What Does a Statistician Do in Business?

A statistician in business may work in a number of different fields including insurance, retail, finance and more. In fact, one of the attractive elements of becoming a statistician as a career choice is the versatility and the variety of environments in which statisticians may find themselves.

Types of Jobs Available

In general, statisticians in business help to ensure that the company remains profitable by using regression-based business analysis, experimental design, modeling and other techniques from statistics to increase a business’s bottom line. Companies are increasingly seeing the value in bringing statisticians onto their teams.

Statisticians may work with engineers in a number of areas including aerospace, construction, electronics and more. The work of statisticians may assist engineers in reducing waste production, identifying problems, and ensuring consistency and a predictable product life. Almost all manufactured goods are produced with the assistance of statistical models that ensure quality control. In addition to assisting with product design, statisticians may work with data to ensure customer satisfaction.

Statisticians in business may contribute a great deal to marketing campaigns. They may run focus groups, design surveys and create experiments to test how customers are responding to a product or what customers’ needs and wants are. Sales data can be analyzed and predictions can be made about likely future trends using statistics. Most statisticians in business use some kind of statistical software in their work. Statisticians may also be employed in the design of this type of software.

The Outlook for Statisticians

According to the Bureau of Labor Statistics, statisticians’ jobs in general are expected to increase until at least 2026. All statisticians’ jobs have similar duties that include gathering quantitative data, analyzing that data and reaching conclusions. One of the biggest changes in how data is gathered is the increase of big data. “Big data” refers to both the size and analytical possibilities in the scope of data that can now be gathered and used.

Preparing for a Statistics Career in Business

As noted above, statisticians have a lot of freedom to move between industries, and it is actually one of the attractive elements of the career. Therefore, while a statistician does not necessarily need a background in any particular industry, it might be helpful to take some business classes in addition to obtaining a bachelor’s degree in statistics. Most people will also need a master’s degree. Some experts do advise people that if a particular industry interests them, such as engineering or agriculture, they should take classes in that as well. The academic focus for someone seeking a job in business will be applied rather than theoretical statistics.

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Working with numbers may not be the first thing that comes to mind when people think about a versatile, innovative and challenging career, but this is exactly what a statistics career in business can offer. With rapid changes in technology occurring and businesses making more use of data than ever before, the opportunities for a statistician in business are likely to continue expanding in the years ahead.