Find the Best Statistical Analysis Software

Best statistical analysis software exists Minitab, XLSTAT, Statgraphics, JMP Statistical Software, and MaxStat. These statistical modeling software is a specialized program designed to allow users to perform complex statistical analyses.

Supriya Bajaj
Researched and Written by Supriya Bajaj
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Most Popular Statistical Analysis Software

This listing showcases software based on user recommendations and popularity. It also highlights products from our valued client partnerships.

SoftwareSuggest offers verified & unbiased user reviews based on user ratings and feedback. Our ratings and reports do not contain any paid placements. Learn more about our ranking methodology.

List of 20 Best Statistical Analysis Software

Showing 1 - 20 of 77 products
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Contenders | 2025

Product Description

This information is provided by vendor.

Oracle Fusion Cloud Enterprise Performance Management (EPM) helps enterprises model and plan across finance, HR, supply chain, and sales for better decision-making. Read More About Oracle Fusion Cloud EPM

Oracle Fusion Cloud EPM Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Smart View For Office
  • Capital Asset Planning
  • Scenario Modeling
  • Profitability And Cost Management
  • Financial Consolidation And Close
  • Integrated Business Planning And Execution
  • Enterprise Journals
  • Tax Reporting
  • View all Features
4.7
out of 5 (3 Reviews)
Features
5.0
Ease of Use
5.0
Value for Money
5.0
Customer Support
4.7
Hardik Gothi

Finance teams can support our worldwide properties using Oracle's Cloud EPM, employing regional pods to minimize interruptions to system availability. As a result, the teams can take advantage of the latest advancements.

Read all 3 Reviews

Oracle Fusion Cloud EPM Features and Usability-Based User Satisfaction Score

Rating Score 9.4

Rating Score

Out of 10

No. of reviews Score 1.0

No. of reviews Score

Out of 10

Freshness Score 9.0

Freshness Score

Out of 10

Social Score 9.0

Social Score

Out of 10

Monthly website visitor Score 8.0

Monthly website visitor Score

Out of 10

Emergents | 2025

Delivering service in more than 120 countries

Product Description

Count on XLSTAT for detailed data analysis and quick compilation. The statistical software for data analysis can perform multivariate analysis and data discovery with a single click. Quick on-premise deployment makes it a ready-at-your-service quantitative data analysis software. Read More About XLSTAT

XLSTAT Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Correspondence Analysis
  • Principal Component Analysis (pca)
  • Discriminant Analysis
  • Regression Analysis
  • Multivariate Analysis
  • Survival Analysis
  • Machine Learning
  • Logistic Regression
  • View all Features

XLSTAT Features and Usability-Based User Satisfaction Score

Freshness Score 6.0

Freshness Score

Out of 10

Social Score 5.0

Social Score

Out of 10

30-days free trial gives detailed insight

Product Description

Statgraphics is the best statistical analysis software that can accommodate any industry ecosystem without any hassles. The flexible statistical analysis software provides impressive data visualization and helps you analyze that data easily. Its pre-made templates speed up the process. Read More About Statgraphics

Statgraphics Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Multivariate Analysis
  • Quality Control
  • Cluster Analysis
  • Anova
  • Hypothesis Testing
  • Regression Analysis
  • Graphical Analysis
  • Time Series Analysis
  • View all Features

Emergents | 2025

Product Description

This information is provided by vendor.

Replace your old-fashioned quantitative data analysis software with feature-rich JMP Statistical for quick and error-free data visualization. The SPSS data analysis software creates real-time statistical modeling and text analysis with just a few clicks. Read More About JMP Statistical

JMP Statistical Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Anova
  • Regression Analysis
  • Scripting And Automation
  • Time Series Analysis
  • Survival Analysis
  • Text Exploration
  • Market Research
  • Customizable Reports
  • View all Features
4.0
out of 5 (1 Review)
Features
4.0
Ease of Use
5.0
Value for Money
3.0
Customer Support
3.0
Qazi Saifullah
Research Intern

JMP has significantly impacted my work by enhancing the depth and accuracy of data analysis, allowing me to provide more informed and detailed responses to user queries. By utilizing JMP's statistical tools and visualizations, I can better interpret and present data, offering more relevant and insightful information across various topics. This ultimately enhances the quality of assistance I can provide to users seeking knowledge and guidance.

Read Review

JMP Statistical Features and Usability-Based User Satisfaction Score

Rating Score 8.0

Rating Score

Out of 10

No. of reviews Score 1.0

No. of reviews Score

Out of 10

Freshness Score 8.5

Freshness Score

Out of 10

Social Score 6.0

Social Score

Out of 10

Monthly website visitor Score 8.0

Monthly website visitor Score

Out of 10

Emergents | 2025

Product Description

StatPac is what you need to do a quick statistical analysis of your online and offline surveys. The free statistical software for students comes with a built-in statistical calculator for quick analysis. It can analyze open-ended text. Read More About StatPac

StatPac Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Email Surveys
  • Panel Management
  • Customizable Templates
  • Data Entry
  • Data Analysis
  • Real Time Reporting
  • Mobile Surveys
  • Offline Surveys
  • View all Features

StatPac Features and Usability-Based User Satisfaction Score

Freshness Score 7.0

Freshness Score

Out of 10

Social Score 5.0

Social Score

Out of 10

Emergents | 2025

Product Description

The implementation of Analyse-it is required if you are looking for quick and hassle-free data analysis. The statistical analysis software can easily perform powerful data visualization. That is why more than 35,000 customers have trusted this best statistical analysis software. Read More About Analyse-it

Analyse-it Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Survival Analysis
  • Pareto Analysis
  • Capability Analysis
  • Anova
  • Hypothesis Testing
  • Measurement Systems Analysis
  • Reliability Analysis
  • Gage R&r
  • View all Features

Analyse-it Features and Usability-Based User Satisfaction Score

Freshness Score 6.0

Freshness Score

Out of 10

Social Score 5.0

Social Score

Out of 10

Category Champions | 2025

Product Description

MATLAB is leading statistical analysis software that can trim down your efforts in statistical analysis by manifold. The statistical software for data analysis offers a powerful programming environment for data algorithm generation and can be run on embedded devices. Read More About MATLAB

MATLAB Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Discriminant Analysis
  • Monte Carlo Simulation
  • Quality Control
  • Hypothesis Testing
  • Custom Statistical Functions
  • Survival Analysis
  • Classification
  • Cluster Analysis
  • View all Features
4.8
out of 5 (28 Reviews)
Features
4.8
Ease of Use
4.8
Value for Money
4.5
Customer Support
4.8
Chetan Sikarwar
Junior Research Fellow

MATLAB is used for modeling and simulation of physical models like UAVs, drones, and aircraft based on their mathematical and physical equations. We used MATLAB to create the satellite simulation in a space environment. This tool was very powerful and effective in robotics.

Read all 28 Reviews

MATLAB Features and Usability-Based User Satisfaction Score

Rating Score 9.6

Rating Score

Out of 10

No. of reviews Score 6.0

No. of reviews Score

Out of 10

Freshness Score 10.0

Freshness Score

Out of 10

Social Score 9.1

Social Score

Out of 10

Monthly website visitor Score 4.0

Monthly website visitor Score

Out of 10

Most Reviewed

Emergents | 2025

Product Description

QlikSense is what you require the most to eliminate errors and delays from your data analysis process. The tool is similar to sas statistical analysis system and enables a business to build intelligent data visualization platform on-the-go using the mobile application. Read More About QlikSense

QlikSense Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Data Governance
  • Data Integration
  • Security And Compliance
  • Interactive Dashboards
  • Embedded Analytics
  • Collaboration
  • Visual Data Preparation
  • Data Storytelling
  • View all Features
4.0
out of 5 (1 Review)
Features
4.0
Ease of Use
5.0
Value for Money
5.0
Customer Support
3.0
Anjit Tiwari
Solution consultant

The overall experience of report development and dashboard creation is awesome. I like the flexibility in terms of adding extensions, master items, and different charts. The other tools of Qlik, like Qlik Web Connector and GeoAnalytics, are the best tools you can use for geographic map development.

Read Review

QlikSense Features and Usability-Based User Satisfaction Score

Rating Score 8.0

Rating Score

Out of 10

No. of reviews Score 1.0

No. of reviews Score

Out of 10

Freshness Score 8.5

Freshness Score

Out of 10

Social Score 9.0

Social Score

Out of 10

Monthly website visitor Score 4.0

Monthly website visitor Score

Out of 10

Emergents | 2025

Product Description

Stata is statistical software for data analysis that amazes you with its quick data recovery and analysis. As capable as SAS (Statistical Analysis System), it comes with world-class technical support, web-based training, and a vibrant community to overcome any operational hurdle. Read More About STATA

STATA Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Text Analysis
  • Programming
  • Econometrics
  • Machine Learning
  • Nonparametric Methods
  • Structural Equation Modeling
  • Data Management
  • Descriptive Statistics
  • View all Features

STATA Features and Usability-Based User Satisfaction Score

Freshness Score 7.5

Freshness Score

Out of 10

Social Score 5.0

Social Score

Out of 10

Makes data analysis an easy job

Product Description

Statistix is a boon for researchers as this statistical analysis software can do grueling analysis such as survival analysis, power analysis and many more within a fraction of time with reliable accuracy. Linear model designing is also a tap-of-the-finger job. Read More About Statistix

Statistix Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Survival Analysis
  • Hypothesis Testing
  • Discriminant Analysis
  • Factor Analysis
  • Regression Analysis
  • Multivariate Analysis
  • Nonparametric Tests
  • Time Series Analysis
  • View all Features

Contenders | 2025

Product Description

This information is provided by vendor.

Minitab offers everything that you need to make your statistic analysis more dependable. The statistical analysis software improves your insights with real-time reporting. Take this statistical software for data analysis now for error-free and quick analysis. Read More About Minitab

Minitab Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Anova
  • Gage R&r
  • Reliability/survival Analysis
  • Factor Analysis
  • Quality Function Deployment
  • Capability Analysis
  • Design Of Experiments
  • Fishbone Diagram
  • View all Features
4.2
out of 5 (6 Reviews)
Features
4.2
Ease of Use
4.7
Value for Money
4.2
Customer Support
4.0
Rahul

Minitab has a very intuitive interface that anyone can learn easily and contains the entire gamut of statistical tools required by any business to drive improvement.

Read all 6 Reviews

Minitab Features and Usability-Based User Satisfaction Score

Rating Score 8.4

Rating Score

Out of 10

No. of reviews Score 2.0

No. of reviews Score

Out of 10

Freshness Score 9.5

Freshness Score

Out of 10

Social Score 7.7

Social Score

Out of 10

Monthly website visitor Score 8.0

Monthly website visitor Score

Out of 10

Emergents | 2025

Product Description

This information is provided by vendor.

DataHero is a featured statistical analysis software that will do easy data import and export, cloud storage, unlimited dashboard viewer, and multiple admin account handling easily. Its automatic DataDecoder ETL is highly useful. Read More About DataHero

DataHero Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Custom Dashboards
  • Data Export
  • Custom Calculations
  • Data Sharing
  • Trend Analysis
  • Interactive Charts
  • Data Import
  • Predictive Analytics
  • View all Features

DataHero Features and Usability-Based User Satisfaction Score

Freshness Score 6.5

Freshness Score

Out of 10

Social Score 5.0

Social Score

Out of 10

Monthly website visitor Score 2.0

Monthly website visitor Score

Out of 10

Emergents | 2025

Product Description

Process third-party data accurately with ISNetworld. The statistical analysis software is a great way to monitor data health without disturbing other operations. The high-end integration further streamlines operations. Read More About ISNetworld

ISNetworld Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Multi Language Support
  • Mobile Access
  • Data Encryption
  • Access Control
  • Notifications And Alerts
  • Reporting And Analytics
  • Document Expiry Alerts
  • User Permissions
  • View all Features

ISNetworld Features and Usability-Based User Satisfaction Score

Freshness Score 6.5

Freshness Score

Out of 10

Social Score 5.0

Social Score

Out of 10

Impressive visual modeling

Product Description

Analytica offers a whole suite of statistical analysis tools for quick risk evaluation and data communication. This quantitative data analysis software is backed up with AI in operations such as data visualization and linear modeling. Read More About Analytica

Analytica Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Monte Carlo Simulation
  • Sensitivity Analysis
  • Multi Dimensional Arrays
  • Customizable Reports
  • Influence Diagrams
  • Model Documentation
  • Graphical User Interface
  • Optimization
  • View all Features

Emergents | 2025

Product Description

Typical data management and analysis were never as easy as they are with MarketSight. The powerful statistical analysis software gives you a better understanding of available data and enables businesses to utilize it for successful integration. Read More About MarketSight

MarketSight Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Data Import
  • Filtering
  • Segmentation
  • Data Visualization
  • Custom Calculations
  • Charting
  • Cross Tabulation
  • Report Generation
  • View all Features
2.0
out of 5 (1 Review)
Features
4.0
Ease of Use
1.0
Value for Money
2.0
Customer Support
4.0

MarketSight Features and Usability-Based User Satisfaction Score

Rating Score 4.0

Rating Score

Out of 10

No. of reviews Score 1.0

No. of reviews Score

Out of 10

Freshness Score 8.0

Freshness Score

Out of 10

Social Score 5.0

Social Score

Out of 10

Monthly website visitor Score 2.0

Monthly website visitor Score

Out of 10

Contenders | 2025

Product Description

Tableau is one of the most resilient data visualization tools which ameliorates the tedious data-handling job. You can easily create data reports with no errors with the help of this data visualization software. The big data visualization tool is also useful to do business on edge. Read More About Tableau

Tableau Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Trend Lines And Predictive Analysis
  • Dashboard Commenting
  • Geographic Data Mapping
  • Heat Maps
  • Embedded Analytics
  • Data Security
  • Mobile Ready Dashboards
  • Real Time Analysis
  • View all Features
4.7
out of 5 (19 Reviews)
Features
4.6
Ease of Use
4.7
Value for Money
4.3
Customer Support
4.4
Rohit Parakh Jain
Senior Engineer

Tableau is the most accessible BI tool I've ever used. Its GUI is excellent and offers a vast range of charts and graphs for visual data representation. One of the best features I like is the geographical plot.

Read all 19 Reviews

Tableau Features and Usability-Based User Satisfaction Score

Rating Score 9.4

Rating Score

Out of 10

No. of reviews Score 4.0

No. of reviews Score

Out of 10

Freshness Score 10.0

Freshness Score

Out of 10

Social Score 8.2

Social Score

Out of 10

Monthly website visitor Score 4.0

Monthly website visitor Score

Out of 10

Category Champions | 2025

Product Description

This information is provided by vendor.

Stayflexi is the modern operating system for hotels and vacation rentals, backed by Y Combinator. It helps properties automate operations, maximize revenues on unsold rooms, and offer flexible bookings for guests. Read More About StayFlexi

StayFlexi Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Guest Engagement
  • Mobile Access
  • Reservation Management
  • User Management
  • Channel Management
  • Payment Processing
  • Point Of Sale (pos)
  • Front Desk Operations
  • View all Features

Starter

$ 28

Per Month

Get Offer

Pro

$ 449

Per Month

Get Offer

Flex

$ 999

Per Month

Get Offer
4.7
out of 5 (10 Reviews)
Features
4.6
Ease of Use
4.9
Value for Money
4.9
Customer Support
4.8
shyam sunder Raghuram
Property Manager

Stayflexi is easy to use and offers a lot of features. Customer support is excellent.

Read all 10 Reviews

StayFlexi Features and Usability-Based User Satisfaction Score

Rating Score 9.4

Rating Score

Out of 10

No. of reviews Score 2.0

No. of reviews Score

Out of 10

Freshness Score 10.0

Freshness Score

Out of 10

Social Score 9.8

Social Score

Out of 10

Monthly website visitor Score 8.0

Monthly website visitor Score

Out of 10

Contenders | 2025

intuitive and powerful data visualisation and anal

Product Description

This information is provided by vendor.

Grapheme is an intuitive and powerful data visualization and statistical analysis tool with first-in-class analysis tools, including Six Sigma capabilities, design of experiments, response surfaces, and classification algorithms. Read More About Grapheme

Grapheme Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Geospatial Analysis
  • Automated Reporting
  • Data Blending
  • Data Transformation
  • User Management
  • Customizable Dashboards
  • Machine Learning Integration
  • Scalability
  • View all Features

Standard Edition

$ 50

Per Year

Get Offer

Professional Edition

$ 400

Per Year

Get Offer
5.0
out of 5 (4 Reviews)
Features
5.0
Ease of Use
5.0
Value for Money
5.0
Customer Support
5.0
Davide

Our company uses this tool to produce visual representations of complex data that we show to our customers. It's absolutely necessary for us to graphically represent complex data, and this tool is exactly what I need to explain our search results.

Read all 4 Reviews

Grapheme Features and Usability-Based User Satisfaction Score

Rating Score 10.0

Rating Score

Out of 10

No. of reviews Score 1.0

No. of reviews Score

Out of 10

Freshness Score 9.5

Freshness Score

Out of 10

Social Score 5.0

Social Score

Out of 10

Monthly website visitor Score 6.0

Monthly website visitor Score

Out of 10

Contenders | 2025

Product Description

SAS software integrates into virtually any computing environment, so you can unify your computing efforts and get a single view of your data. Analysts are freed to focus on analysis rather than data issues. Then, produce repeatable code thats easily documented and verified for compliance. Read More About SAS Analytics Pro

SAS Analytics Pro Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Reporting
  • Machine Learning
  • Interactive Dashboards
  • Real Time Analytics
  • Advanced Analytics
  • Forecasting
  • Collaboration Tools
  • Data Governance
  • View all Features
4.7
out of 5 (3 Reviews)
Features
4.7
Ease of Use
4.3
Value for Money
4.3
Customer Support
4.7
Kumar

An easy-to-use yet powerful package for accessing, manipulating, analyzing, and presenting information. It does not have very good graphic capabilities. Their advanced graphics packages are expensive and still not very appealing or intuitive to customize. Therefore, the user has to rely on other graphical tools for better data analysis.

Read all 3 Reviews

SAS Analytics Pro Features and Usability-Based User Satisfaction Score

Rating Score 9.4

Rating Score

Out of 10

No. of reviews Score 1.0

No. of reviews Score

Out of 10

Freshness Score 9.5

Freshness Score

Out of 10

Social Score 9.0

Social Score

Out of 10

Monthly website visitor Score 4.0

Monthly website visitor Score

Out of 10

Contenders | 2025

Product Description

Cricket Statz is a comprehensive cricket management tool that simplifies tracking and analyzing match results, player stats, and team performance. Accessible from any device, it offers real-time updates and over 190 detailed statistical reports. Read More About Cricket Statz

Cricket Statz Is Tailored For

StartUps

SMBs

Mid-Market

Enterprises

Features

  • Season Statistics
  • Historical Data
  • User Management
  • Scorecard Entry
  • Fielding Analysis
  • Comparison Reports
  • Match Statistics
  • Partnership Analysis
  • View all Features
4.0
out of 5 (2 Reviews)
Features
4.0
Ease of Use
3.5
Value for Money
3.5
Customer Support
3.5
Aashish k
Cricket

Cricket Statz is a great product that helped us find the stats without any disturbance.

Read all 2 Reviews

Cricket Statz Features and Usability-Based User Satisfaction Score

Rating Score 8.0

Rating Score

Out of 10

No. of reviews Score 1.0

No. of reviews Score

Out of 10

Freshness Score 9.0

Freshness Score

Out of 10

Social Score 9.0

Social Score

Out of 10

Monthly website visitor Score 4.0

Monthly website visitor Score

Out of 10

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.

FAQs

What is Statistical Analysis Software?

Statistical analysis software is a specialized tool that assists individuals and organizations in collecting and analyzing data statistics. This data then generates science-based insights into patterns and trends.

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Last Updated: August 20, 2024