Descriptive Statistical Analysis: A Better Way to Make Business Decisions

Descriptive Statistical Analysis: A Better Way to Make Business Decisions

We are living in the data-driven world now a das and if you are not utilizing the power of data in your business then you are living in the wrong generation.

Open the door’s possibilities with upgrading your business with descriptive statistical analysis and see the wonders of data. Get the power of better decision-making based on trends with statistical analysis, rather than making a random guess.

Statistical Analysis helps your business with the following:

  • Help You Describe the Data Related to Your Business Sales
  • Make You Understand the Relation of Data with Population
  • Help You Predict the Future Scenarios
  • Provide Your Model to Summarize the Data and Solution

Importance of Statistical Analysis

The important aspect of Statistical analysis is it lets you understand the business relationship with the population. Your business needs descriptive statistical analysis (analisis statistik deskriptif, which is the term in Indonesian) for the following advantages:

  • It helps you for present data on graphs and charts that further help you pick the key finding easily.
  • Get to the actual measurement the form of mean, median, and mode and learn what is happening on the field.
  • Make a future business prediction based on past behavior.
  • Get the advantage to test hypotheses and run an experiment to improve your business.
  • Determine the customer behavior and pattern by looking into the shape of data.

Functions of Descriptive Analytics

Descriptive statistical analysis makes use of many different methods like regression analysis, summary statistics, and suppression:

Business Metrics and KPIs:

To run statistical analysis in the right direction you first need to decide goals or problems that you want to solve, challenges ranging from reducing the cost of transport to understand productivity can be easily solved by data.

Data can answer your all type of question. KPI measure is to help you outline the picture of the business revenue and units sold.

Data Collection and Aggregation

After you have outlined your goals and relevant KPI, you need an optimum data source. The business holds multiple types of data, the right kind of data source is very important to get accurate analysis and results.

Data Extraction

The next step is the Data Extraction; the process is very lengthy and takes a lot of time as it includes data transformation, cleaning, and more.

Analysis

After the data organized into the well-ordered format, it is ready for running analysis.

Data Presentation

The Last step is to share all the findings and discuss it with all the stakeholders, further to make an informed decision based on the findings.

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