Statistics. Everyone reading this probably just had a nightmarish flashback of being in their college stats course. It’s a difficult subject. But why is statistical research important in business in the real world? Well, it’s because it enables brands to analyze past performances, predict future trends and utilize critical thinking with data-driven decision making. Yesterday we talked about the importance of industry trends. Following business statistics is one way to help identify those trends within your industry. Statistics are data driven and are created using methods of mean, mode, median, bar graphs, bell curves, probability, hypothesis tests and regression analysis. There are a few top ways that businesses use statistics such as:
1. Financial data management. Recording, tracking and analyzing your businesses accounting is one of the most important ways to use statistics for obvious reasons.
2. Improving business operations. Measure efficiency and performance to make improvements to marketing research, projections and advertising strategies.
3. Improving decision making. Statistical analysis can help leaders overcome issues and changes to create a better future for your business.
4. Measuring organizational performance and efficiency. Your business can look at various areas to see how they are performing.
5. Identifying trends. Statistics give data on current trends and create solutions to adaptations that may be needed.
6. Improve forecasting. This can improve sales, expenses, profit margins, production quality and capacities.
Chances are you’re not a statistician. Neither are we. Hiring someone who specialized in this will improve your business strategies as a whole. A statistician can analyze your business stats and is highly recommended in order to improve in the areas mentioned above, efficiently. No need to get bogged down in the numbers and feel like you’re in college all over again. Let a pro take the reins.
