Technology is transforming every industry across the globe, and its effectively driving the business world forward as a whole. At the center of all of this is, of course, the bottom line, or the consumers, and how they benefit from the integration of tech solutions into the processes of their favorite brands.
For statisticians, the career outlook is rosy, even for entry-level job candidates. Organizations around the world need specialists who can translate data into actionable reports that inform mission-critical decision-making.
Over the past six years The World Database of Innovation initiative has uncovered the world’s first statistics behind the practices that allow large organizations to grow and to innovate. In collaboration with innovation leaders and other experts Uri Neren and his team found 27 management structures, processes, and cultural practices are shared by the world’s fastest growing companies that make what could be called an “Innovation Management Equation.”
Big data is a hot topic in the business press. Its promise of greater insights and efficiency, improved innovation and competiveness, not to mention income streams for the providers of data analytics tools are a rich source of discussion. Several recent developments indicate the power of using data analysis and statistics effectively to reach conclusions, and we almost certainly ‘ain’t seen nothing yet’ as big data techniques emerge. However, statistics do not necessarily tell the whole story and are open to radically different interpretations. That said, the power of numbers and modelling is rising.
Which will help your business to be more successful: statistics or probability? Underwriters at insurance companies use statistics to assess future risks. This is based on years of collected data. Probability is what card counters in Vegas use to increase their odds of success. This is based on real-time, real-life experience. If you want to play it safe, use statistics. If you want to win big, use probability.