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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?
- Common features of statistical analysis software
- What type of buyer are you?
- Benefits of statistical analysis software
- Key considerations when purchasing statistical analysis software
- Market trends to understand
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.