Statistical data analysis, also known as descriptive analysis, involves collecting and analyzing categorical data based on a predetermined method for quantitative research. It is often used to find meaningful patterns and trends in survey responses, qualitative data, observational data as well as other business metrics.
Compared to other types of data analysis, statistical analysis offers greater benefits for business intelligence strategy.
Portions of this definition originally appeared on Datamation.com and are excerpted here with permission.
The precise type of analysis used will depend on the collected data, your desired results, and how the data is presented.
In practice, statistical data analysis allows companies to measure key performance indicators (KPIs) related to employee and sales performance. It offers an unbiased numerical value to encourage accountability, predict future outcomes, and identify areas of weakness.
A few areas where this kind of analysis can inform decision making and improve business practices include:
Take a deeper look at some of the benefits of statistical data analysis at Datamation.com.