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It’s an aspect of business intelligence that involves the collection and scrutiny of business data and the reporting of trends.

Statistical analysis, or statistics, is the process of collecting and analyzing data to identify patterns and trends, remove bias and inform decision-making. We’ve put together the following primer to explain statistical analysis and how it can help your business grow, as well as some of the most popular statistical analysis tools you can use to get started. Statistical analysis is the cornerstone of successful business intelligence. While organizations have lots of options on what to do with their big data, statistical analysis is a way to examine that data as a whole, as well as break it down into individual samples. Many businesses rely on statistical analysis to organize collected information and predict future trends based on that data. This article is for business owners interested in how statistical analysis can benefit their companies.Statistical analysis can help companies cut costs and improve workplace efficiency, among other benefits.There are two main types of statistical analysis: Descriptive statistics explains and visualizes the data you have, while inferential statistics extrapolates the data you have onto a larger population.Statistical analysis is the process of collecting and analyzing data to identify patterns and trends and inform decision-making.