What is the Importance of Applied Statistics in Industry and Business?

Competitiveness will be the daily concern of everyone who manages a commercial entity, be it company, industry, business or small enterprise. From creating the business to projecting it into the future is hard work.

But accuracy is something that you should not flank when it comes to the correct management of capital. The mathematics are exact and without margin of error, therefore they are the best allies for the supervision of industry and business.

Not carrying out a statistical process, it can be dangerous, it is like blindfolding carrying your money near an abyss, it may be that nothing happens to you, as it may be that you fall without remedy to get up again.

Therefore planning, as well as strategy and supervision, their survival will be an issue of business. Because quality management is always essential, and more so if we talk about your money.

How important is statistics applied to the business?

There is no way for an industry to be successful if it does not have specific mathematical control over its production, sales, expenses, and future projections. Statistics in that sense will be the helping hand of every investor.

Decisions cannot be taken blindly, in addition to sales measurement factors, export control and the like, everything, absolutely everything must be governed by mathematical control and supervision.

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There is, of course, this stupid myth that the control of numbers and exhaustive supervision only applies to large companies, or those entities that have a large cash flow, but this belief is totally false and unfounded.

The enterprises are large, medium, small or tiny, that do not carry out their tasks of statistical application to their procedures, their chances of competitiveness will be diminished, at whatever level they talk about.

If for those who are starting the use of applied statistics is key, for industries and businesses, all the more so. Let’s take a simple example: you need know the volume in sales.

In order to calculate how much personnel should be hired for production, added to its price, not carrying out a statistic applied to the industry or business represents a problem, because the path that is being traveled or that is expected to be done is not dimensioned.

Objective of applied statistics in industry and business

Your direct target will be the statistic analysis, as well as the identification of market trends, or the variability of production.

Always based on quantitative data that seek to find possible failures or errors in business processes, to guarantee future operability and constant improvement and capital increase.

Profit of the statesman to the corporation and industries

Specifically, the benefits that statistics offer us will be reflected in many aspects, but especially in issues such as visibility. Every entrepreneur knows the exact way it happens every angle of your company; what allows you to handle it better is the exact knowledge that the numbers offer.

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Continuous improvement, if it cannot be measured, it will not be possible to improve or optimize, and that applies to business. Of course time, being of vital value, saving it is key, more useful time, translates into more production and this in turn into more profit.

In addition, great time is invested in collecting information from the different systems of the business or industry, to prepare reports; According to them, statistics are invaluable tools, since they show the latest results, saving valuable time.

A control of results, all investors spend time on a corporate plan, followed by ensuring that what was structured under planning. Well, it must be shown automatically and in real time; to the corporation, the positioning with respect to the programmed, and under the design, all under the omniscient eye of statistics.

In addition, a constant improvement in the productivity of the employees will be visible, all when we know that we are being analyzed, and measuring the activities is always sought optimize performance for obvious reasons. All these elements together and many more are the reason for always using statistics.

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