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Statistics in Business


Statistics in Business

I really wonder why I hated numbers and math as a child. Probably it required me to think or because it was cool to be part of “math hating” group in school or because I never liked my math teachers. Although I always said I hate math, in reality, I am closer to it than I thought. Like my Professor Dr. Karri said, “you can’t do MBA and hate numbers! Ain’t business all about numbers?” Also, I have master’s in pharmacy with a pharmaceutics major. Ain’t pharmaceutical formulations all about math? Whatever is the case, I am sad that I missed to see the value of math earlier in my life. But, I do believe that there are ways to improve it. The more I know about math, the more interesting it is.

All business decisions such as measuring performance, forecasting future, understanding risks and ROIs, researching market data etc., are all made easy with the help of statistics. With the knowledge of statistics, we can learn to logically manage and analyze data. Whether small data or big data, these numbers create a story that help organizations figure out suitable strategies.

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Data Science and Technology Evolution

Since we briefly spoke about importance about data and statistics in business, let’s peek into technological innovations that are based on them. Data Science is a combination of both data analytics and statistics to interpret data. It is interesting to see how Bigdata is changing and evolving the latest technologies like artificial intelligence and machine learning. Organizations are focusing on innovations by combing the agility of big data with artificial intelligence to improve the business value. Huge amounts of data can be analyzed in milliseconds with bigdata. Machine learning is nothing but scaled up algorithms. These algorithms identify patterns and trends in data and learn to predict new patterns accordingly. Data science is creating a giant wave of disruptive innovation in business.

Conclusion

Understanding of math and statistics will give us confidence and an assertive place in an organization as our ability to infer and manage risk grows.



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