The Importance of Using Business Statistics!

As a business owner or corporate executive, you are invariably faced with situations where you must make decisions in the face of uncertainty, which means having to take a risk when making these decisions.

Interestingly, what you are looking for is:

One solution that will meet all your business's or organisation's needs and with the lowest level of risk.

This article is designed to help you quickly and easily find out that business statistics, is the solution that can turn a normal business situation, with the proper data gathering, analysis, and research, into an opportunity.

While business statistics cannot replace the knowledge and experience of the decision maker, it is a valuable tool that business owners and corporate executives can employ to assist them in their decision-making process can provide the solution that could meet all your business's or organisation 's needs, and with the lowest level of risk.

What is Business Statistics?

Business Statistics is the science of intelligent decision making in the face of uncertainty, which is used in many disciplines such as:

• Financial analysis;

• Production, operations, and services improvement;

• Market Research;

• Econometrics; and

• Auditing.

From your business's or organisation's perspective, business statistics is an integral part of competitive intelligence. It employs a number of techniques and theories drawn from many fields within the broad areas of:

• Mathematics;
• Statistics;
• Operations research;
• Information science; and
• Computer science.

It involves:

• Collecting data;

• Classifying data;

• Summarising data;

• Organising data;

• Analysing data; and

• Interpreting data.

What Techniques Are Used To Analyse and Extract Data?

A few years ago a business or organisation would have gathered information, run analytics and unearthed information that could be used for future decisions. Whereas, today that same business or organisation can now identify insights for immediate decisions. There a number of techniques used when analysing and extracting data, they include:

1. Data Science. Data Science is about seeking to make sense of your data and about providing meaningful action to your growing data. From a business or organisation perspective, data science is an integral part of competitive intelligence. It is a newly emerging field that encompasses a number of activities, such as data analysis, and data mining.

2. Data Mining. Data Mining is a particular data analysis technique that focuses on modeling and knowledge discovery for predictive purposes rather than for descriptive purposes. It is a technology that helps your business or organisation examine large amounts of data to discover patterns in the data. This information, in turn, can be used for further analysis to help you answer complex questions.

3. Data Analysis. Data Analysis looks back over time, providing you with a historic view of what has happened in your business or organisation. Using data analysis enables you to answer key strategic questions, suggest conclusions, and support key decision-making.

4. Data Analytics. Data Analytics looks forward, enabling you to model the future or predict a result. Using data analytics enables you to dissect customer /client data so that you can identify and better predict customer/client behaviours and trends, address those trends, and formulate more changes.

What Does Business Statistics Provide?

In essence, business statistics provides justifiable answers to the following concerns faced by every business owner and corporate executive:

• What is your expectation of the product/service your business or organisation sells?

• What is your customer's expectation of the product/service that your customer buys?

• What is the quality of the products/services your business or organisation sells? and

• How does your product/service compare to other existing products/services being offered by your competitors?

Seek Expert and Professional Advice

There is currently a significant and growing demand for professional business and management consultants who are data-savvy and should be able to analyse and extract data as well as being able to understand how to use data effectively.

Working with your data and understanding how Data Science, Data Analysis, Data Analytics, and Data Mining work requires distinctive new skills and tools.

Singh Accountants is a reputed Australian owned business and management and consulting firm. Its team of professionally qualified and expert business and management consultants has the required designation and degree of both the Institute of Public Accountants (IPA) and the Institute of Management Consultants (IMC). They have a deep understanding of how using the right business statistics techniques can work in helping you in analysing and extracting data, and they will help you in understanding:

• What does the data represent?
• Why was the data generated?
• Where did the data come from? and
• Who covered the cost of the research to get the data.

To arrange a consultation, call on 0424 190 908 today or visit their website and simply click on the "ENQUIRE ONLINE" form.

Disclaimer: This article is of a general nature only and does not constitute professional advice. I strongly recommend that you seek your own professional legal and accounting advice in relation to your particular circumstances.