Statistical analysis is a new field, which has come up over the last few years with the advent of the 21st century. With highly complex technology evolving every day, there is a need for specialized analysts that can analyze data from different fields and give you everything, from the soundness of the business, future prospects, expected profits, growth, patterns, trends etc, everything.
Statistical analysts are different from normal analysts because they concentrate on many fields and will give you the answers you need if you provide them with the relevant data. Normal analysts can only analyze data on a particular field. Stock market analysts can only get you predictions and analysis of the movement of the stock market. They would totally be at sea if you asked them to do a real estate analysis. Similarly, and Accounts analyst can only analyze accounts and tell you what you need to know, he/she would be lost if they were asked to do an analysis of a sales chart for example.
Statistical analysis is a very lucrative field these days as well, because of the utility they have. Though they cost a lot more than traditional analysts, they have much more use as they can interpret any data you ask them to analyze. This is a particular advantage when dealing with business firms. A statistical analyst, if given complete data can give you information on every aspect of your business. He can tell you your profits, the real ones, after deducting costs, your solvency position, your liquidity (how fast you can convert assets to cash) and stuff important to your investors like earnings per share etc.
Lets say you are given the following information:
Operating Costs: 50,000
Equity shares: 1,000
Current Assets: 100,000
Current Liabilities: 50,000
Tax Rate: 10%
This information might seem innocuous enough, but it hides a wealth of information. To calculate profits, most people would simply subtract purchases from sales and get $800,000 as profits. A statistical analyst however, will tell you have to subtract 50,000 operating costs as well, which gives you a profit of $750,000.
Further more, you can find out the earning per share, which is very important for new people wanting to invest in the business. It gives a measure of the returns an investor can expect in the future on investing in the business. In this case, the earning per share will be Profits after Tax = 750,000-75,000 = 675,000 divided by total equity shares. This will come to around $675 per share, which is very impressive indeed.
Also, a statistical analyst will tell you if your business is solvent or liquid enough. By dividing your current assets by current liabilities, you get a ratio of 2:1, which shows your business is solvent and liquid enough.
Hence, you can see that statistical analysis reveals a lot of facts, which ordinarily you would have never guessed! This analysis can even help you prepare for the future be preparing plans for expansion and growth in the future. In this case, the future has a sound prospect in the future, and can hope for good expansion!