Business statistics can consist of historical data of competitive companies in an industry. They can consist of answers from questionnaires passed out to customers in a geographical region that use a specific product. Gathering statistics can be done in many ways, such as over the web, through email, in person, and through the U.S. postal mail. It is a good idea to review business statistics prior to making a big decision with a company.
One big benefit of using business statistics is that they provide factual data that you can use. Historical data is based on true events that occurred in the past. If you are looking for trends in the marketplace within a specific industry then this is the type of information you want to gather. This way, when you are asking a committee or board for money on a project you can provide statistical facts that prove your findings. Statistics allow you to back what you are talking about, showing you really did your homework!
Business statistics allow for companies to make important decisions about projects. Being able to identify trends in the marketplace or statistics of successful projects that might seem relevant to a business can help determine if a project is right for them. If statistics show that 9 out of 10 companies that switch to IP phone systems have reduced trouble ticket calls to the help desk regarding the phone systems and reduced time required by IT for fixing issues, this would prove to be a benefit. Companies use data to make decisions about big projects all of the time.
Business statistics also help with projecting future events that might occur. If you are looking for risk factors of a specific project that your company wants to roll out then statistics are necessary. This can help you determine if these risks may happen to you. Statistics help a business plan an annual budget appropriately too.
There are many benefits of using business statistics in a business to make decisions. You cannot just guess what you think might happen in the future without providing some type of information to back what you are saying. Statistics are factual and are used to eliminate the guessing within a business. When faced with a big decision in your company, don’t just guess – use the facts – business statistics!
Tony Jacowski is a quality analyst for The MBA Journal. Aveta Solutions – Six Sigma Online ( h