It can help you formulate your budget and marketing plans for the upcoming year. It also can allow you to realize which products or services are the most successful, and which markets you may have overlooked. You’ll find more reasons to consult the data you’ve collected as your business grows.
In addition to helping you make decisions about your company and its future reports help you build a paper trail of your past. You can keep the reports on a computer; you don’t have to collect mounds of actual paper. Reports that document sales, meetings, plans, initiatives and annual budgets are an integral part of the proprietary materials that make up your business. If you ever approach a bank for a loan or decide to sell your business, you‘ll need to produce more than your personal tax returns to support your requests or your asking price.
As a business environment grows in its complexity, the importance of skillful communication becomes essential in the pursuit of its goals.
In addition to the need to develop adequate statistical skills, we find it necessary to effectively communicate to others the results of your statistical studies. It is of little use to formulate solutions to business problems without transmitting this information to others involved in the problem-solving process.
The process derives from a sequence of information gathering from all departments of the company, compiling all they're data using statistical tools and techniques that will be used to complete the study.
These findings consist of the actual statistical computations that provide the information required to make decisions and recommendations. But, in a manner to reveal and validate without providing needless information or becoming overly cumbersome.