Increased Sales
Role of Statistics in Business
Impactful Predictive Insights
Foster Team Collaboration
The Role of Analytics in Performance Management
Improving Business Outcomes
Landscape
Leveraging Big Data for Competitive Advantage
Performance Indicators 
Finance, Marketing
Sales Growth Rate Tracks the increase in sales over a specific period
...Resistance to Change: Employees may resist new performance measurement systems, fearing
increased scrutiny
...
Feedback Quantitative Feedback: Numerical data that can be analyzed statistically, such as
sales figures or survey ratings
...Method Outcome Company A Customer Surveys
Increased customer satisfaction by 20% over six months
...
Role of Statistics in Business 4
Sales Forecasting Businesses use statistical methods to predict future sales based on historical data
...Some future trends include:
Increased Use of Big Data: Businesses will continue to harness large data sets for deeper insights
...
Impactful Predictive Insights Increased Revenue: Targeted marketing and optimized
sales strategies drive growth
...
Foster Team Collaboration Increased Engagement: Collaborative environments foster a sense of belonging and motivation among team members
...Sales Strategy Identifying which sales teams should collaborate on specific accounts
...
The Role of Analytics in Performance Management Sales forecasting, risk assessment Prescriptive Analytics Suggests actions to optimize performance based on data analysis
...Increased Employee Engagement: Employees are more likely to be engaged when they understand how their performance impacts organizational success
...
Improving Business Outcomes predictive analytics can lead to numerous benefits for businesses: Improved Forecasting: More accurate predictions of
sales, customer behavior, and market trends
...analytics: Company Industry Outcome Company A Retail
Increased sales by 20% through targeted marketing campaigns
...
Landscape Sales records, customer databases, financial reports External Data Data obtained from outside the organization
...Future trends may include:
Increased Use of Artificial Intelligence AI will play a more significant role in automating data analysis and providing deeper insights
...
Leveraging Big Data for Competitive Advantage Netflix Personalized recommendations based on viewing history
Increased user engagement and retention Amazon Dynamic pricing strategies based on demand analysis Improved
sales and market share
...
Data Sources Data sources for descriptive analytics may include:
Sales records Customer feedback Website traffic data Predictive Analytics Predictive analytics uses statistical models and machine learning techniques to forecast future outcomes
...Trends in Data Sourcing As technology continues to evolve, several trends are shaping the future of data sourcing:
Increased Use of AI: Artificial intelligence is being used to automate data collection and analysis processes
...
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