You might be struggling to know who to employ within your business to really help it grow in what many are seeing as a more positive new year. After all of the uncertainty of the last two years, you are likely to want someone who is reliable and will get you the results you need to help your business carry on through thick and thin.
Considering all of this, you might be thinking that you should be hiring a graduate with a Master’s in applied statistics. If you were in any doubt, however, here are just some of the reasons why you should invest in adding one to your team.
Table of Contents
- 1 What is an applied statistics degree?
- 2 How can it help your business?
- 3 What other benefits are there to having an Applied Statistics graduate on your team?
- 4 To wrap things up
What is an applied statistics degree?
Applied statistics graduates should be highly sought after by all kinds of business owners and companies if they want to get a head start against the competition, but, as you might expect, they can help technology businesses especially. This is through their core skill sets, which will be covered later on.
Graduates of an online Master’s in Applied Statistics Degree learn how to read and translate data. Typically from a business’s trends, to create a report. This can help companies work out the next steps that they need to take their businesses in and stop them from making the same old mistakes repeatedly.
The right candidate can help a business in the key area of honing in on target audiences. As well as looking into how they can make a larger profit from existing resources, it can also help make sure that they are focusing their strengths on what they need to and that they aren’t eating through their budget unnecessarily.
Without a graduate in applied statistics, your business has the potential to be going around in ever-decreasing circles and never improving. Data is a complicated and tedious thing to translate, and it might not occur to you that simply looking at the data and the charts given to you can be something that can help you. Having someone who is always looking at the data that your business collects and putting it into a usable form might also help your business improve faster and more efficiently than you suspected.
How can it help your business?
Although you might feel as though this has already been covered in the points above, that is how they might benefit a business in general, not necessarily how they help a technology business. Say, for example, your business develops software. You need to be able to read customer trends, who signs up for programs and webinars, who actually uses the software despite who you originally might have aimed it towards, and what it might be used for.
This allows you to focus on your advertising, adapt the service model on your website, and create updates and remodel future software and packages to suit your true target audience. This is something that a graduate with a Master’s in applied statistics can help you with. They will help you translate data and help you get to the root of the problem, suggest solutions, and be a key member of your team when you are critically thinking about making changes for the better. The right candidate will be able to help your business stay true to the facts about what has the potential to work, as shown by evidence, rather than what you think might work on a whim or because you’ve always done it that way.
Here are some other things that graduates with a Master’s in applied science can do for your business.
The right candidate with a Master’s in Applied Statistics can use certain software more effectively.
Because they can read and translate data so effectively, they can make better use of software such as Power BI, otherwise known as Business Intelligence. This can help you define trends and patterns within your business, which can help you more actively identify problems. This is critically important for a tech-based business. A bug or a problem with the way that you sell your product might damage your relationship with your customers, which means that they won’t buy the latest edition, or they will simply walk away altogether. This can be a huge waste of money and can possibly even push your business into the red.
They can bring new, interesting, and data-driven ideas to the table
There is nothing more valuable than new, data-driven ideas in a business environment. A graduate in applied statistics can help your business come up with new ideas that have a range of benefits for your customers. They, alongside a marketing director, can help put your business right in the path of your potential customers, which can be highly valuable to your business. It can help you bring in more visitors that are actually going to spend their money on your business, therefore making your sales process far more effective.
This will not only help your marketing efforts be put to good use, but it will also give you more revenue to work within other aspects of your business. Ensuring you don’t end up scratching your head about why you have no money, and none of your sales pitches or advertising seems to be working.
Can make educated observations and reports about your business
This is something that is vitally important to your business, regardless of what niche it happens to be in. however, to a tech business, this is invaluable. Being able to make educated observations about the company and the data, marrying up facts, figures, creative ideas, and estimations for the future of your business can make your plans progress much faster.
It’s no lie that tech businesses live and breathe off of their data, and if there is no one there to translate it, there will be a lot of wasted potential and money left on the table. Being able to formulate data into reports so that everyone else can understand is also something that is highly desirable in any business scenario. This is likely to help meetings run more smoothly, help people make informed decisions, and spend far less time on debating what will work and what won’t work. This can be a great way to get all of your ‘ideas’ people on the same page and be able to reach conclusions with ease and the bare minimum of conflict or fuss.
What other benefits are there to having an Applied Statistics graduate on your team?
There are, clearly, a lot of other positives to having an applied statistics graduate on your team, and needless to say, from the points above, it can be easy to see many of the benefits of having them around. However, it is good to know what other extra benefits you will get from them to help your business and your team reach their full potential.
1. They are excellent problem solvers
Not only are they good at solving issues that arise, but they are also good at knowing how to avoid some issues in the first place, which can help your business handily sidestep a lot of pitfalls. This can be a great way to help your business improve, and more importantly, work without needing to make costly mistakes to learn what you should have done in the first place. Graduates of a Master’s in applied statistics are able to make estimations about future trends by cross-referencing them with current data and knowledge, which can help your business overcome potential issues if one arises, or even be prepared for a problem if it might be unavoidable.
2. They are highly analytical thinkers
Graduates with a Master’s in applied statistics are often very analytical thinkers, and therefore are very good at spotting outliers and even the slightest change in numbers. They can see which trends are coming and which ones are on the way out. This can be a very important part of your business. As time goes on, this can prove to be one of the areas you are most reliant on when it comes to knowing what ways to go when looking into improving your website, coming up with new ideas, and making sure that your business is taking advantage of everything it possibly can to succeed.
3. They use the facts they are given
This means that they don’t simply pick out the trends and the data which merely makes them, or the business, look good. They always look at all of the data given to them to work with, and they are more likely to look at the bigger picture. This is very important if your business is full of those who like to do a lot of fine-tuning and fail to see how little details and changes can affect a whole project.
An applied statistics graduate will be able to take the data that they require to see international trade patterns, economic trends, or even just those in the business itself. They will be able to study the bigger picture on a worldwide scale. As well as this, they will be able to see what steps need to be made, what countries to aim products towards, what prices you need to set, as well as have a potential estimation of how successful your business will be based on the data, as well as how much money you might need to dedicate to the project.
4. They are usually ambitious and driven
Naturally, an individual such as this needs to be driven and ambitious to be able to do the job. They are willing to work hard for their salary and to be recognized within a business as a key member and an irreplaceable part of the team, which will only work to your advantage.
They will ensure that the reports are easy to understand and interesting and be able to deliver their findings with confidence, as well as be knowledgeable about the data itself. This means they will be able to answer questions during meetings with precision. There will be little doubt that the individual will want the business to do well, not only for the purpose of the business but for their own gain as well, which can make it so much more important for them to be on your team.
5. They are highly organized
To be as successful as they are, they need to be extremely organized. As a business owner, you should be fully aware of how important it is to be organized, especially if you are dealing with a lot of numbers on a daily basis. You might find that you have more than your fair share of messy individuals on your team already, who never seem to have their brains together. However, a graduate with a Master’s in applied statistics is going to have to be organized because, quite simply, they could not do their job if they weren’t.
While this is a very useful trait and they can even help organize those around them as well, they should be allowed to spend most of their time on their jobs. This will enable them to get the best results and not be micro-managed in any way, shape, or form, as it might break their concentration.
To wrap things up
If you own a tech business, you are likely to come to the conclusion that you are going to need a graduate with a Master’s in applied statistics on your side. They are analytical problem solvers, who are driven, intelligent, and organized with their work and are unlikely to let you down. They can help you identify trends and routes your business can take on the road to success.
They often prove to be completely invaluable, and their knowledge and skills are often headhunted across many industries. As you can see, employing a graduate with a Master’s in applied statistics is a highly worthwhile investment that can help your business right now, as well as for a long time in the future.