INTRODUCTION TO BUSINESS STATISTICS

Whether you are an executive at a large corporation or small business owner, completely out of your depth with business analytics or simply short on time, clear on your objectives or testing out new ideas, ARC’s statistical consulting team could help. All aspects of business landscape are becoming increasingly data-driven; as a result, it is not only more possible but also more imperative to understand the performance metrics driving your business. Today, data-driven approaches are increasingly utilised across all business sectors to drive innovation and solve recurring managerial and operational problems. One major difference between business in the 20th century and business in the 21st century is the wide availability of past data. Using statistical methods, we are now able to estimate impacts of certain conditions or variables on key financial outcomes such as future performance and demand for products or services of firms, thereby allowing management teams to make more informed decisions regarding firm policy and focus. If your firm has large amounts of past data and feel that organising, summarising, or analysing them will be helpful, be sure to contact ARC!

Types of Business Statistics

In the Healthcare sector across the globe, statisticians have been collaborating with medical doctors, nurses, dentists, and other Public Health professionals to analyse data. From testing the efficacy of a drug or a vaccine to identifying gene expressions significantly associated with certain disease or health conditions, Statistics (and Biostatistics) has been a powerful tool in healthcare research for decades. ARC works with many biostatisticians who are passionate about collaborating with clients in the healthcare sector to assist them with their data analysis needs.  

In Economics and Finance, statistical modelling is often used to predict future prices of goods or market performance over a key timeframe. Many investing strategies are based on statistical algorithms, where past data could be used to make profitable future investments through analysing past patterns and trends. Governments also utilise statistical models to estimate and predict measures of economic affluence and disparities such as the GDP and the GINI coefficient across their jurisdiction. ARC has worked extensively with analysing Economics and Finance-related data including large-scale corporate data, government data, and stock market data (e.g. NASDAQ, SP500, FTSE 100, DAX, Nikkei 225, etc.).

ARC’s statistical consultants take pride in being able to bridge the gap between academic and corporate research, while still adopting the same collaborative approach that drives our comprehensive academic consulting services. This means the client will be able to understand exactly what factors have contributed to their business success and to what extent, while receiving background information on why their corporate decisions will be academically sound and justified. Although receiving statistical consultation services may not be a make-or-break for your business, it could be an excellent supporting tool for understanding what improvements may be needed to take your success to the next level.

Need to improve sales metrics? Analyse expenses or pricing structure? Quantify consumer perceptions? Assess your company’s competitive performance? Or conduct a different custom analysis altogether? No problem – ARC’s world-class team of economists and statisticians can efficiently provide you with the in-depth answers your business needs.

We provide statistical business analytics for clients across a wide variety of sectors, with particular expertise in a few key practice areas:

Biostatistics – ARC knows biostatistics. We specialise in efficacy studies for clinical trials, longitudinal data analyses, survival analyses, statistical genetics, and machine learning. Visit our dedicated Biostatistics page to learn more about our biostatistics consulting services for pharmaceutical companies, public health professionals, and other clinical researchers.

Finance & Economics – Need to construct a financial or economic model? ARC designs and builds statistical predictive models utilising company data, stock data, or other numerical information, typically aided by machine learning methodologies. We specialise in LASSO regression models, Principal Components Regression (PCR) models, and other methodologies commonly used for data analysis projects across Finance and Econometrics sectors.

Casinos & Gaming – Got a gaming idea? ARC can help you to determine the commercial viability of your gaming concept by computing pay out odds, developing recommended pay out structures, and performing simulation analyses. If you believe your casino game is marketable to a casino or a gaming corporation, ARC can help with submitting any required odds and pay out structure calculations in addition to any feasibility reports needed for the game to be approved and offered to general public. Companies such as Gaming Labs International (GLI) and BMM Testlabs in the U.S. have contracts with local gaming authorities allowing for the testing and certification of various casino games. In any case, ARC can work with you to further develop your gaming idea, to solidify the numbers associated with your gaming approach, and to avail ourselves every step of the way in getting your game approved and marketed to a casino of your choice.

ARC’s statistical consulting team conducts complex gaming analyses for a wide variety of casino & gaming industry participants, with past clients including Caesar’s Entertainment.

BUSINESS STATISTICS SERVICES

BIOSTATISTICS

Data analysis and consultation services for Biostats specialising in clinical trials, epidemiology, genomics, longitudinal data analyses, spatiotemporal data, and survival analyses.

FINANCE & ECONOMICS

Professional Finance & Econometrics consulting expertise focusing on LASSO, panel regression, PCR, and VAR analysis methodologies.

CASINOS & GAMING

Got a gaming idea? ARC statisticians provide full support for developing odds & payout calculations, simulation analyses, and other metrics.

PERFORMANCE STATS

No matter the industry, ARC business performance analysts conduct custom assessments to identify the strengths & weaknesses of your business.

Need additional support for your dissertation? ARC is by your side.