Imagine the average number of cars transiting from Gurgaon in any given week is normally distributed with the following parameter . A study was conducted which observed weekly car transition through Gurgaon for 4 weeks. What is the probability that in the 5th week number of cars transiting through Gurgaon will not exceed 113,000?

If you liked this blog, then do please leave a comment or suggestions below.

About the Author: Nish Lau Bakshi is a professional data scientist with an actuarial background and a passion to use the power of statistics to tackle various pressing, daily life problems.

About the Institute: DexLab Analytics is a premier data analytics training institute headquartered in Gurgaon. The expert consultants working here craft the most industry-relevant courses for interested candidates. Our technology-driven classrooms enhance the learning experience.

 

Interested in a career in Data Analyst?

To learn more about Data Analyst with Advanced excel course – Enrol Now.
To learn more about Data Analyst with R Course – Enrol Now.
To learn more about Big Data Course – Enrol Now.

To learn more about Machine Learning Using Python and Spark – Enrol Now.
To learn more about Data Analyst with SAS Course – Enrol Now.
To learn more about Data Analyst with Apache Spark Course – Enrol Now.
To learn more about Data Analyst with Market Risk Analytics and Modelling Course – Enrol Now.

Upskill and Upgrade: The Mantra for Budding Data Scientists

Posted on by Dexlab

Upskill and Upgrade: The Mantra for Budding Data Scientists

Have the right skills? Then the hottest jobs of the millennium might be waiting for you! The job profiles of data analysts, data scientists, data managers and statisticians harbour great potentials.

However, the biggest challenge in today’s age lies in preparing novice graduates for Industry 4.0 jobs. Although no one has yet cleared which roles will cease to exist and which new roles will be created, the consultants have started advising students to imbibe necessary skills and up-skill in domains that are likely to influence and carve the future jobs. Becoming adaptive is the best way to sail high in the looming technology-dominated future.

Data Science and Future

In this context, data science has proved to be one of the most promising fields of technology and science that exhibits a wide gap between demand and supply yet an absolute imperative across disciplines. “Today there is no shortage of data or computing abilities but there is a shortage of workforce equipped with the right skill set that can interpret data and get valuable insights,” revealed James Abdey, assistant professorial lecturer Statistics, London School of Economics and Political Science (LSE).

He further added that data science is a multidisciplinary field – drawing collectives from Economics, Mathematics, Finance, Statistics and more.

As a matter of fact, anyone, who has the right skill and expertise, can become a data scientist. The required skills are analytical thinking, problem-solving and decision-making aptitude. “As everything becomes data-driven, acquiring analytical and statistical skill sets will soon be imperative for all students, including those pursuing Social Sciences or Liberal Arts and also for professionals,” said Jitin Chadha, founder and director, Indian School of Business and Finance (ISBF).

DexLab Analytics is one of the most prominent deep learning training institutes seated in the heart of Delhi. We offer state-of-the-art in-demand skill training courses to all the interested candidates.

The Challenges Ahead

The dearth of expert training faculty and obsolete curriculum acts as major roadblocks to the success of data science training. Such hindrances cause difficulty in preparing graduates for Industry 4.0. In this regard, Chiraag Mehta from ISBF shared that by increasing international collaborations and intensifying industry-academia connect, they can formulate an effective solution and bring forth the best practices to the classrooms. “With international collaborations, higher education institutes can bring in the latest curriculum while a deeper industry-academia connect including, guest lecturers from industry players and internships will help students relate the theory to real-world applications, ” shared Mehta during an interview with Education Times.

2

Industry 4.0: A Brief Overview

The concept Industry 4.0 encompasses the potential of a new industrial revolution – where gathering and analyzing data across machines will become the order of the day. The rise of this new digital industrial revolution is expected to facilitate faster, more flexible and efficient processes to manufacture high-quality products at reduced costs – thus, increasing productivity, switch economies, stimulate industrial growth and reform workforce profile.

Want to know more about data science courses in Gurgaon? Feel free to reach us at DexLab Analytics.

 

The blog has been sourced from ― timesofindia.indiatimes.com/home/education/news/learn-to-upskill-and-be-adaptive/articleshow/68989949.cms

 

Interested in a career in Data Analyst?

To learn more about Data Analyst with Advanced excel course – Enrol Now.
To learn more about Data Analyst with R Course – Enrol Now.
To learn more about Big Data Course – Enrol Now.

To learn more about Machine Learning Using Python and Spark – Enrol Now.
To learn more about Data Analyst with SAS Course – Enrol Now.
To learn more about Data Analyst with Apache Spark Course – Enrol Now.
To learn more about Data Analyst with Market Risk Analytics and Modelling Course – Enrol Now.

Bayes’ Theorem: A Brief Explanation

Posted on by Dexlab

Bayes’ Theorem: A Brief Explanation

(This is in continuation of the previous blog, which was published on 22nd April, 2019 – www.dexlabanalytics.com/blog/a-beginners-guide-to-learning-data-science-fundamentals )

In this blog, we’ll try to get a hands-on understanding of the Bayes’ Theorem. While doing so, hopefully we’ll be able to grasp a basic understanding of concepts such as Prior odds ratio, Likelihood ratio and Posterior odds ratio.

Arguably, a lot of classification problems have their root in Bayes’ Theorem. Reverend T. Bayes came up with this superior logical function, which mathematically deducts the probability of an event occurring from a larger set by “flipping” the conditional probabilities.

 


 

Consider,  E1, E2, E3,……..En to be a partition a larger set “S” and now define an Event – A, such that A is a subset of S.

Let the square be the larger set “S” containing mutually exclusive events Ei’s.  Now, let the yellow ring passing through all Ei’s be an event – A.

Using conditional probabilities, we know,

Also, the relationship:

Law of total probability states:

Rearranging the values of  &  gives us the Bayes Theorem:

The values of  are also known as prior probabilities, the event A is some event, which is known to have occurred and the conditional probability   is known as the posterior probability.

Now that, you’ve got the maths behind it, it’s time to visualise its practical application. Bayesian thinking is a method of applying Bayes’ Theorem into a practical scenario to make sound judgements.

The next blog will be dedicated to Bayesian Thinking and its principles.

For now, imagine, there have been news headlines about builders snooping around houses they work in. You’ve got a builder in to work on something in your house. There is room for all sorts of bias to influence you into believing that the builder in your house is also an opportunistic thief.

However, if you were to apply Bayesian thinking, you can deduce that only a small fraction of the population are builders and of that population, a very tiny proportion is opportunistic thieves. Therefore, the probability of the builder in your house being an opportunistic thief is actually a product of the two proportions, which is indeed very-very small.

Technically speaking, we call the resulting posterior odds ratio as a product of prior odds ratio and likelihood ratio. More on applying Bayesian Thinking coming up in the next blog.

In the meantime try this exercise and leave your comments below in the comments section.

2

In the above example on “snooping builders”, what are your:

  • Ei’s
  • Event – A
  • “S”

About the Author: Nish Lau Bakshi is a professional data scientist with an actuarial background and a passion to use the power of statistics to tackle various pressing, daily life problems.

About the Institute: DexLab Analytics is a premier data analyst training institute in Gurgaon specializing in an enriching array of in-demand skill training courses for interested candidates. Skilled industry consultants craft state-of-the-art big data courses and excellent placement assistance ensures job guarantee.

For more from the tech series, stay tuned!

 

Interested in a career in Data Analyst?

To learn more about Data Analyst with Advanced excel course – Enrol Now.
To learn more about Data Analyst with R Course – Enrol Now.
To learn more about Big Data Course – Enrol Now.

To learn more about Machine Learning Using Python and Spark – Enrol Now.
To learn more about Data Analyst with SAS Course – Enrol Now.
To learn more about Data Analyst with Apache Spark Course – Enrol Now.
To learn more about Data Analyst with Market Risk Analytics and Modelling Course – Enrol Now.

Know All about Usage-Driven Grouping of Programming Languages Used in Data Science

Posted on by Dexlab

Know All about Usage-Driven Grouping of Programming Languages Used in Data Science

Programming skills are indispensable for data science professionals. The main job of machine learning engineers and data scientists is drawing insights from data, and their expertise in programming languages enable them to do this crucial task properly. Research has shown that professionals of the data science field typically work with three languages simultaneously. So, which ones are the most popular? Are some languages more likely to be used together?

Recent studies explain that certain programming languages are used jointly besides other programming languages that are used independently. With the survey data collected from Kaggle’s 2018 Machine Learning and Data Science study, usage patterns of over 18,000 data science experts working with 16 programming languages were analyzed. The research revealed that these languages can actually be categorized into smaller sets, resulting in 5 main groupings. The nature of the groupings is indicative of specific roles or applications that individual groups support, like analytics, front-end work and general-purpose tasks.

2

Principal Component Analysis for Dimension Reduction

In this article, we will explain how Bob E. Hayes, PhD holder, scientist, blogger and data science writer has used principal component analysis, a type of data reduction method, to categorize 16 different programming languages. Herein, the relationship among various languages is inspected before putting them in particular groups. Basically, principal component analysis looks into statistical associations like covariance within a large collection of variables, and then justifies these correlations with the help of a few variables, called components.

Principal component matrix presents the results of this analysis. The matrix is an nXm table, where:

n= total no. of original variables, which in this case are the number of programming languages

m= number of main components

The strength of relationship between each language and underlying components is represented by the elements of the matrix. Overall, the principal component analysis of programming language usage gives us two important insights:

  • How many underlying components (groupings of programming languages) describe the preliminary set of languages
  • The languages that go best with each programming language grouping

Result of Principal Component Analysis:

The nature of this analysis is exploratory, meaning no pre-defined structure was imposed on the data. The result was primarily driven by the type of relationship shared by the 16 languages. The aim was to explain the relationships with as less components as possible. In addition, few rules of thumb were used to establish the number of components. One was to find the number of eigen values with value greater than 1 – that number determines the number of components. Another method is to identify the breaking point in the scree plot, which is a plot of the 16 eigen values.

businessoverbroadway.com

 

5-factor solution was chosen to describe the relationships. This is owing to two reasons – firstly, 5 eigen values were greater than one and secondly, the scree plot showed a breaking point around 6th eigen value.

Following are two key interpretations from the principal component matrix:

  • Values greater than equal to .45 have been made bold
  • The headings of different components are named on the basis of tools that loaded highly on that component. For example, component 4 has been labeled as Python, Bash, Scala because these languages loaded highest on this component, implying respondents are likely to use Bash and Scala if they work with Python. Other 4 components were labeled in a similar manner.

Groupings of Programming Languages

The given data set is appropriately described by 5 tool grouping. Below are given 5 groupings, including the particular languages that fall within the group, meaning they are likely to be used together.

  1. Java, Javascript/Typescript, C#/.NET, PHP
  2. R, SQL, Visual Basic/VBA, SAS/STATA
  3. C/C++, MATLAB
  4. Python, Bash, Scala
  5. Julia, Go, Ruby

One programming language didn’t properly load into any of the components: SQL. However, SQL is used moderately with three programming languages, namely Java (component 1), R (component 2) and Python (component 4).

It is further understood that the groupings are determined by the functionality of different languages in the group. General-purpose programming languages, Python, Scala and Bash, got grouped under a single component, whereas languages used for analytical studies, like R and the other languages under comp. 2, got grouped together. Web applications and front-end work are supported by Java and other tools under component 1.

Conclusion:

Data science enthusiasts can succeed better in their projects and boost their chances of landing specific jobs by choosing correct languages that are suited for the job role they want. Being skilled in a single programming language doesn’t cut it in today’s competitive industry. Seasoned data professionals use a set of languages for their projects. Hence, the result of the principal component analysis implies that it’s wise for data pros to skill up in a few related programming languages rather than a single language, and focus on a specific part of data science.

For more help with your data science learning, get in touch with DexLab Analytics, a leading data analyst training institute in Delhi. Also check our Machine learning courses in Delhi to be trained in the essential and latest skills in the field.

 
Reference: http://customerthink.com/usage-driven-groupings-of-data-science-and-machine-learning-programming-languages
 

Interested in a career in Data Analyst?

To learn more about Data Analyst with Advanced excel course – Enrol Now.
To learn more about Data Analyst with R Course – Enrol Now.
To learn more about Big Data Course – Enrol Now.

To learn more about Machine Learning Using Python and Spark – Enrol Now.
To learn more about Data Analyst with SAS Course – Enrol Now.
To learn more about Data Analyst with Apache Spark Course – Enrol Now.
To learn more about Data Analyst with Market Risk Analytics and Modelling Course – Enrol Now.

How Deep Learning is Solving Forecasting Challenges in Retail Industry

Posted on by Dexlab

How Deep Learning is Solving Forecasting Challenges in Retail Industry

Known to all, the present-day retail industry is obsessed with all-things-data. With Amazon leading the show, many retailers are found implementing a data-driven mindset throughout the organization. Accurate predictions are significant for retailers, and AI is good in churning out value from retail datasets. Better accuracy in forecasts has resulted in widespread positive impacts.

2

Below, we’ve chalked down how deep learning, a subset of machine learning addresses retail forecasting issues. It is a prime key to solve most common retail prediction challenges – and here is how:

  • Deep learning helps in developing advanced, customized forecasting models that are based on unstructured retail data sets. Relying on Graphic Processing Units, it helps process complex tasks – though GPUs area applied only twice during the process; once during training the model and then at the time of inference when the model is applied to new data sets.

  • Deep learning-inspired solutions help discover complex patterns in data sets. In case of big retailers, the impressive technology of Deep Learning supports multiple SKUs all at the same time, which proves productive on the part of models as they get to learn from the similarities and differences to seek correlations for promotion or competition. For example, winter gloves sell well when puffer jackets are already winning the market, indicating sales. On top of that, deep learning can also ascertain whether an item was not sold or was simply out of stock. It also possesses the ability to determine the larger problem as to why the product was not being sold or marketed.

  • For a ‘cold start’, historical data is limited but deep learning has the power to leverage other attributes and boost the forecasting. The technology works by picking similar SKUs and implement that information to bootstrap forecasting process.

Nonetheless, there exists an array of challenges associated with Deep Learning technology. The very development of high-end AI applications is at a nascent stage; it is yet to become a fully functional engineering practice.

A larger chunk of successful AI implementation depends on the expertise and experience of the breed of data scientists involved. Handpicking a qualified data scientist in today’s world is the real ordeal. Being fluent in the nuances of deep learning imposes extra challenges. Moreover, apart from being labor intensive in terms of feature engineering and data cleaning, the entire methodology of developing neural network models all manually is difficult and downright challenging. It may even take a substantial amount of time to learn the tricks and scrounge through numerous computational resources and experiments performed by data scientists. All this makes the hunt down for skilled data scientists even more difficult.

Fortunately, DexLab Analytics is here with its top of the line data science courses in Gurgaon. The courses offered by the prominent institute are intensive, well-crafted and entirely industry-relevant. For more information on data analyst course in Delhi NCR, visit our homepage.

 
The blog has been sourced from ―
www.forbes.com/sites/nvidia/2018/11/21/how-deep-learning-solves-retail-forecasting-challenges/#6cf36740db18
 

Interested in a career in Data Analyst?

To learn more about Data Analyst with Advanced excel course – Enrol Now.
To learn more about Data Analyst with R Course – Enrol Now.
To learn more about Big Data Course – Enrol Now.

To learn more about Machine Learning Using Python and Spark – Enrol Now.
To learn more about Data Analyst with SAS Course – Enrol Now.
To learn more about Data Analyst with Apache Spark Course – Enrol Now.
To learn more about Data Analyst with Market Risk Analytics and Modelling Course – Enrol Now.

Private Banks, Followed by E-commerce and Telecom Industry Shows High Adoption Rates for Data Analytics

Posted on by Dexlab

Private Banks, Followed by E-commerce and Telecom Industry Shows High Adoption Rates for Data Analytics

Are you looking for a data analyst job? The chances of bagging a job at a private bank are more than that a public bank. The former is more likely to hire you than the latter.

As a matter of fact, data analytics is widely being used in the private banking and e-commerce sectors – according to a report on the state of data analytics in Indian business. The veritable report was released last month by Analytics India Magazine in association with the data science institute INSOFE. Next to banking and ecommerce, telecom and financial service sectors have started to adopt the tools of data analytics on a larger scale, the report mentioned.

The report was prepared focusing on 50 large firms across myriad sectors, namely Maruti Suzuki and Tata Motors in automobiles, ONGC and Reliance Industries under oil-drilling and refineries, Zomato and Paytm under e-commerce tab, and HDFC and the State Bank of India in banking.

2

If you follow the study closely, you will discover that in a nutshell, data analytics and data science boasts of a healthy adoption rate all throughout – 64% large Indian firms has started implementing this wonder tool at their workplaces. As a fact, if a firm is found to have an analytics penetration rate of minimum 0.75% (which means, at least one analytics professional is found out of 133 employees in a company), we can say the company has adopted analytics.

Nevertheless, the rate of adoption was not universal overall. We can see that infrastructure firms have zero adoption rates – this might be due to a lack of resources to power up a robust analytics facility or whatever. Also, steel, power and oil exhibited low adoption rates as well with not even 40% of the surveyed firms crossing the 0.75% bar. On contrary, private banks and telecom industry showed a total 100% adoption rates.

Astonishingly, public sector banks showed a 50% adoption rate- almost half of the rate in the private sector.

The study revealed more and more companies in India are looking forward to data analytics to boost sales and marketing initiatives. The tools of analytics are largely employed in the sales domain, followed by finance and operations.

Apparently, not much of the results were directly comparable with that of the last year’s study. Interestingly, one metric – analytics penetration rate – was measured last year as well, which is nothing but the ratio of analytics-oriented employees to the total. Also, last year, you would have found one out of 59 employees in an average organization, which has now reached one data analyst for every 36 employees.

For detailed information, read the full blog here: qz.com/india/1482919/banks-telcos-e-commerce-firms-hire-most-data-analysts-in-india

If you are interested in following more such interesting blogs and technology-related updates, follow DexLab Analytics, a premium analytics training institute headquartered in Gurgaon, Delhi. Grab a data analyst certification today and join the bandwagon of success.

 

Interested in a career in Data Analyst?

To learn more about Data Analyst with Advanced excel course – Enrol Now.
To learn more about Data Analyst with R Course – Enrol Now.
To learn more about Big Data Course – Enrol Now.

To learn more about Machine Learning Using Python and Spark – Enrol Now.
To learn more about Data Analyst with SAS Course – Enrol Now.
To learn more about Data Analyst with Apache Spark Course – Enrol Now.
To learn more about Data Analyst with Market Risk Analytics and Modelling Course – Enrol Now.

Data Driven Projects: 3 Questions That You Need to Know

Posted on by Dexlab

Data Driven Projects: 3 Questions That You Need to Know

Today, data is an asset. It’s a prized possession for companies – it helps derive crucial insights about customers, thus future business operations. It also boosts sales, predicts product development and optimizes delivery chains.

Nevertheless, several recent reports suggest that even though data floats around in abundance, a bulk of data-driven projects fail. In 2017 alone, Gartner highlighted 60% of big data projects fail – so what leads it? Why the availability of data still can’t ensure success of these projects?

2

Right data, do I have it?

It’s best to assume the data which you have is accurate. After all, organizations have been keeping data for years, and now it’s about time they start making sense out of it. The challenge that they come across is that this data might give crucial insights about past operations, but for present scenario, they might not be good enough.

To predict the future outcomes, you need fresh, real-time data. But do you know how to find it? This question leads us to the next sub-head.

Where to find relevant data?

Each and every company does have a database. In fact, many companies have built in data warehouses, which can be transformed into data lakes. With such vast data storehouses, finding data is no more a difficult task, or is it?

Gartner report shared, “Many of these companies have built these data lakes and stored a lot of data in them. But if you ask the companies how successful are you doing predictions on the data lake, you’re going to find lots and lots of struggle they’re having.”

Put simply, too many data storehouses may pose a challenge at times. The approach, ‘one destination for all data in the enterprise’ can be detrimental. Therefore, it’s necessary to look for data outside the data warehouses; third party sources can be helpful or even company’s partner network.

How to combine data together?

Siloed data can be calamitous. Unsurprisingly, data is available in all shapes and is derived from numerous sources – software applications, mobile phones, IoT sensors, social media platforms and lot more – compiling all the data sources and reconciling data to derive meaningful insights can thus be extremely difficult.

However, the problem isn’t about the lack of technology. A wide array of tools and software applications are available in the market that can speed up the process of data integration. The real challenge lies in understanding the crucial role of data integration. After all, funding an AI project is no big deal – but securing a budget to address the problem of data integration efficiently is a real challenge.

In a nutshell, however data sounds all promising, many organizations still don’t know how achieve full potential out of data analytics. They need to strengthen their data foundation, and make sure the data that is collected is accurate and pulled out from a relevant source.

A good data analyst course in Gurgaon can be of help! Several data analytics training institutes offer such in-demand skill training course, DexLab Analytics is one of them. For more information, visit their official site.

The blog has been sourced from ― dataconomy.com/2018/10/three-questions-you-need-to-answer-to-succeed-in-data-driven-projects

 

Interested in a career in Data Analyst?

To learn more about Data Analyst with Advanced excel course – Enrol Now.
To learn more about Data Analyst with R Course – Enrol Now.
To learn more about Big Data Course – Enrol Now.

To learn more about Machine Learning Using Python and Spark – Enrol Now.
To learn more about Data Analyst with SAS Course – Enrol Now.
To learn more about Data Analyst with Apache Spark Course – Enrol Now.
To learn more about Data Analyst with Market Risk Analytics and Modelling Course – Enrol Now.

Human Element Remains Critical for Enhanced Digital Customer Experience

Posted on by Dexlab

Human Element Remains Critical for Enhanced Digital Customer Experience

Digital customer engagement and service is trending the charts. Companies are found actively focusing on establishing long-lasting relationships in sync with customer expectations to hit better results and profitable outcomes. Customers are even hopeful about businesses implementing smart digital channels to solve complex service issues and finish transactions.

70 % of customers expect companies to have a self-service option in their websites and 50% expect to solve issues concerning products or services themselves – according to Zendesk.

In this regard, below we’ve charted down a few ways to humanize the customer experience, keeping the human aspect in prime focus:

2

Adding Human Element through Brand Stories

Each brand tells a story. But, how, or in what ways do the brands tell their story to the customers? Is it through videos or texts? Brand’s history or values need to be iterated in the right voice to the right audience. Also, the companies must send a strong message saying how well they value their customers and how they always put their customers in the first place, before anything else.

Additionally, the company’s sales team should always look forward to help their customers with after-purchase information – such as how well the customers are enjoying certain features, whether any improvement is needed and more – valuable customer feedback always help at the end of the day!

AI for Feedback

Identify prospective customers who are becoming smarter day by day. This is done via continuous feedback loops along with automated continuous education. Whenever you receive feedback from a specific customer interaction, it’s advised to feed it back to their profile. An enclosed feedback loop is quite important to gain meaningful information about customers and their purchasing pattern. This is the best way to know well your customers and determine what they want and how.

Time and again, customers are asked by brands to take part in specific surveys and rate their services, describing what their feelings are about those particular products or services. All this helps comprehend customer’s satisfaction quotient regarding services, and in a way helps you take necessary action in enhancing customer experience.

Personalized Content for Customer Satisfaction

Keeping customers interested in your content is the key. Become a better story-teller and enhance customer satisfaction. Customers like it when you tell your brand’s story in your own, innovative way. But, of course, marketers face a real challenge when writing down an entertaining story, not appearing like written by agency but themselves.

A token of advice from our side – never go too rigid; be original, and try to narrate the story in an interactive way. To craft a unique brand story, the essence lies in using little wit, humor and a dash of self-effacement to add a beat to the brand.

End Notes

As parting thoughts, we would like to say always act in real-time, and better understand what your customers what and their behavioral traits. This way it would be easier to predict their next move. What’s more, your brand should be people-based and make intelligent use of customer’s available data to develop a deeper understating about your users and their respective needs.

DexLab Analytics is a prime data analyst training institute in Delhi – their data analyst training courses is as per industry standards and brimmed with practical expertise merged with theoretical knowledge. Visit the website now.

 
The blog has been sourced from — dataconomy.com/2018/08/how-to-keep-the-human-element-in-digital-customer-experience
 

Interested in a career in Data Analyst?

To learn more about Data Analyst with Advanced excel course – Enrol Now.
To learn more about Data Analyst with R Course – Enrol Now.
To learn more about Big Data Course – Enrol Now.

To learn more about Machine Learning Using Python and Spark – Enrol Now.
To learn more about Data Analyst with SAS Course – Enrol Now.
To learn more about Data Analyst with Apache Spark Course – Enrol Now.
To learn more about Data Analyst with Market Risk Analytics and Modelling Course – Enrol Now.

5 Incredible Techniques to Lift Data Analysis to the Next Level

Posted on by Dexlab

5 Incredible Techniques to Lift Data Analysis to the Next Level

Today, it’s all about converting data into actionable insights. How much data an organization collects from a plethora of sources is all companies cares of. To understand the intricacies of the business operations and helps team identify future trends, data is the power.

Interestingly, there’s more than one way to analyze data. Depending on your requirement and types of data you need to have, the perfect tool for data analytics will fluctuate. Here, we’ve 5 methods of data analysis that will help you develop more relevant and actionable insights.

DexLab Analytics is a premier data analytics training institute in Noida. It offers cutting edge data analyst courses for data enthusiasts.

2

Difference between Quantitative and Qualitative Data:

What type of data do you have? Quantitative or qualitative? From the name itself you can guess quantitative deal is all about numbers and quantities. The data includes sales numbers, marketing data, including payroll data, revenues and click-through rates, and any form of data that can be counted objectively.

Qualitative data is relatively difficult to pin down; they tend to be more subjective and explanatory. Customer surveys, interview results of employees and data that are more inclined towards quality than quantity are some of the best examples of qualitative data. As a result, the method of analysis is less structured and simple as compared to quantitative techniques.

Measuring Techniques for Quantitative Data:

Regression Analysis

When it comes to making forecasts and predictions and future trend analysis, regression studies are the best bet. The tool of regression measures the relationship between a dependent variable and an independent variable.

Hypothesis Testing

Widely known as ‘T Testing’, this type of analytics method boosts easy comparison of data against the hypothesis and assumptions you’ve made regarding a set of operations. It also allows you to forecast future decisions that might affect your organization.

Monte Carlo Simulation

Touted as one of the most popular techniques to determine the impact of unpredictable variables on a particular factor, Monte Carlo simulations implement probability modeling for smooth prediction of risk and uncertainty. This type of simulation uses random numbers and data to exhibit a series of possible outcomes for any circumstance based on any results. Finance, engineering, logistics and project management are a few industries where this incredible tool is widely used.

Measuring Techniques for Qualitative Data:

Unlike quantitative data, qualitative data analysis calls for more subjective approaches, away from pure statistical analysis and methodologies. Though, you still will be able to extract meaningful information from data by employing different data analysis techniques, subject to your demands.

Here, we’ve two such techniques that focus on qualitative data:

Content Analysis

It works best when working with data, like interview data, user feedback, survey results and more – content analysis is all about deciphering overall themes emerging out of a qualitative data. It helps in parsing textual data to discover common threads focusing on improvement.

Narrative Analysis

Narrative analysis help you understand organizational culture by the way ideas and narratives are communicated within an organization. It works best when planning new marketing campaigns and mulling over changes within corporate culture – it includes what customers think about an organization, how employees feel about their job remuneration and how business operations are perceived.

Agreed or not, there’s no gold standard for data analysis or the best way to perform it. You have to select the method, which you deem fit for your data and requirements, and unravel improved insights and optimize organizational goals.

 
The blog has been sourced from — www.sisense.com/blog/5-techniques-take-data-analysis-another-level
 

Interested in a career in Data Analyst?

To learn more about Data Analyst with Advanced excel course – Enrol Now.
To learn more about Data Analyst with R Course – Enrol Now.
To learn more about Big Data Course – Enrol Now.

To learn more about Machine Learning Using Python and Spark – Enrol Now.
To learn more about Data Analyst with SAS Course – Enrol Now.
To learn more about Data Analyst with Apache Spark Course – Enrol Now.
To learn more about Data Analyst with Market Risk Analytics and Modelling Course – Enrol Now.

Call us to know more

Gurgaon

+91 8676079880

Kolkata

+91 9903662244

Quick Links

Our Courses

Important dates

Copyright © 2024 DexLab Solutions Corporation | Privacy Policy | Legal Disclaimer | Terms and Conditions