Data analysis in business typically involves several key components: - Data Collection: Gathering relevant data from various sources such as databases, surveys, and social media. - Data Cleaning: Removing inaccuracies and inconsistencies in the data to ensure quality. - Data Transformation: Converting data into a suitable format for analysis. - Data Modeling: Applying statistical models to the data to identify patterns and relationships. - Data Visualization: Presenting data in visual formats like charts and graphs to make insights easily understandable.