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Valuetainment

Next Level Entrepreneurs Secret Weapon - Analyzing The RIGHT Data

Valuetainment

Valuetainment Episodes

Business

4.81.7K Ratings

🗓️ 2 November 2021

⏱️ 8 minutes

🧾️ Download transcript

Summary

In this video, Patrick Bet-David talks about the different ways to understand and analyze data.

Watch this video here: https://youtu.be/ahiH4zKTfRw

Suggested video: How to Strategize as an Entrepreneur: https://youtu.be/2jG6lJLcToA

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Transcript

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0:00.0

So three people can go to the same exact restaurant and look at the whole thing from a complete

0:03.5

different lens. One can go insane, I just want good food and good service. Another person can go

0:07.8

insane, I wonder if this waitress is going to do a good job because they used to be a waitress

0:11.8

and they're watching all their mannerisms. Another person can go insane, look at the way I walked

0:16.4

in, the menu, the chef, the plates, how they're lined up because they own a restaurant. Today,

0:22.4

I'm going to give you a lens to look at data in a way maybe you've never looked at before.

0:30.3

Okay, so stick around to Leverian, I'm going to give you PDF on how to go use this with your

0:35.8

employees, your team, your staff so you can get better data and get better results to drive your

0:39.7

company to newer heights. Let's get right into it. There's four different ways to analyze data.

0:45.1

The first kind is the descriptive analytics, then it's diagnostic analytics, then it's predictive

0:50.0

analytics, then it's prescriptive analytics. The first one, descriptive analytics is basic.

0:55.3

You're researching and summarizing historical data in order to identify patterns.

1:00.1

How many sales that we do in a month of January, compared to February, compared to March,

1:04.3

it's very basic, it's very descriptive. Number two is diagnostic, which is understanding why

1:10.1

behind what happened. Why do we have a bad March versus last year? What happened? What were the

1:14.7

events? What happened? Did COVID change it? Did new laws come out? Did we lose the customer?

1:19.5

Did we gain the customer? What happened there? So it's the why? Number three, predictive analytics

1:23.7

study in those to predict what's about to happen next. Well, the way we did last October and the

1:30.0

way we're trending this Q3 versus last Q3, this October, we're probably going to end up only

1:36.2

doing $2 million. We're only going up doing $3 million or we're poised to have the biggest

1:40.5

month ever because we have this. But if you look at the data and you see patterns that you're

1:45.4

not happy about your numbers and you look at the predictive analytics saying, oh my gosh,

...

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