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Operating a business of any size is a complex undertaking. In addition to day-to-day responsibilities, your company must engage in long-term planning, develop new products or services, streamline production or delivery and locate new customers while serving existing clients. Running a shop on instinct no longer suffices. Statistics provide managers with more confidence in dealing with uncertainty in spite of the flood of available data, enabling managers to more quickly make smarter decisions and provide more stable leadership to staff relying on them.
Statistical analysis of a representative group of consumers can provide a reasonably accurate, cost-effective snapshot of the market with faster and cheaper statistics than attempting a census of very single customer a company may ever deal with. The statistics can also afford leadership an unbiased outlook of the market, to avoid building strategy on uncorroborated presuppositions.
Anyone who has looked into continuous improvement or quality assurance programs, such as Six Sigma or Lean Manufacturing, understands the necessity for statistics. Statistics provide the means to measure and control production processes to minimize variations, which lead to error or waste, and ensure consistency throughout the process. This saves money by reducing the materials used to make or remake products, as well as materials lost to overage and scrap, plus the cost of honoring warranties due to shipping defective products.
Building on two decades of experience in market research and business writing, John T. Williams sorts through the mix of information, audience and channel, carving out concise, coherent content from raw intel to help clients overcome communications challenges. 2b1af7f3a8