Advanced statistics is a phenomenal way of harnessing information and making good of strategies with minimal utilization of resources (Palacios-Marqués et.al, 2015). Simply put, integration of workable solutions through the advanced statistics reduced competitive existing between firms due to the availability of information hence the need for an immediate level playing field and standardized pricing.

Advanced statistics works hand in hand with all sections of a business enterprise hence enhancing insight pertaining corporate tools and mechanisms (Palacios-Marqués et.al, 2015). For instance, advanced statistics helps master functions of spreadsheets and how to interpret and decode complex business data and modelling systems.

 According to scholars and researchers, the state of the market, the external forces, and operative strategies, all influence the manner in which the integrated statistics work. For instance, advanced statistics cannot influence branding, if an organization’s brand is at the top, chances are even if the rival companies implement actionable solutions via advanced statistics, and the top company will not topple over from the top as the consumers already formed a strong perception due to a goo marketing strategy (Zhang et.al, 2017). Therefore, advanced statistics tailors the needs of the firm based on the current issues facing them rather than give a direct competitive edge.

In fact, advanced statistics helps refocus the objectives of a firm based on the failures experienced (Zhang et.al, 2017). For example, if a business enterprise was facing serious financial wastage due to poor ineffective strategies, advanced statistics can help forecast the energy on factors that one need to change before the implementation of the strategy, which in turn changes the entire perspective. In addition, it is common knowledge, that advanced statistics paves way for new innovative ways of carrying out business thus revising the entire business system. Therefore, advanced statistics increases pressure on firms to change but does necessarily eliminates competition.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

References

Palacios-Marqués, D., Soto-Acosta, P., & Merigó, J. M. (2015). Analyzing the effects of technological, organizational and competition factors on Web knowledge exchange in SMEs. Telematics and Informatics, 32(1), 23-32.

Zhang, S., Wang, Z., Zhao, X., & Zhang, M. (2017). Effects of institutional support on innovation and performance: roles of dysfunctional competition. Industrial Management & Data Systems, 117(1), 50-67.