Top Statistical Software You Must Know

Undoubtedly, data is the core of today’s business world. From generating to transferring we deal with different types of data that lay a foundation for a strong business. Now, the question arises, how can we convert that data into action? The answer is business intelligence. It collects and processes data, develops datasets, predicts future market trends, ensures graphics quality, data source options using various statistical software or statistical analysis software. 

Statistical software are specialized computer-driven programs used for statistical analysis for collecting, organizing, analyzing, interpreting different types of data. These are designed in such a way that it allows users to perform complex operations using various methods such as regression analysis, statistical modeling, predictive analysis, descriptive analysis, etc. 

Statistical analysis on the other hand is a science that collects and represents a large amount of data to develop and search about new patterns and trends flourishing in the market. It helps different industries, businesses, and governments in different decision-making processes. In simpler words, if we say statistical analysis software is a part of business statistics that plays a very vital role in various business disciplines such as production, finance analysis, quality assurance, auditing, and much more. It also helps business managers to collect and analyze market information, discover market trends and make decisions for the benefit of their organisation. 

Best Statistical Software Tools

1. IBM SPSS STATISTICS: It is a statistical software of IBM that offers several solutions for industry-specific businesses in research and decision-making process. It also helps in entity analysis, automated modeling, decision management, and the overall development of an organization’s internal operations. SPSS statistics makes use of various advanced and visualized methods that provides a robust and very simple user-friendly platform to generate data and solve complex business-related problems. According to a report by IBM, more than 80% of users have ranked SPSS as the most simple and easy-to-use data analysis software. 

• The price of SPSS statistics starts from $99 one-time user.

2. MAXSTAT: It is an open-source, easy-to-use online statistical software used both for commercial and non-commercial purposes. One specialty about Maxstat is that you can complete your statistical analysis in three easy steps within a single dialog box. This statistical software is most beneficial for students and researchers because it offers a variety of options to guide us through every step of the analysis. It receives information provided in the form of data and automatically chooses the best statistical tool to review and gives the best outcomes as required. Moreover, it supports over 100 statistical tests and makes it very easy to interpret the results and create high-quality graphics in various styles.

• The prices range of the Maxstat lite version starts from $39 for students and $69 for other users. 

3. SAS/STAT: It is a cloud bases statistics program that offers a variety of tools and procedures for statistical analysis and data visualization. It provides complete and comprehensive statistical modeling of data using predictive modeling and various other visualization techniques. The software meets the analytical needs of both specialized and enterprise-wide problems. SAS/STAT is very beneficial for engineers and statisticians who mostly work on business analysis and data modification. Moreover, it uses more than 100 statistical analysis programs that can be used in both inferential and descriptive statistics. 

4. R-STUDIO: It is one of the most used and highly affordable statistical software mostly used for combining open source and commercial projects. R-studio is an Integrated Development Environment (IDE) used for statistical computing and graphics. R-studio is open-source statistical software that offers a variety of packages such as R-studio IDE, Shiny, R-Mark down, and much more. All these packages are used all over the world by data scientists for analyzing different types of datasets for both social and economic purposes. Many commercial software products such as R-studio Workbench, R-Studio connect are highly used to leverage and deliver large amounts of data and interactive applications to decision-makers for the smooth flow of an organization. 

• R-Studio price starts at $995 a year. However, its trial version is free of cost.

5. MINITAB: It is a statistical package used for statistical analysis, data visualization, data interpretation to allow users to improve the quality of data-driven decisions. It is considered as one of the most powerful software used for automation and creation of graphs to allow users to get an insight about data analyzing and interpretation of results. Minitab was developed in 1972 by Barbara F. Ryan, Thomas A. Ryan, and Brian L. Joiner to focus more on data analysis and improve the quality of product development and predictive analysis to process validation. Moreover, it also allows users to customize different menus and toolbars using powerful macro capabilities. One thing you need to know before opting for Minitab, it is currently operating only on Windows and Mac operating systems.

• The average price of Minitab software starts from $1610 per feature, a one-time payment. However, the trial version is available for free. 

These were some of the main statistical software you can choose depending upon the data you want to analyze. Just go through the article twice or thrice and choose what is best for you.