In-Brief
- Statistics for business analysis in business enables executives to analyze past performance, predict future business practices and lead organizations effectively. Statistics can describe markets, inform advertising, set prices and respond to changes in consumer demand.
- Primary data collection helps to collect data through experiments, observation, surveys, and personal interviews. Secondary data information is previously collected and readily available from other sources.
Introduction
The automotive industry comprises a huge range of organizations and companies involved in the development, design, marketing, manufacturing, and selling of motor vehicles. It is one of the world’s major industries by revenue. It does not comprise industries dedicated to automobiles’ maintenance following delivery to the customer, such as motor fuel filling stations and automobile renovation shops.
India’s automobile industry is the world’s fourth-largest, with the country currently being the world’s fourth-largest manufacturer of cars and seventh-largest manufacturer of commercial vehicles in 2018. Two-wheelers dominated the industry and made up 81 per cent of the share in the domestic automobile sales in FY19. Overall, Domestic automobiles sales increased at 6.71 per cent CAGR between FY13-18, with 26.27 million vehicles being sold in FY19. The Indian automobile industry has customary Foreign Direct Investment (FDI) worth US$ 23.51 billion between April 2000 and September 2019.
Data analysis question to improve your business:
Exact Requirement:
Find out the exact requirement. It is good to evaluate the well-being of your business. The first and foremost step is to find out the goal and what decision making it will facilitate. This blog helps you delve deeper into more specific insights you want to achieve in business.
Here some of the key question to ask while analyzing data, which help in designing a strategy to develop your company,
- Frame a specific question as much as possible. The more specific the research question, the more valuable the answer is for the company’s development.
- Instead of asking the question directly, it is sensible to frame a need and create a reference and ask the question accordingly. To get valuable responses from the end-users, this can be used for Data analysis purposes.
Data Sources:
Chosen out some data analysis questions and use found KPIs (Key performance indicator) to measure them. The next step is to determine the data sources you required to dig into all your data, select the fields that you’ll need, leaving some space for data you might essentially need in the future, and collect all the data in one place. Always open-minded about your data sources in this step – all departments like company, sales, finance, IT, etc., have the potential to offer insights.
Don’t worry if you feel like having the abundance of data resources makes things seem complicated. The next step is to “edit” these resources and make sure their data quality is up to par, eliminating some of them as useful options.
If you have gathered and created a rough draft, you can use CRM (Customer Relationship Management) data. These data can be from things like Facebook and Google Analytics, financial data from organizations. For this, you need to a wide imagination, as far as the data source is related to the question you’ve determined in the first step. The next step concentrates on utilizing business intelligence software, especially datasets, since datasets in modern days have extended in a volume that spreadsheets can no longer offer fast and intelligent solutions to acquire a higher quality of data.
Data Analysis Services permit industries to get their data collected, processed and presented, to form actionable insights and also help in avoiding unwanted investments in the development and administration of an Data analytics solution.
Ensuring data quality
Each source of a business provides data to develop the business. So, the identification of reliable information is important in the case of data analysis. It is mandatory to frame a research question containing information about the source the data is collected. Remember the data analysis question designed to get a clearer view of a process or marketing strategy.
If the collected information is not clear or incorrect, then the overall process is collapsed. To overcome that, the outcome must be cleaned or designed to a clearer view related to your business profit. The next stage is cleaning the data sets. It has an important role to discard wrong or outdated information.
Choose a Statistical Technique
There is plenty of Statistical analysis technique available. The most widely used statistical analytic technique includes.
Regression analysis:
A statistical process helps in estimating relationships and correlations among variables. In specific terms, Regression analysis helps one to understand how the typical dependent with the dependent variable alter when the independent variable is varied concerning the outcome.
Cohort Analysis:
It enables users to easily compare how different groups, cohorts, the customer behave over time. In simple terms, you can create the cohorts to easily compare how different groups, or cohorts of customers, behave over time—in simple terms, creating a cohort-based on the customer on data when they made their first purchase.
The possible research question for data analysis in the automotive industry
- Where can I find automotive datasets or OBD2 datasets?
While analyzing the raw automotive data from the OBD2 (On Board diagnostic) interface, first, you have to determine whether the numbers from raw data values are hexadecimal or not. Most often, they will be prefaced with $ if they are hexadecimal. Once it is known, start choosing markers TID & CID, whereas TID indicates Test Identification, CID indicates Component Identification. The first TID exactly means the ECU is performing the test. The second CID refers to the values of the raw data. To convert these values to a sensible outcome, you need access the manufacturer manual, specifically the Diagnostic inspection section. Statistical analysis in research is all about gathering data and uncovering patterns and trends. It’s just another way of saying “statistics.” After gathering data, you can analyze it to: Summarize the data.
Most of the manufacturer provides access to the repair manual online, although the access can be expensive. So, avail of our Data Analysis help now to get free to the datasets. Our statistician experts provide a valuable outcome by understanding our clients’ requirement by knowing the type of number you are looking at. We have experienced a Statistician crew to retrieve all diagnostic data with torque and OBD link, including raw values for EVAP and ABS and SRS.
- How one can theoretically calculate the exhaust gas temperature for an IC engine?
Exhaust gas temperature is estimated based on the heat release. Alternatively, with the numerical methodology, it is possible to determine the exhaust pipe’s temperature profiles. To do this, first, you have to come to know the basic information such as compression ratio, the cycle itself, entrance thermodynamic condition, pressure, and temperature. Some approximations can be made to have a closed cycle like air is always the work substance. Taking air as the substance, our statistician will calculate using the exact method. Our Data Analysis helps online experts provide the exact information by framing the research question to help our clients.
Conclusion
Data analysis is essential for making well-informed and efficient decisions. Data analysis is what helps organizations recognize their positions in the market relative to competitors. But it is a challenging task. If you have difficulty with the data analysis process, you get online statistical data analysis services help from experts related particular research area.
References
- Vaccaro, A., Brusoni, S., & Veloso, F. M. (2011). Virtual design, problem framing, and innovation: An empirical study in the automotive industry. Journal of Management Studies, 48(1), 99-122.
- Curkovic, S., Vickery, S. K., & Droge, C. (2000). An empirical analysis of the competitive dimensions of quality performance in the automotive supply industry. International Journal of Operations & Production Management.