Business Intelligence The Best Statistical Software Tools Of 2024 By Ritinder Kaur Business Intelligence 6 comments Last Reviewed: November 4, 2024 Wouldn’t you jump at the chance to get things done faster? Using sample data for business intelligence is a lifesaver when big data makes you feel like you’re drowning. Such focused analysis needs something more than business intelligence (BI) software. And statistical software is looking good right now. What’s not to like? It helps manage risk, predict the future and do better business. This article showcases the top five statistical solutions and provides handy selection resources. Compare BI Software Leaders This article discusses the best statistical analytics tools and answers common queries. Statistics is the science of analyzing number-based datasets that represent a larger collection. It involves grouping similar data and testing ideas. You can predict the probability of events, which can help you prepare for the future. Statistical software consists of systems with these techniques that support research and business analytics. Best Statistical Software After diligent research, our analysts curated a list of the best statistics software on the market. Here’s a look at the top five. Compare the Best Statistical Software Product Interface Functions Free Trial Company Size Start Price IBM SPSS Statistics Menus and Syntax Custom tables, ANOVA, multivariate analysis, forecasting Yes Small Medium Large $99 Monthly SAS/STAT Menus and Syntax ANOVA, Bayesian analysis, descriptive statistics, regression Yes Small Medium Large Available on request. Stata Menus and Syntax Mixed models, panel data, survey data analysis Yes Small Medium Large $48 Annual, Quote-based Minitab Menus and Syntax Basic statistics, ANOVA, regression analysis, equivalence tests Yes Small Medium Large $895 Quote-based GraphPad Prism Menus and Syntax Descriptive statistics, hypothesis testing, linear regression, sample size estimation Yes Small Medium Large $142 Annually Compare BI Software Leaders IBM SPSS Statistics SPSS is proprietary statistics software. It has something for everyone with easy-to-use menus and syntax for power users. Using ANOVA, custom tables and multivariate analysis, you can perform descriptive and predictive analytics. Hypothesis testing helps you decide the best way forward. A view of the IBM SPSS Statistics workbook. Source Top Benefits Stay Competitive: Establish your brand — give the buyers what they want. Uncover points of interest in data with natural language querying. Plan: Collaborate confidently with stakeholders, thanks to high-quality data. The system completes data where it’s missing. Forecast trends with time series analysis and neural networks. Grow: Work with large data volumes, irrespective of your business size. Primary Features Data Editor: Edit and view data in a spreadsheet format. Data Cleansing: Remove incomplete rows and add probable values in missing columns. Functions: Decide what to do — figure out the next steps using data models. Benefit from its rich functions library. Limitations The version for students has fewer features. Price: $$$$$ Deployment: Platform: Company Size Suitability: S M L Compare BI Pricing & Costs with our Pricing Guide SAS/STAT The program is proprietary statistical software for complex analyses. A powerful programming language helps analyze large datasets using high-quality graphics. The platform offers ANOVA, Bayesian analysis, descriptive statistics, predictive modeling and regression. It’s helpful for life sciences, healthcare and logistics organizations, and government agencies. The program is proprietary statistical software for complex analyses. A powerful programming language helps analyze large datasets using high-quality graphics. The platform offers ANOVA, Bayesian analysis, descriptive statistics, predictive modeling and regression. It’s helpful for life sciences, healthcare and logistics organizations, and government agencies. A population tree compares the average miles driven by age and gender. Source Top Benefits Drive Decisions: Include information from older versions. The software is backward compatible. Act Fast: Give managers and CEOs the tools they need. Handy tables and custom charts help teams interpret data independently. Scale: Use big data with HPC, thanks to Hadoop. SAS/STAT handles small datasets equally well. Primary Features Procedures: Create reports from a library of over 100 procedures. Easy Access: Stay connected to your business and pull data from sources from anywhere. SAS/STAT works on Unix and Windows. Predictive Modeling: Predict what’s likely to happen with good-quality data. The platform handles missing values and performs complex math. Limitations It lacks many charting features. There’s a learning curve. Price: $$$$$ Deployment: Platform: Company Size Suitability: S M L Compare BI Pricing & Costs with our Pricing Guide Stata It’s proprietary software with several functions, including mixed models, panel data and survey data analysis. You can use Stata with menus and syntax. Or set up workflows by writing scripts in the Stata language. The program can run on Windows, MacOS and Unix. Find out what users say about it here. An IV fractional probit model in Stata. Source Top Benefits Choose: Opt for the Basic platform for mid-sized datasets. Or choose the Standard or MP editions for larger volumes. Integrate: Add plugins and embed Python code directly in the platform. Automate: Create Word, Excel, PDF and HTML reports and design them as desired. Ready procedures let you analyze complex datasets. Primary Features Functions: Track data changes with time series charts. Learn what could happen with predictive methods. Determine probability with Bayesian analysis. Multilingual Interface: Stata matches menus and dialog boxes with your system language. Versioning: Get correct results even after running old scripts. Limitations Limited memory might affect performance. New 32-bit versions might not work with macOS. Price: $$$$$ Deployment: Platform: Company Size Suitability: S M L Compare BI Pricing & Costs with our Pricing Guide Minitab This proprietary statistics software supports Six Sigma, supply chain, manufacturing and healthcare organizations. It lets you sort and group data, identify how datasets relate and compare products. You can use R and Python with Minitab. With regression analysis, you can backtrack to determine the factors affecting outcomes. Then, use their current values to predict what’s likely to happen. A chart of correlation statistics in Minitab. Source Top Benefits Save: Improve processes by testing them before going live. Crayola saved over $1.5 million by testing crayons for breakage using Minitab. Improve Processes: Assign tasks based on skills. Crayola managers managed to retain output levels while reducing machine speed and cutting the line crew from 10 to 5. Track Performance: Understand what’s trending with a graphic builder. Define and monitor KPIs to tap into your company’s health. Primary Features Minitab Assistant: Pull results into easy-to-read reports. The Assistant guides you on how to select charts, collect data and use the charts. DOE: Improve product quality. Design products while saving money by building them in a trial environment. Live Analytics: Add statistical formulas into graphics. Set up the system to analyze data as it comes in. Embed dashboards and stay connected as the data updates in real time. Limitations It doesn’t offer many options to design reports as desired. It doesn’t have excellent image quality. Price: $$$$$ Deployment: Platform: Company Size Suitability: S M L Compare BI Pricing & Costs with our Pricing Guide GraphPad Prism This analysis and graphing program enables number crunching for life science, biotech, and drug research. Like the other tools in this list, GraphPad Prism is proprietary. You can track data changes, compare results and use math tools to find patterns. The vendor offers free video lessons and practice data to get started, plus an online school for further learning. Assess product quality beforehand in a sandbox environment. Source Top Benefits Maximize ROI: Work with your team using the latest data and shareable metrics. Perform t-tests, regression analysis and non-parametric comparisons. Act: Take action at the right time with live data updates. Pack more in data displays by linking charts to sheets. Democratize Data: Help your users learn with example data and guided math functions. Primary Features Checklists: The program provides a checklist for each statistics function so you can determine if it’s a match for your needs. Prism Magic: Make graphs in a project look like they belong together. Automation: Set up scripts that run analyses without manual work. Open and close files, import and export results and print them automatically. Limitations Not available on Linux. It doesn’t offer text and sentiment analysis out of the box. The system doesn’t have a built-in ability to write equations on a graph or layout. Alteryx, Mathematica, MATLAB and RapidMiner are other examples. As an alternative, R, JASP and KNIME are open source statistics tools. Price: $$$$$ Deployment: Platform: Company Size Suitability: S M L Compare BI Pricing & Costs with our Pricing Guide How We Choose Products Our team of writers and analysts at SelectHub is committed to giving you the best recommendations based on our data. To make our list, products had to meet two criteria: Closely match the topic Earn a top-5 analyst score in our selection platform Our analyst scores are based on an in-depth research process using primary and secondary sources. This includes SelectHub Analyst Briefings, direct communication with vendors, and reviewing materials such as user reviews, product brochures, specification sheets, case studies, user manuals, and technical documentation. Our platform’s Scoring Engine processes the research and computes the analyst score. The score also factors in platform settings such as industry and company size. Learn more about our research methodology and editorial standards FAQs Should I choose open-source statistical software? Open-source software gets a bad rap because of security issues and non-existent support. Can you trust the code when it’s open to modification? But, open-source statistical software fills a gap. For instance, JASP offers students a no-cost alternative to SPSS. It’s easier to learn and use, and there aren’t any licensing issues. But JASP doesn’t have as many plotting options. It also cannot restructure data or analyze subsections. For businesses, SPSS is a better option as it has powerful features. Your needs will define your software search. Consider the tradeoffs before deciding. Or opt for a vendor version if you don’t have the expertise to maintain an open-source solution. What are the latest trends in statistical analysis software? Irina Bednova, the CTO of Cordless, believes AutoML and Explainable AI (XAI) are notable trends. With over ten years of experience as a software engineer, she has seen analytics evolve. Here’s her take. For data analysis, Automated Machine Learning (AutoML) and Explainable AI (XAI) are two emerging techniques that hold great promise. AutoML automates the process of applying machine learning models to real-world problems, reducing the need for specialized expertise.” “XAI, on the other hand, aims to make the decision-making process of AI models transparent and understandable, which is crucial in a business setting where interpretability matters.” How can I select a suitable statistics software? Gather your business needs in a requirements checklist. Research your preferred vendors and score them on how well they match your needs. Reach out to the top vendors for demos and use cases. Add the total cost of ownership to the scores from steps two and three. Shortlist the top three to five vendors. Reach out to the top vendor for discussions. Negotiate the terms and conditions and sign on the dotted line. Read our lean software selection article to find a suitable statistical analysis software solution. Compare BI Software Leaders Next Steps Ill-fitted spreadsheets and plugins won’t unlock your data’s true potential. It’s time to trade them in for a specialized tool — a software powerhouse designed to handle your data with precision and efficiency. Get our free software comparison report today to find the perfect fit. Learn about the leading statistical platforms with a feature-wise analysis. Which needs are you looking to address with statistical software? What will be your ideal solution? Let us know in the comments. Contributing SME Irina Bednova is a software engineer with over 10 years of experience. Throughout her career, she has built landing pages, prototypes, and MVPs and added large and small features to established products. She’s an empathetic leader who is passionate about building and enabling teams to build complex systems. With Cordless, she’s on a mission to build a robust telephony platform with built-in conversational intelligence that gives businesses enterprise-level control over their operations with a simple and modern UI. Analyst-Picked Related Content Pricing Guide: Discover the true cost of BI Tools Comparison Report: An interactive analyst report with comparison ratings, reviews and pricing for BI Tools Ritinder KaurThe Best Statistical Software Tools Of 202407.31.2024