different statistical tools for data analysis

Statistical analysis tools are designed to analyse, describe, summarise and compare data. Businesses across every industry and government departments around the world utilise statistical analysis tools to develop insights, conduct research and support planning. Statistical analysis is a component of data analytics that is concerned with the scrutiny of data to identify underlying patterns and trends. The volume of data that exists today makes statistical analysis an incredibly powerful approach, but it’s vital that businesses acquire the right solutions. To extract insights from these large, unstructured and complex data sets, businesses not only need sophisticated analytics and machine learning, but also statistical analysis tools to sift through the data and analyse it at scale, plus visual statistics software to visualise data and facilitate data interaction and exploration. How can businesses analyse such complex and unstructured data to develop insights?Īs data comes in varying sizes and structure, it is incredibly difficult to analyse with standard tools. This scale of data creation and transference has been facilitated by rapid advancements in technology smartphones, IoT-enabled devices, the Internet and others – have all contributed to the growth of this data, resulting in diverse data sets that vary in size and complexity, more commonly known as ‘big data’.įrom a business perspective, this wealth of data is a massive opportunity but how can it be analysed? As data sets continue to grow in both size and complexity, traditional data processing and analytics software is quickly becoming redundant. According to research by research group IDC (International Data Corporation), the world will be creating 163 zettabytes of data a year in 2025 – ten times the 16.1 ZB (zettabytes) of data generated in 2016.

And, as data is constantly being created and transferred, no one knows exactly how much of it exists.

On a day-to-day basis, massive amounts of data - structured, unstructured, complex, simple – is created and transferred throughout today’s digital landscape.

We live in an increasingly data-orientated business and consumer world.

Different statistical tools for data analysis