Many people who do not work in the field struggle to understand the technical aspects of data analysis. This can make it difficult to understand how to use it effectively.

1. You need to gather as much data as possible

Not all data is relevant. Gathering all available data means you need to sort it, and you may miss the most important facts. It is better to collect less data as long as it is all high quality.

2. Data is the driving force behind a business

Some businesses are highly reliant on data, some have other priorities. Data analysis must be integrated with other processes and an understanding of your customers and products.

3. Job losses are inevitable with data analysis

Data analysis and AI aim to reduce waste and improve efficiency. This may lead to job losses, but it may also create new jobs.

4. It takes too long to analyse

By being selective with the data you gather and your methods of analysis and by ensuring you use effective technology, data analysis becomes considerably less time-intensive.

5. It is expensive to utilise data analysis

The cost of data analysis depends on a range of factors. You need to talk to a data analysis company and research the potential costs before dismissing it as expensive.

6. You can eliminate bias by using machines

Machines are designed by humans, and therefore often carry human biases They are also harder to hold accountable, with their decision-making process hidden.

7. Only professional analysts understand data analysis properly

There are advantages to employing a data analysis company, but modern technology, particularly AI, allows even a novice to analyse data and decide the best way to act on it.

8. Data analysis always reveals something new

Data analysis may provide you with new insight, but only if it is correctly gathered, modelled and tested. It is one of many tools, not an all-powerful oracle.

Once you understand the myths and the facts around data analysis, you will be better placed to decide how to use it for your own benefit.