Best Statistical Analysis Software

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Planning and executing any experiment is crucial but is only half the battle. It’s analyzing all of the data that’s the other half, and perhaps the scariest.

But it doesn’t have to be scary.

An excellent statistical analysis software allows users to collect, structure, analyze, and interpret data from the market. It comes with tools to support data management capabilities, enabling users to carry out analysis methodologies, such as predictive analysis, regression analysis, and statistical modeling, among others.

Performing complicated statistical analysis of data won’t be as challenging anymore.

This article is about the best statistical analysis software you’ll find in the market. Read on if you want to cut down your manual processes and handle information and data smartly and more efficiently instead.

The Best Statistical Analysis Software Options to Consider:

1. IBM SPSS – Best for beginners
2. Minitab – Best for colleges and universities
3. Stata – Best all-in-one statistical analysis solution
4. SAS/STAT – Best for business intelligence and scalability
5. JMP – Best for targeted customer segmentation and market research 

When It Makes Sense to Invest in the Best Statistical Analysis Software

From business professionals to statisticians—anybody who wants to find correlations, analyze variance, regression, and other kinds of complex data manipulation or analysis will benefit from getting statistical analysis software.

However, the question arises whether you really need statistical analysis software. 

Here are two instances where you definitely should:

Application-Based Scenarios

You should consider investing in a statistical analysis software tool to identify duplicates and unusual cases during data collection and data cleaning. Getting detailed data analysis reports is another plus.

The following are the advantages:

• For getting company data insights 

Data professionals gain insights into company data through data mining and statistical analysis by using other technologies such as machine learning along with the software.

• Managing large volumes of data

Statistical analysis software allows users to easily prepare, combine, and analyze company data using a repeatable workflow. They can then deploy and share analytics at scale.

• Gaining a deep understanding of potential outcomes and scenarios

The software allows businesses to understand how different variables will affect them–similar to predictive statistical analysis–and strategize accordingly.

Industry-Based Scenarios

Data is ubiquitous today. Sectors like healthcare and higher education always have a ton of data, making its handling a little confusing. But with statistical analysis software and its industry-specific features, the whole process becomes more streamlined.

• Research

Statistical analysis can help solve challenging research problems. Researchers use this software tool to identify historical trends and get deeper insights into their research. The easy handling of a large volume of data in multiple formats is another important advantage.

• Healthcare

Healthcare professionals deal with life and death, which makes time very precious for them. With the software in place, the professionals can better understand health-related data and improve efficiencies in hospitals to manage and contain diseases, along with several other advantages.

• Higher education

People in the higher education industry use statistical analysis software to analyze data, obtain insights, and find relevant data trends–all within a considerably shorter amount of time than without the software.

Users invest in a statistical analysis tool to gain business intelligence, which, in turn, allows them to make better-informed decisions backed by insightful data.

#1 – IBM SPSS – Best Statistical Analysis Software for Beginners

IBM SPSS (Statistical Product and Service Solution) is one of the most widely-used statistics programs thanks to its incredibly easy-to-use interface. According to IBM’s website, 81% of reviewers thought SPSS was user-friendly, making it a good choice for beginners and expert statisticians alike.

It’s primarily designed to help businesses solve industry-specific issues, which, in turn, facilitates better decision-making.

The robust platform is suitable for all types of organizations. It comes with a suite of intuitive tools to address all aspects of an analytical program, from data preparation to data reporting. Users can create and analyze data reports and visualization. 

Plus, the platform has several predictive models to tailor-make strategies according to needs.

Key Features

• Data connectivity and preparation
• Comprehensive statistical analysis for linear and nonlinear models, Bayesian statistics, complex sampling, etc.
• Point-and-click interface with user-friendly UI
• Predictive analysis
• Easy data export to widely accessible formats

Pricing

IBM SPSS currently offers a free trial and two plans to users:

• Subscription – starting at $99 per authorized user per month
• Perpetual and Term Licences – Price on request

#2 – Minitab – Best for Colleges and Universities

Minitab is one of the best statistical tools available online, especially for colleges and universities. In fact, more than 4000 educational institutions around the world use it to create and analyze data.

The software delivers statistical analysis, data visualization, and data analytics for improved data-driven decision making. It allows users to discover patterns and hidden relationships between variables from present and past data. 

It can analyze small and large data sets and automate statistical calculations and the creation of graphs. As a result, users can focus more on data analysis as opposed to performing simple repetitive tasks. There’s also the option to customize toolbars and menus, profiles, and other preferences.

With the software’s wide range of basic and advanced statistical tools, users can execute commands through both the GUI and scripted commands. Therefore, Minitab is accessible to novices and expert users who want to carry out more complex analyses.

Key Features

• Includes deep-dive tools, such as CART and factor analysis
• Regression analytics
• Association discovery
• Data discovery and visualization
• Predictive analysis
• Smart data import
• Automatic graph updating

Pricing

Minitab offers a free 30-day trial, after which users have the option to choose between a single-user license and a multi-user license. 

• Single-User License – $1652 per unit annually 
• Multi-User License – Price on request

#3 – Stata – Best All-In-One Statistical Analysis Software

Stata is a comprehensive statistical solution designed for data scientists in a variety of fields, including medical, economics, finance, behavioral science, and marketing. It’s suitable for data manipulation, exploration, visualization, and statistical analysis.

The software has a graphical UI and command-line structure and is accessible for users with and without coding knowledge. 

Furthermore, it also has some graphics customizations, permitting users to customize graphic elements like the size of the markers, text, and margins.

In addition to extended regression, generalized, and choice models, Stata also offers thousands of built-in Bayesian models and helps users understand time-invariant features. It also invokes Python packages (Pandas, TensorFlow, etc.) for passing data and visualization.

Key Features

• User-friendly interface
• Python integration for analysis and machine learning
• Plenty of statistical features from standard methods
• Advanced tools to handle functional data
• Cluster analysis
• Allows full control over data

Pricing

Stata offers a seven-day free trial on request. Currently, the company offers four plans:

• Business
• Government/Nonprofit
• Education
• Student

Prices are determined based on license type that includes single user, multiple users, and site license and will differ depending on the plan you choose.

#4 SAS/STAT – Best for Business Intelligence and Scalability 

SAS/STAT offers comprehensive and scalable statistical analysis tools to meet expanding means. It includes techniques for small data sets and modern methods for analyzing data with missing values, as well as high-performance statistical modeling tools for large data tasks.

Users can instantly visualize data, determine outliers, spot trends, predict future outcomes, and identify correlations and opportunities, allowing them to gain a competitive advantage over others. A centralized repository feature makes model integration easier.

It has predictive modeling based on mined data to calculate probable and possible outcomes, along with more than 100+ built-in statistical analysis procedures that suit specialized needs.

Key Features

• Descriptive and predictive modeling
• Open, code-based model development
• Visual data exploration and discovery
• Flexible deployment options
• Distributed, in-memory analytical processing
• 24/7 technical support

Pricing

Users will have to contact SAS/STAT to receive a free trial of the software and a personalized pricing quote.

#5 JMP – Best for Targeted Customer Segmentation and Market Research 

The smaller sibling of SAS, JMP, is the best option for companies and government sector scientists and engineers to carry out targeted customer segmentation and market research. 

It provides them the necessary insights to shape and preprocess their data faster and in a more effective manner.

The software includes quick-view dashboards and model comparison and averages to provide useful information to project managers and executive stakeholders and choose the best cross-validation and fitness, respectively.

It uses neural networks for easy data handling and learns difficult cases. Users can do experiments to gain deeper insights into possible opportunities and execute better forecasting and modeling with its Time Series platform.

JMP users can also use interactive HTML to share their analysis with those who don’t have the software.

Key Features

• Custom designing
• Capability and categorical response analysis
• Cause-and-effect diagrams
• Data visualization
• Time Series analysis
• Easy collaboration and quality control
• Risk data attributes

Pricing

The pricing for JMP software will vary depending on your country and sector. Users have to contact the company to get a customized quote.

Based on our research, though, the company has two types of licenses: personal and corporate. The personal license comes at $125 per month or $1500 per year, but the more licenses you purchase, the more discounts you’ll get.

Methodology for Choosing the Best Statistical Analysis Software

You have to consider many factors before choosing the right statistical analysis software based on your requirements and what you want to do with your data. 

To help you determine the right choice for you, we‘ve compiled a list of factors:

Data Type

Every software offers different ranges of statistical theorems and algorithms, but you may not need them all. If you deal with large amounts of data, it would be better to invest in a tool designed to handle large data sets speedily. 

In short, the software you choose should perform the exact kind of data analysis you need.

Moreover, you should consider investing in statistical analysis software if you’re handling complicated sets of quantitative data. If you have less demanding analysis needs or deal with simple data sets, a business analytics tool would be a much better fit.

Ease of Use

Statistical analysis isn’t easy – you know it, we know it. On top of that, most of the software tools can be confusing and difficult to understand by the average user, with some having a higher learning curve.

To avoid making the wrong choice, you should determine who’ll be using the software and their level of experience with statistics. 

For instance, expert data scientists can easily handle programming languages and complex equations. Novice users, however, may feel overwhelmed using software with a similar format and would prefer something with a menu-based interface.

Graphics Quality

Data visualization is an integral part of statistics, which is why several statistical software offers a wide range of data visualization options. Consider the following questions to determine the quality of graphics you require:

• Do you want your statistical analysis software to produce visual graphics right away?
• Do you want interactive or static visualization?
• Will you output the graphics to another program? If yes, can the software export the graphics in the form you commonly use?

If data visualization is a crucial prerequisite for your needs, you should look into the potential software’s graphical output capabilities.

Integration Possibility

You should also look into the integration and interoperability capabilities of prospective statistics software as your business may need more than one solution to address its analytical needs efficiently. Think of the following questions:

• Does the new solution blend well with the other software you currently use?
• Does the prospective software support the databases, frameworks, and file formats of your existing solutions?

You can narrow down your options based on your answers.

Summing Up

Choosing the best statistical analysis software will depend on the kind of data you’re looking to analyze and the features you require. You should also have the technical know-how and drive to gain the deepest insights from your data.

This guide will help you determine the best software for your statistical analytics needs, and you’re sure to find the right match for your business here.