How can a business use descriptive analysis?
descriptive statisticians will be able to transform the data at their disposal into an understandable result. So, they could take a report and turn it into a graph that can show trends in a business or what has happened to the business in the past. These graphics would be used to help your business anticipate what is going to happen in the future. Other data includes data relating to a particular market, the entire international market, consumer accelerating power and more.
A good example of this type of analysis can be a table of average wages in the United States in a given year. A table like this can be used by a variety of businesses for many different purposes. This example will give you an in-depth overview of American society and the purchasing power of each individual. It even has many possible implications.
For example, from this table you would be able to easily tell that the dentist can earn three times as much as the police offices; and someone looking to participate in a political campaign could use this information to help them learn more about their target audience.
Or, if there is a business that is just starting out, maybe they can use this type of chart to help them make decisions about their business plan. They can know the purchasing power of their target audience and know more about their own customer before they make a product. Of course, this is just one example of using data analytics. Often times, these are done to help you better understand the data in front of you.
