Find the best Statistical Analysis Software

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Minitab

Minitab is a cloud-based statistical tool designed to help small to large organizations across various verticals such as manufacturing, healthcare, energy, automotive or non-profit discover market trends, predict patterns and visu...Read more about Minitab

OriginPro

OriginPro is a cloud-based data analysis and graphing solution, which assists academic institutions, government organizations, non-profits or businesses with data exploration and provides tools for peak fitting, surface fitting, s...Read more about OriginPro

Alteryx Designer

Alteryx is the launchpad for automation breakthroughs. Be it your personal growth, achieving transformative digital outcomes, or rapid innovation, the results are unparalleled. The unique innovation that converges analytics, ...Read more about Alteryx Designer

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Zendesk Explore

Zendesk Analytics is reporting software that helps companies of all sizes measure and improve their customer experience. Zendesk Analytics provides reporting and analytics software to help users measure and improve customer experi...Read more about Zendesk Explore

Domo

Domo puts data to work for everyone so they can multiply their impact on the business. Our cloud-native data experience platform goes beyond traditional business intelligence and analytics, making data visible and actionable with ...Read more about Domo

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Datadog

Datadog is the monitoring, security and analytics platform for developers, IT operations teams, security engineers and business users in the cloud age. Datadog's SaaS platform integrates and automates infrastructure monitoring, ...Read more about Datadog

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InsightSquared

InsightSquared is the sales intelligence solution. InsightSquared provides sales leaders with the operating system to run their team, produce reliable forecasts, measure rep performance, and maximize revenue growth. Sales leaders ...Read more about InsightSquared

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Klipfolio

Klipfolio PowerMetrics is a powerful, metric-centric, analytics and BI platform used by the world's fastest growing businesses to make better decisions. From data ingestion, transformation and modelling, to a self-serve metrics ca...Read more about Klipfolio

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LevelEleven

LevelEleven is an on-premise sales force automation software that helps understand consumer behaviors and improve the performance and productivity of sales representatives accordingly. Designed for sales managers and midsize busin...Read more about LevelEleven

4.0 (2 reviews)

Lattice Engines

Predictive Insights Platform is a cloud-based predictive analytics platform. It allows users to run B2B marketing and sales campaigns. Predictive Insights key features include buying signals, machine learning, optimizing nurt...Read more about Lattice Engines

4.0 (1 reviews)

Lex Machina

Lex Machina is a cloud-based solution designed to help law firms of all sizes streamline the entire litigation lifecycle, from processing raw records to organizing data using Lexpressions, a natural language processing (NLP) techn...Read more about Lex Machina

2.0 (1 reviews)

Looker

Looker, now part of Google Cloud, is a cloud-based business intelligence (BI) platform designed to explore and analyze data. The solution helps businesses to capture and analyze data from multiple sources and make data-driven deci...Read more about Looker

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Google Data Studio

Google Data Studio is a cloud-based reporting solution designed to help small to large businesses customize, share and visualize data through configurable charts and tables. Features include team collaboration, filtered views, cus...Read more about Google Data Studio

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Matomo

Take back control with Matomo. You own 100% of your website data so you ensure complete customer privacy. Data compliance covered. Matomo covers all of your GDPR, HIPAA, CCPA and PECR data compliance requirements. Matomo comes ...Read more about Matomo

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Email Meter Enterprise

The best way to track and analyze email response times, SLAs, sentiment analysis, shared mailbox analytics, and overall team's email productivity. Email Meter is an email analytics platform that provides custom analytics dashboar...Read more about Email Meter Enterprise

Phocas Software

Phocas is a team of passionate professionals who are committed to helping people feel good about their data. Our software brings together organizations’ most useful data from an ERP and other business systems and presents it in a ...Read more about Phocas Software

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Qlik Sense

Qlik Sense is a business intelligence (BI) and visual analytics platform that supports a range of analytic use cases. Built on Qlik’s unique Associative Engine, it supports a full range of users and use-cases across the life-cycle...Read more about Qlik Sense

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CRM Analytics

Salesforce Analytics Cloud, also known as Wave Analytics, is a cloud-based business intelligence (BI) system that provides an interactive platform to access and share business trends. The software provides data insights and helps ...Read more about CRM Analytics

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Stata

Stata is a statistical analysis solution designed to help businesses streamline data analysis, manipulation, visualization and management. It allows businesses to create, merge, sort, and merge multiple datasets, import/export dat...Read more about Stata

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Statgraphics Centurion

Statgraphics is a business intelligence (BI) solution that helps enterprises utilize collected information to facilitate data visualization, modeling and predictive analysis. It provides professionals with interfaces for text mini...Read more about Statgraphics Centurion

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Buyers Guide

Last Updated: March 16, 2023

Businesses create and transfer large volumes of data that can be used to make smarter decisions, but manually analyzing that data can be time-consuming and error prone. Statistical analysis software automates the data analytics process, eliminating the need for manual calculations. This software can access numerous databases, such as company websites and customer relationship management (CRM) systems, providing valuable insights into how a business is performing. Data collection and statistical analysis can help companies identify trends, forecast future demand, and compare their performance against industry competitors.

Here's what we'll cover:

What is statistical analysis software?

Statistical analysis software allows organizations to collect, organize, analyze, and interpret data. This software solution includes mathematical models, simulation techniques, and specialized features designed to work with particular statistical languages. It helps businesses harness the power of their existing data to uncover new opportunities and increase revenue using statistical insights.

Common features of statistical analysis software

Statistical analysis software helps with business intelligence in many different ways. Typical software features include some or all of the following:

Data visualization

Analyze raw data and present insights using visual representations such as interactive charts or graphs. This makes it easier to understand data insights and identify patterns, trends, and outliers in data sets.

Reporting and analytics

View, track, and analyze data metrics to create business reports. Organize information summaries that can be printed and exported in various formats. Create visualizations to summarize complex data.

Statistical simulation

Create statistical models to imitate a real-world process or system. Predict the probability of various outcomes based on uncertain variables to make data-informed decisions.

Time series

Index a series of data points in time in order to extract meaningful insights. Capture sequences occurring at various points within a specified time period and make predictions based on past trends.

Multivariate analysis

Observe and analyze multiple dependent variables to determine how the changes in one group of variables impact other variables in the data set.

What type of buyer are you?

There are many factors to consider when choosing statistical analysis software. Determining your requirements and what you want to do with your data will help you find a solution that addresses your needs.

Retail businesses: Retailers need to stay ahead of ever-changing buying trends and customer demand. Statistical analytics software takes the guesswork out of predicting sales outcomes. Look for features such as forecasting, regression analysis, and data visualization to extract better insights on customer behaviors and market trends.

Professional financial services: Professional service companies use statistical analysis software to amplify customer service and relationship management. Companies usually have a ton of data at their disposal, but if it isn't properly categorized and analyzed, it won't lead to actionable insights. Forecasting and other analysis tools proactively use data to inform business decisions. For example, forecasting can help organizations understand and plan for the future using insights derived from historical data. Regression analysis assists in choosing the best option for a desired outcome, such as reducing collection periods or managing cash flow.

Hospitality companies: Hospitality firms benefit from features that provide a customer-centric experience. Data visualization, reports, and analytics support relationship management by measuring engagement and conversion across different channels and campaigns. Forecasting tools enhance strategic planning by harnessing data to predict future opportunity for goods and services.

Benefits of statistical analysis software

Statistical analysis software offers numerous benefits that help companies take full advantage of their available data.

  • Manage and analyze large volumes of data: Statistical analysis programs can handle large amounts of data and a variety of data types. These software solutions can process structured, unstructured, sensory, mobile, web, and social media data with greater speed and accuracy than manual efforts. Automating data input reduces the rate of human error and saves time spent on manual and clerical processes.

  • Generate valuable business insights: Collecting and analyzing data with statistical analysis tools allows businesses to obtain actionable insights. This helps organizations explore new revenue streams, identify gaps in current workflows, and study past data patterns to predict future needs.

  • Make data-driven decisions to increase operational efficiency: Comprehensive data analysis can result in insights that accelerate decision-making and optimize workflows. Statistical analysis software solutions help companies make decisions based on accurate predictions from the data, figures, and information already present in the organization.

Key considerations when purchasing statistical analysis software

Consider your business needs before choosing a software package. There are numerous statistical analysis solutions on the market that offer capabilities from simple calculations to advanced analytics capabilities. The cost of these tools increases with additional features. Buyers should carefully identify their unique business requirements and data forms to ensure that the software meets their needs.

Market trends to understand

Artificial intelligence (AI) and machine learning will automate and advance data analysis. Augmented analytics harness AI and machine learning technologies to automate data preparation, insight discovery, and insight sharing. Statistical analysis programs with augmented analytics deliver analysis to everyone in an organization while reducing the occurrence of errors and interpretive bias inherent in manual efforts.

Self-service analytics create data-driven company cultures. Small and midsize businesses are increasingly adopting self-service analytics, a process in which business professionals run their own statistical analysis queries. Self-service analytics is an affordable substitute for data scientist teams. Businesses that use statistical analysis software benefit from better, data-based decision making.