These includes market research, quality control, logistics and more………
“Our responsibilities around analyzing data help the business managers make informed decisions to drive the company forward, improve efficiency, increase profits and achieve organizational goals. Predict customer trends and behaviors,
Analyze, interpret and deliver data in meaningful ways to Increase business productivity and Drive effective decision-making”
Problems Faced in this sector
In this digitalized world, we are producing a huge amount of data in every minute. The amount of data produced in every minute makes it challenging to store, manage, utilize, and analyze it. Some challenges faced in this sector are shortage of professionals who understand data analysis, lack of meaningful insights in understanding data, inability to track progress or failure rate, inability to detect fraud, how to determine the best product or trend line.
Statistical analysis in the business sector
The increasing importance of Data Analytics for business has changed the world in the real sense but an average person remains unaware of the impact of data analytics in the business. Some of the ways this has impacted the business include the following:
1. Improving Efficiency
All the data collected by the business is not only related to the individuals external to the organization. Most of the data collected by the businesses are analyzed internally. With the advancements in technology, it is become very convenient to collect data. This data helps to know the performance of the employees and also the business.
2. Market Understanding
With the development of algorithms nowadays, huge datasets can be collated and analyzed. This process of analysis is called Mining. Regarding the other kinds of physical resources, data collection is done in raw form and thereafter refined. This enables collection of data from a wide variety of people, which further proves out to be fruitful for better marketing strategy.
3. Cost Reduction
Big data technologies like cloud-based analytics and Hadoop can bring huge cost advantages if it relates to storage of large data. They can also identify the efficient ways to do business. You not only save money in terms of infrastructure but too, save on the cost of developing a product which would have a perfect market-fit.