Trend analysis is the process of comparing business data over time to identify any consistent results or trends. You can then develop a strategy to respond to these trends in line with your business goals.
Trend analysis helps you understand how your business has performed and predict where current business operations and practices will take you. Done well, it will give you ideas about how you might change things to move your business in the right direction.
You can use trend analysis to help improve your business by:
- identifying areas where your business is performing well so you can duplicate success
- identifying areas where your business is underperforming
- providing evidence to inform your decision making.
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