Small Business Brief

Business Advice

The Importance of Statistics in the Business World

Did you take a statistics class in college that frustrated you to no end? Well, understanding statistics is actually very important in business. Here’s why.

Math is a subject that you either love or hate. Some people find math to open doors, make life easier, and help them along with whatever career path they’ve chosen, and have no problems picking up on the subject.

If you’re like most folks, your feelings are the complete opposite. The subject sounds confusing and you’re not sure how this will be of use to your career.

The importance of statistics shouldn’t be underestimated when it comes to business. Learn more about why it’s important to have a solid understanding of statistics and how they help you succeed in the business world.

Tie Information Together with Statistics

When you’re presenting something in a board meeting or want to use graphics, it’s crucial to help those you’re presenting to understand the why behind the numbers.

By using statistics to present information, they’ll learn about why certain instances happen.

Your company may experience incidents that you believe are isolated. Upon closer observation, you notice these are actually tied together.

This is important information that can:

  • Prevent you from losing customers
  • Help you sell additional products
  • Fulfill a need that was going unnoticed

This holds true particularly if you have a small business and want to use data to your advantage. You’ll find that statistics isn’t some annoying course you need to pass.

It’s a tool that has the ability to change companies, increase earnings, and help customers make the most of their experience.

Don’t Underestimate the Importance of Statistics to Support an Argument

If you need to change tactics in your company but must convince upper management first, you’ll need solid, concrete reasons as to why the changes must take place. This is a case where emotion won’t get you as far as numbers.

One of the importance of statistics is you’ll make a valid point with your information. Most companies feel unsure about making changes or long-term decisions that have no proven track record.

If you use statistics to show where the company loses money or isn’t meeting its full potential, you’ll prove yourself a valuable team player. Using data to your advantage makes you a trustworthy worker and helps you climb the ladder within a corporate environment.

From making a case on why you should update new equipment to adjusting business hours to best meet the needs of customers, statistics can be used in almost any situation.

Showcase Quality with Statistics

Sometimes when working with a new procedure or product, you’ll find that both speed and quality suffer in the beginning. Workers struggle to properly meet new demands and making sure the new procedures are being followed slows down the process.

This may seem futile and not worth the time – or at least that’s how management can view these changes. If quality can improve within a certain amount of time, will the changes be worth it?

Using statistics, you can show how this applies to your company and the benefits of preserving, even when it seems as though the initial benefits aren’t there.

Statistics help measure quality in almost every area of a company, including:

  • Customer service
  • Operations
  • Outbound efforts

For example, you can use statistics to show that the quality in calling customers for telemarketing purposes isn’t the same as the quality you’d get when calling at night.

Not only can your company use its time effectively, but you’ll save money when you know where to look for quality within your organization.

Don’t underestimate the benefits of statistics when learning how to apply them to your business.

Understand Other Fields When You Learn the Importance of Statistics

Statistics is used in a variety of fields both in and out of the business world. Psychologists and sociologists use statistics to explain social phonemes as they occur.

If you plan to move around within in a company or you are involved in a start-up, having more than one position is not uncommon. In cases such as these, it’s helpful to know as much about business as possible.

Statistics help you in fields, such as:

  • Marketing
  • Sales
  • Customer outreach
  • Management

Being able to present figures to your team helps you understand where your company is currently at. It also shows where you’d like it to be, and helps you find out what’s getting in the way of meeting goals.

Knowing how to overcome is half the obstacle when dealing with productivity in a business environment. Even if you’ve struggled with math all your life, you shouldn’t let this hold you back from learning how you can better help your business grow.

If statistics is still something you struggle with, an online math tutor can help improve your skills. Plus, he can teach you the subject in a way that’s engaging.

You’ll learn more about how to support your company and provide them the results they’re looking for. This could boost your career as well as your productivity. Moreover, it can improve your decision-making and problem-solving skills.

Grow Your Career the Smart Way

If you’ve never taken a class that taught you about understanding the importance of statistics, you’re wondering if they’re relevant at all to what you’re studying today.

Learning how to increase your knowledge and apply this subject to your current job helps you:

  • Learn about and prepare for other departments
  • Use data to show why something is (or is not) working
  • Learn about problems and find solutions that your company needs

Success in the business world isn’t easy, but it is worth learning about. This will help you can understand the importance of numbers and how they reflect your company.

To learn more about how you can help your business and better serve customers, check out our blog on customer service tips!