At certain points of time in life people might come across extremely stressful situations. These circumstances or scenarios might require people to make a difficult choice. Now, taking this decision effectively and correctly is where statistic comes into play. Be it in any situation or state, taking the appropriate decision is absolutely essential. Hence, using statistics can help people in doing so.
Making use of the numerous statistical tools can assist individuals in making the correct and effective decision necessary. The usages of statistics as a tool in different scenarios help in the reduction of uncertainty. That is primarily associated with various decision making situation that have a chain effect. Moreover, it also helps in reducing the amount of guesswork that is relation with such decision making. So, this is exactly why statistics is used as a tool to help make decisions related to business and management.
Work of statistical Tools – An overview
Any standard practicing statistician would advise the use of certain statistical tools for making management related decisions. This is primarily because the use of such tools like t-test and others are extremely effective and satisfying when it comes to taking such decisions. The vast diversified application of such tools helps to aid people to take the correct and appropriate decisions.
In some case making a primarily list of pros and cons of a scenario might be just enough. However, in regards to other situations apt statistical data and thorough analysis of statistical figures are necessary. Having this correct information assist people in making the most effective decision in the most minimum amount of time.
Moreover, the use of such statistical tools does not end with the decision making process. The significance of them is actually far more important than just that. In practicality, these statistical tools can be used to further analyse and check the effectiveness and relevance of decisions made. Which in turn can give vital information as to decision made was a good one or not. Having said that it can also help people to ensure not to take certain decision in the future if they did not reap any benefits out it.
Role of statistics in business management
It is not uncommon to see a business face certain problems down the line. They might encounter numerous hiccups whose outcome might not quite unpredictable. For example, the main supplier of business keeps his cost low but there is level of uncertainty in the delivery time. Hence, to face such imminent problems and to ensure that is doesn’t affect the business adversely; the use of statistics is quite relevant and necessary.
The use of statistical tools with the given data and figures can be used effectively to measure this degree of uncertainty and predict the outcome. In this case statistics will help in figuring out the approximate delivery time. So, the business owner can take necessary pre-emptive measure to counter that.
Moreover, taking such managerial decisions with the aid of statistical tools will help individuals in gaining the proper insight. This will further assist them in avoiding unnecessary losses and in cutting down cost. Thus, further emphasising the necessity of using statistical tools in vital decision making process.
Concentrating on the big picture
Statistical analysis of information in relation to a consumer group can help business owners in a long way. It will provide more or less a reasonably effective and cost accurate picture of the entire market. Which in turn will assist them coming up with much cheaper and faster method of establishing a census of each and every customer that the company might deal with? Use of statistics does not end here but have further advantages usage as well. It offers and unbiased and current outlook of the entire market in order to take effective decisions regarding cost and etc.
Works as evidence to influence decisions
People who take the help statics and its tools will always stand by that statistic plays a major role in backing assertions. Many a times, individuals may tend to find themselves helpless while trying to persuade the management to take a decision. Be it for moving on forward with an already proposed idea or taking a risk.
So, in certain scenarios facts speak louder than emotion and words. In such cases, statistics provide stand along figures with effective goals as well as give solid evidence. This is turn helps to substantiate positions and offer a certain degree of certainty in order to take the best decision for the company. Moreover, it also gives an extremely necessary break down of various relevant variables like competitor products, demography and average income.
Analysing different variable connections
Statistics can more than often help in analysing various relationships. Carefully reviewing data and information of might reveal numerous links between various variables. Such as products purchased and dissatisfied customers, revenue changes and specific offer on sales. Also, diving into the relevant data can ever further offer specified theories regarding connections to numerous tests. This is in turn will further help in obtaining more control in regards to customer satisfaction, sales volume and repeat purchases.
So, as you can see operating and running a particular business of any type and size is quite a complex undertaking. Additionally, the numerous daily activities and responsibilities of a company or business are largely influenced by statistics. A company has to plan in long term basis, create new products and services while catering to new and existing customers.
Hence, all this and then operating a shop cannot be done merely with just instinct. The main advantage that statistic provides is the confidence in tacking with certain unpredictable situations. Also, individuals will be able to take effective and smart decisions far more quickly and will provide stability to ensure the smooth running of the business.
The role of social media in businesses across emerging economies
In today’s technologically advanced world social media has engulfed the entire global business spheres. In emerging economies, social media has escalated marketing strategies.
Internet and social media has shown a steady rise in developing nations of the world with negligent growth in developed economies.
Social sites help companies keep their competitive edge and do their level best to create a popular product image.
Developing economies have a possibly larger share of stakeholders participating in the social media circuit than developed nations.
What is an emerging economy?
A country which is undergoing immense economic growth but is not as rich as the countries like USA, UK or Canada is termed as an emerging economy. India, Brazil, Nigeria and Mongolia are some examples of emerging economies.
What is social media?
Online digital platforms like Facebook, Instagram, Snapchat and Twitter which make online communication easy, promotion of various brands manageable and which click with the audiences constitute social media.
Consumer Online Brand Related Activities (COBRAS) are quite popular on social media sites which get circulated among users for immediate action.
Interesting trivia and statistics about social media
Arguably, Facebook is the widely used social media platform with around more than 1.55 billion users. In India, 77.6% of small businesses like Textiles, Clothing, Beauty and Cosmetics, Sports Equipment Companies use social media to attract a potential customer base.
Interestingly, about 44% local Indian businesses make use of social media to create awareness about the brand they produce. The Fast Moving Goods Company displays colourful advertisements on the sites promising delicious taste.
In countries like Mongolia, 80% industry sectors have an indirect presence on Facebook. Social media aids in product development.
Small scale business would multiply in years to come with new innovations and advancements.
Twitter happens to be a micro-blogging site which has around 261 million users. Similarly, Instagram is an app which has about 800 million users. These platforms are also useful to attract customers and spread the word among them.
Customer feedback about brands, products and future initiatives is must. Moreover, their likes and comments on the Facebook, Instagram or Twitter page are mandatory. This helps formulate strategies to up the game.
Since customer feedback is instant this allows companies to reform themselves and leave no room for further mistakes. The customers are guaranteed that their issues would be resolved.
Interestingly, Facebook messenger and WhatsApp have up to 60 billion messages exchanged in a day. Small scale companies have to create compelling stories and produce information to sell them.
In Nigeria, social media is gaining momentum but the social media professionals are unable to foresee the advantages obtained in business matters.
Business managers on social media platforms sell their market ideologies by instructing the users to “retweet” on Twitter, “share” and “like’’ on Facebook and repost on “Instagram”.
This is how brand perception is created multiplying businesses and creating entrepreneurial success.
Forming new business communities on Social Media
Every one in three internet users say that they visit the social networks to now the saleability of a brand. For example, in India international brands like H&M, Marks and Spenser, Couture, Gucci, Prada have become popular in households because of social media marketing.
Home based social networks manipulate a firm’s performance. In emerging economies new business activity is well-received by the people which provides an impetus for development and growth.
Having access to the social media, the world has become a smaller place or a global village. It has become a child’s play for small businesses to create a niche for themselves.
In emerging economies like India, Brazil, Mongolia the business owners must keep abreast of the various digital marketing needs and strategies.
Social media offers an increased connectivity which helps entrepreneurs connect with various people around the world.
Social Media- A means to flourish business
Another major advantage of these sites is that they provide an unbiased, non-judgemental perspective on latest happenings around the world in the area of business. Maintaining an online presence is mandatory.
It is expected from business owners to have great social skills in order to persuade the customers. The businesses use social media as a touchstone to rate their internet profile.
According to a survey every person in developing nations has mobiles and smart phones, thus a social media strategy must be accessible to all mobile devices.
About 60% of customer base is created on a yearly basis in India through social media platforms.
Images and info graphics are important which create 75-90% scope for businesses to flourish in countries like India.
As far as the promotion of business and brands is concerned, the social media can be a wonderful platform to update the audience about the latest guidelines, methodology, promotional deals, and future initiatives and find ways to communicate around the enterprise.
E-commerce penetration is developing gradually in the emerging economies. It would increase manifold by 2030.
It is an extremely easy process to sign up for these sites and wonderfully simple to follow eminent brands. Everything is done free of cost.
There is unfathomable growth because the content is always changing on social media. About half of the companies in developing nations create information pertaining to viable trends.
Uploading images and videos about a brand can make a business trustworthy. Similarly, posting every alternate week can enhance product buyer ship and growth.
To sum it up, the social media creates economic development and positive brand perception of products. It can be a promising activity for business owners and customers. The dimension of social media is ever-expanding. A strong customer perception and potential customer base makes or mars a small business in emerging economies.
However, knowing how to use such tools and having substantial knowledge of statistics is necessary to able to use it effectively. So, taking help of certain individuals like Evelyn W. Minnick is absolutely essential.
MajaKazazic, He has been around field for a while now with 6 years of sound and valuable experience. An individual of worldwide prominence in this field, he helps and assists people in any way possible. He also, holds an MBA degree from Berkeley University, USA. Which in turn gave him all the skill set necessary to work in this field and make a name for himself. So, if you want to succeed in this field availing her help can only be beneficial.