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Sure you can. But you could ask yourself the same question about a lot of things. Can I build my own house? My own car? Can I head up my R&D department myself and save the expense?
It's really that big of a question. Looking at numbers gathered by a shareware program is not analysis; it's a review of statistics and offers you no actionable information. Web analytics is the science (and art) of analysing the statistics, developing key performance indicators (equations) then designing a program of continuous improvement. Do what you do best and let a specialist do what he does best.
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