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Statistics: How is it evolving with the introduction of new analytical and statistical tools?

Use of Statistics has been on the rise. Today, every company is using statistical and analytical tools to analyze data in a matter of few minutes. Earlier, people used to gather data through various sources and to analyze this data it used to take weeks and months together. Undeniably, statistics are important to study the human behavior or to carry out any type of research. This area is evolving day by day with the development of new tools to easily analyze the data without taking much time like earlier. Today, there are a myriad of statistical tools available in the market to analyze data.

Here is what the software should let you to do

  • Pick respondents and carry out group analysis: There are times where respondents would not have accurate data. The software should be able to rule out these respondents so that you can carry out the data analysis smoothly.
  • Pre-process the gathered data: The software you pick should be able to pre-process the data, filter outlines, take average of data over time, take aggregates, use sensors, etc.
  • Plot data: This should be able to visually represent the data in histograms.

The above are a few things that the statistical tool should be able to do. You would need to compare the features of two to three tools and pick the right one that meets your data analysis needs.

New statistical tools

As per online tutoring, here is the list of widely used statistical tools in the market. There include:

  • Microsoft Excel
  • SPSS (By IBM)
  • MATLAB
  • R foundation for Statistical computing

New analytical tools

Here is the list of popularly used analytical tools includes:

  • R
  • Python
  • Apache Storm
  • Apache Spark
  • Tableau

These tools are used by market researchers to analyze market research data. The rich interface of these tools, umpteen features and statistically processing engine would provide accurate results that are easy to be shared by clients and employees on a safe and secure platform. The best part of using these tools is that, it will extract statistics from treasure trove of data. These tools will automatically analyze data, produce information and give predictions which you can use to improve and refine your existing business models. In addition, this statistics information can be used to improve performance of your business by improvising your products. These tools are available for free of cost and can be used to boost your business skills.

These statistical and analytical tools are used to analyze and interpret data in a more effective way. After analyzing the data, it would create a graph which lets you to easily understand the crux of the collected data in the visual form. To use certain tools, one needs to have programming skills while the other tools can be used without a wee bit of programming knowledge. You can use these tools to run appropriate statistical test on how to look at the data. These tools will clean up the redundant data and generate the results in graphical format.