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Running Head: DATA ANALYSIS Data Analysis Institution Date
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DATA ANALYSIS Explain in detail why data analysis skills are so important to Spend Analysis Spend analysis refers to the process of collecting, classifying and analyzing spend data for various purposes such as cost reduction, compliance monitoring and improvement of efficiency (O’Neil. Cathy & Schutt, 2014). In short, spend analysis is the process of generally outlining one’s expenditure data and hence making meaningful decisions concerning its allocation (O’ Neil et al , 2014). Since this expenditure data is a quantitative form of data, appropriate numerical data analysis skills should be employed (Davenport, Thomas &Jeanne, 2007). The skills and techniques are aimed at establishing a common trend in expenditure data and hence by doing so, draw meaningful conclusions (Davenport et al , 2007). The following are reasons (in detail) why data analysis skills are so paramount in the process of analyzing data (O’ Neil et al , 2014). Proper Structuring the data Data analysis helps to structure the findings that are obtained from different data sources (Hellerstein, 2008). Structuring refers to the process of giving data a unique form that is common to all the variants of the said type of data, that are obtained from different sources (Hellerstein, 2008). Structuring allows one to dive deep into the minute components of the said data, hence allowing one to understand briefly how it is related to other forms of data (Davenport, Thomas &Jeanne, 2007). By learning the structure, one can also be able to predict future outcomes of the datatype in question (Davenport et al , 2007). Good skills hence result in the efficient structuring of data, this, in turn, helps one to draw useful conclusion given the net structure of the data itself (O’ Neil et al , 2014). This is very important for efficient spend analysis (Hellerstein, 2008). As stated above, expenditure
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  • Spring '19
  • data analysis skills

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