Data is the new oil. The lines were first said a decade ago by Clive Humby, a British mathematician and entrepreneur. He tried to emphasise that just like oil, data, if left unrefined is of no better use. Data needs to be analysed for it to become significant and to benefit the people. With time, the words of Clive are becoming more and more relevant.

Today is World Statistics Day, an occasion which gives us the opportunity to recognise the importance of statistics for the progress of the world. It was announced by the Statistics Division of the Department of Economic and Social Affairs, United Nations in September 2010. It is celebrated every five years. The first World Statistics Day was celebrated on October 20, 2010.

Celebrating this day for the first time, Paul Cheung, director of the UN Statistics Division had said that they will make this profession and statistical offices, “a vital and valued institution of the world.”

This is the third time that the World Statistics Day is being celebrated around the globe. The theme this year for World Statistics Day is ‘connecting the world with data we can trust.’ The idea is to talk about the significance of trust and innovation in the national statistical system.

It becomes essential to find trustworthy data and analyse it because of the misinformation and data manipulation that we are witnessing in the current times. People should believe that the numbers are authentic in order to take further actions based on those numbers.

Statistical enthusiasts and experts can mark this day by attending online lectures by sharing their experience with data and statistics using the hashtag #StatsDay2020.

Statistics was formally developed in the 19th century to study population and economies. It is considered that the father of modern statistics is Sir Ronald Fisher. He studied population genetics closely and invented experimental designs. Sir Ronald also developed computer algorithms for analysing data. His work became a standard reference point for researchers interested in statistics.