In a world that has become driven by data, it’s no wonder that businesses have started paying closer attention to statistical analysis. However, not everyone is capable of following and understanding statistics, which is why the demand for statisticians has risen over the last decade.
It takes an expert to translate the enormous volumes of data and present them in a way in which corporate bodies can both understand them, and then incorporate them into the company business model. These days, it is essential for any company to utilize this information in order to increase their revenue and improve their brand.
If you run your own business, here are some ways in which statistical analysis can help you, and the type of candidates that you should be looking for when you look to employ a statistician.
Data and statistics can help to identify problematic areas in the way in which a company operates. For example, if you have an online store, but you are struggling to make sales, this could be down to a fault in your e-commerce functions on the website. Alternatively, you might discover that it is down to poor marketing and a lack of engagement from potential customers. Data collection will also allow you to monitor your customers’ purchasing habits, which will help you to better understand what products are in demand.
This can also be applied to your staff and their productivity. Monitoring your staff and assessing the statistics from these reports will help you to determine where improvements need to be made. This could be down to an individual struggling to meet their workload, in which case, you can discuss with them how they can improve and offer them some help. Furthermore, you might discover that your scheduling or expectations of your staff are not the most effective. This will allow you to reassess how you set targets, deadlines, and other goals, and to implement better strategies in the workplace.
Marketing is important for every business, and data-driven techniques are all the rage in the digital age. Market research has always been used, but now businesses have access to more information using analytical tools. These can be accessed on social media sites, search engines, and the company website, itself.
The reason this data has become so important in recent years is because it offers a better insight into consumer activity. As social media is used by billions of people all over the globe, naturally, it has become a popular marketing tool. It’s important to understand how consumers engage with posts and other advertising on these platforms.
This kind of data collection has enabled businesses to hone in on specific demographics, and utilize their marketing materials to increase their revenue and brand awareness.
Statistics have also been able to improve a company’s financial position. Although there will be the need for a trusted accountant to take care of the books, the information they pass on will shape a business’s financial future.
Auditing software and other book-keeping programs are a fantastic source of financial data. It is important that a company understands this information in order to make smart, secure decisions when it comes to organizing budgets. Additionally, statistics can help to make realistic estimations about quarterly and annual revenue projections.
If any issues do arise regarding a company’s financial health, these records will enable the correct actions to be taken in order for the problem to be resolved. This could potentially save the company from any legal issues that involve possible financial misconduct.
Although trends are used in marketing techniques, they can also be applied to the overall progression of a business. Understanding what is gaining popularity in an industry is important to keep a company relevant in its field. Becoming out of touch with the customer base and their demands will only lead to a struggling business.
Analytical programs can help to predict future trends, and statisticians can explain to businesses how they can adapt to fit in with these changes. It can also provide an opportunity for a company to get ahead of the curve and become a trend-setter, itself.
Statistics as a Career
Considering how much businesses rely on data analysis; many people might be thinking about pursing a career in statistics. It could even be beneficial for business owners to learn the basics of data analysis, so that they also better understand the process.
To get a job offer of this kind, candidates will have to be educated to a degree level. Usually, a major in mathematics in preferable, but not essential. Additionally, a masters in statistics would be beneficial and is highly recommended.
It is important for all businesses to collect data in order to help improve their operations. Listed above are just a few areas where you can effectively apply statistical analysis in your company.