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Why is data analysis important in business?

Data analysis is important in business to ensure that the same mistakes are not repeated; and the business can tailor in historical performances in designing future strategies and formulating the business plan. Descriptive analysis provides a view of the as-is performance of business; predictive analysis delves deep into business forecasts; and prescriptive analysis showcases the best practices and plausible strategies that the business can incorporate to reach its targets and priorities.