Best Statistical Analysis Software for Your Business in 2023

Who Uses Statistical Analysis Software?

While consultants and data analysts mostly use statistical analysis software. It is also used by people in many different industries and businesses for everything from marketing research to data mining, business intelligence, and more.

Here are a few examples.

• Businesses use statistical analysis software to help them make better product and service decisions. For example, they can use it to determine customers' wants, determine which products are the most popular, and predict future trends.

• Data analysts use statistical analysis software to identify trends in large data sets, predict future outcomes, and make recommendations based on their findings. Data analysts work in all sorts of industries — from finance to healthcare — and may perform various tasks, including creating reports about sales trends or analyzing customer satisfaction surveys.

• BI vendors sell statistical analysis software to help businesses collect, organize and analyze data. In addition, some BI vendors provide both business intelligence software and consulting services to their customers.

• Researchers use statistical analysis software to study everything from new medications' efficacy to pollution's impacts on public health.

• Scientists use statistical analysis software to study everything from weather patterns to genetic diseases.

• Students and teachers use statistical analysis software to help understand complex topics and make sense of data sets that would otherwise be too difficult to analyze.

What are the Important Features of the Statistical Analysis System?

The essential features of statistical tools for data analysis include data import, data checking, data cleansing, statistical modeling, and data visualization modules. Let's take a look at them.

1. Data Import:

You can import data from various sources, including Excel spreadsheets and text files. Once you have imported the data into SAS, it will be ready to be analyzed.

2. Data Checking:

When you import data into SAS, it will check the quality of your data and alert you to any issues or errors that may be present in your dataset. This will help ensure that you analyze only high-quality data, so any conclusions drawn from the analysis represent accurate results.

3. Data Cleansing:

If necessary, you can clean your data by removing outliers or missing values using the Data Clean option in SAS. This will help ensure that any conclusions drawn from your analysis are as accurate as possible based on the quality of the data itself.

4. Statistical Modeling:

It is the mathematical model that describes an observed phenomenon. Statistical modeling aims to help identify risk factors for specific outcomes to predict future events. You can use this analysis in various fields, such as medicine, marketing, and finance.

5. Data Visualization:

The statistical analysis system provides various charts and graphs to help visualize your data. These include bar charts, pie charts, histograms, and scatter plots. You can also create custom graphs by selecting from different types of lines, shapes, and colors.

What are the Benefits of an Online Statistical Analysis Tool?

The primary benefits of the software for statistical analysis are that it helps analyze vast chunks of data, compare different data sets, predict future outcomes, and perform complex calculations quickly. Let's understand them in detail.

1. Analyze Large Amounts of Data:

It makes it easy to analyze and find trends in data. For example, suppose you have sales data from years past. In that case, you can use statistical analysis software to see if there are any correlations between certain things like the sales price and total sales volume during each month over a year.

2. Compare Multiple Data Sets:

This statistical tool for data analysis can easily compare multiple data sets simultaneously. As a result, you can see if there are similarities or differences between the two sets of data being compared.

3. Predict Outcomes:

Statistical analysis platforms can help predict future outcomes based on what has happened in the past with your business or industry. This helps companies better plan their strategies and generate a higher ROI.

4. Perform Complex Calculations:

Software for statistical analysis can perform complex calculations and generate reports in minutes. This makes it much faster than doing the calculations manually. The results are also more accurate because it uses algorithms and formulas developed by statisticians and researchers.

What Types of Best Statistical Analysis Software Exist?

Statistical tools for data analysis are of different types, each designed for specific use cases. And even though each statistical analysis system software uses numerous methods, you can categorize its end goals into three types: descriptive, predictive, and prescriptive. Let's understand them in detail.

1. Descriptive Analysis:

The descriptive analysis summarizes data and provides a general overview of the information in a given set. This can include both numerical and categorical data, as well as their associated trends and patterns.

2. Predictive Analysis:

Predictive analytics is used to predict the behavior of people, places, or things. It involves using historical data to predict what will happen in the future. This can be done with basic statistics or more advanced statistical methods such as regression-based modeling or artificial intelligence (AI) techniques such as machine learning.

3. Prescriptive Analysis:

The prescriptive analysis uses data analytics to predict future trends, events, and behaviors to determine the best course of action for a given situation. A business intelligence (BI) analyzes past performance to inform future decisions.

Apart from these notable methods, a statistical analysis system can perform the following types of analysis.

4. Regression Analysis:

Regression analysis is the statistical technique used to estimate the relationships between variables. It helps understand how one or more independent variables affect the dependent variable.

5. Survival Analysis:

Survival analysis is primarily concerned with the timing of an event (death or failure) concerning the time under study.

6. Time Series Analysis:

Time series analysis is a branch of statistics that studies time-dependent variables. It is used to analyze and predict future events based on earlier observations.

7. Bayesian Analysis:

The bayesian analysis allows you to make predictions about unknown quantities, such as the probability of an event occurring. It helps you make better decisions by incorporating your prior knowledge into the calculations.

What Challenges Can You Face with Statistical Software?

Statistical analysis software often comes with challenges, such as hiring skilled employees, data organization, and costs for upgrading the statistical analysis system. Let's understand them in detail.

1. Need for Skilled Employees

You will need to hire people trained in using statistical software who can help you interpret the results. This can be expensive, especially if you have a limited human resources budget.

Besides, even if your business already has a few people who know how to use advanced statistical software, they may need additional training regularly. This will empower them to follow the best practices and use them to generate an accurate analysis for your business.

2. Costs Involved in Upgrading the Software

If you decide to upgrade your existing statistical software, you will incur additional costs. You might also need to purchase additional hardware or software so your system can cope with the new features added by the upgrade. This could result in high costs for your organization.

3. Data Organization

There are many reasons why data organization is challenging for businesses. First, the data is often in different formats and locations. Second, the data collected from other systems and processes, which means it must be cleaned up before analyzing.

To solve these three problems, companies must create a single source of truth for all their data. They also need to create a schema that defines how different pieces of information relate to each other, and this schema needs to be implemented across all systems so that the same rules apply everywhere. This requires additional investment.

What Should You Consider When Purchasing Statistical Analysis Software?

Whether you're just starting your analytical journey or are looking for the best statistical analysis tools for your business, SoftwareSuggest can help you with it. However, we also understand that every business is unique, and so are its needs.

Therefore, we make it easier for you to filter online statistical analysis tools based on reviews, deployment methods, supported devices, business types, and more. The best part is connecting with a software expert at SoftwareSuggest to narrow your search for free!

That said, let's look at some tips for what you should look for when purchasing statistical analysis software:

1. Price:

Check the product's price before making your choice. Some products can be costly, while others may cost less money than other similar products on the market today.

2. License and Pricing:

How does the software cost? Are there any additional fees or costs associated with using it? For example, some products require an annual subscription fee, while others are one-time purchases. When comparing prices, make sure they include licenses and licenses for your team members.

3. Features:

Make sure the product has all the features you need before making your purchase decision. You don't want to end up paying for features that you don't need or have no interest in using at all!

4. Free Trial:

Find out if a free trial or demo is available, so your money doesn't go to waste if you don't like it.