Every business activity generates data. In some cases these are stored messily or / and inefficiently. But in too many cases, especially in Italy, that data is not put to use.
The statistician, or data scientist, first and foremost helps to bring order, partly because, as the middle school geometry and math teacher reminded us, in life without order problems are hardly solved.
Statistics, through data analysis, can increase turnover because it can indicate trails with more mushrooms, less traveled or undiscovered by others, and possibly not dangerous, through the “indicator” of the significance.
The statistician is at his or her best when working symbiotically with someone from the marketing or/and IT department: in the former case he or she can save thousands with more targeted advertisements, affecting the profit; in the latter case, he or she reduces manual labor, frees up mental resources, allows for more timely information, and this shortens the time to get results from the strategies implemented according to the analyses.
As you observe it is more common to decrease costs because it is more affordable and because so many business decisions are made quickly but not methodically. The effects on turnover are seen with a delay of no less than a month, typically, or at any rate with an uncertain delay.
This is not a case of “”Innkeeper, is the wine good?””, one of the 4 sacred monsters of consulting firms did a study where they found that data-centric firms grow the most.
But it is not enough have a statistician to have chances to reduce costs and improve turnover. And not listening to the suggestions of the statistician can cost 2 times.
Working with a statistical consultant means having more control on one’s SME: it is like having a chemistry-clinical lab every week and with partial exemption on the ticket. Clearly this repulses those who prefer to go “by nose” or do the tests only when they feel the first ailments. In these cases treatment costs more than prevention.
If you want to turn your data into thousands of euros or dollars, let’s get to know each other with a free call, to then begin statistical counseling.