Statistical analysis is the process of collecting and analyzing data to identify patterns and trends, remove bias and inform decision-making. It’s an aspect of business intelligence that involves the collection and scrutiny of business data and the reporting of trends. Business News Daily brought this interesting information to our attention in their article, “What Is Statistical Analysis?“
Business intelligence combines data mining, data visualization, data tools and infrastructure, as well as best practices to help organizations make more data-driven decisions. However, statistical analysis is the cornerstone of successful business intelligence.
Statistical analytic tools can help with predictive modeling. Rather than show simple trend predictions that can be affected by a number of outside factors, statistical analysis tools allow businesses to dig deeper to see additional information.
The simplest analytics are available to practically any organization. Within a business’s existing data are untapped connections that can drive return from a more focused marketing effort.
At the end of the day, content needs to be findable and, that happens with a strong, standards-based taxonomy. Data Harmony is our patented, award winning, artificial intelligence (AI) suite that leverages explainable AI for efficient, innovative and precise semantic discovery of your new and emerging concepts to help you find the information you need when you need it.
Melody K. Smith
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