Data Analysis Demonstration

So, in the previous segments, you learnt about the various ways in which you can analyse a dataset to make sure that the relevant insights are obtained. Now, we'll combine all those learnings and try to analyse a sample superstore dataset and find out how we should go about using the generative technique of finding insights. Till now, you've only learnt the basic Excel functionalities in analysing the dataset. As you go further in this program, you'll learn more methodical approaches like Exploratory Data Analysis (EDA) and Predictive Analytics tools like Regression, Classification, etc which can help you in generating new insights. Therefore, for the time being, we'll be restricting ourselves to certain key Excel techniques like pivot tables in understanding the process of generating insights.

For this demonstration, we'll be taking a look at a Superstore dataset. This superstore has been functional for the last couple of years and now the CEO wants to launch a marketing campaign to promote its products even further. You're a data analyst working for the superstore and your task is to find the most Profit-making segments for the superstore and target these segments specifically for this marketing campaign. Let's see how you can analyse this dataset and find the insights.

You can download the dataset used in this demonstration from the link given below.

As you saw in this video, this is the way in which you can understand the data and start analysing it to obtain the results. The primary variable that you need to focus on is the Profit column and observe how the other variables change as compared to it.

So on analysing how the Profit column changes across other variables, you found out the segments where you need to focus on during the marketing campaign. For example, you found that Technology Products yield a disproportionately large amount of profits per product sold and hence they should be focussed on more. Now, the products belonging to the  Consumer segment should be marketed further as they also lead to the most profits. Similarly, you can extend this technique to multiple columns and find the best possible segments that you need to focus on for this marketing campaign.

This is one of the simplest ways in which you can analyse your dataset. In each case, you can apply the five patterns of insights to find whether any variable has a significant effect on the Profit and provides an unusual insight or not.