While most businesses use MS Excel as their preferred tool for data and statistical analysis, it has several factors that limit an analytical team’s ability to extract the best out of their data analysis process. This is exactly where add-ins come in the picture. Add-ins have the potential to take your analytics capabilities to the next level by opening up numerous possibilities in which data could be churned and analyzed. And these are by no means the usual run-of-the-mill applications, but something that is highly evolved and able to independently handle complex tasks and literally put your data analysis needs on steroids.
Developing businesses intelligence modules to collate and interpret meaningful data is increasingly being adopted by small and medium enterprises to power their business planning, operations and forecasting needs. This has eventually led to the introduction of a variety of statistical software solutions in the market.
And with the multitude of solutions available in the market, it’s becoming quite a task to choose a solution that perfectly suits your needs. While features can vary from one statistics software to another, here are 4 key factors that you might want to consider before choosing a competent statistical software package.
Data crunching and interpretation is by no means a simple activity and requires a great amount of specialization and expertise. However, the tools being used to collate and interpret data need not be complex. Look for tools that are easy to integrate, offer a simple yet intuitive interface as well as seamless data collation and presenting capabilities. A good example here would be a statistics software that mimics the look and feel and functionality of MS Excel, is easy to integrate, and also makes data input and report generation a breeze.
Seamless Portability and Sharing
A must-have feature in statistical analysis software! Look for features that allow seamless and easy data sharing capabilities. A major stumbling block with most software packages is their limited accessibility in terms of non-licensed users trying to view the data. It’s not necessary that the receiver of a report or data set has to be an entity within the organization. This makes it important to look for solutions that offer unrestricted shareability options. Again, preference should also be given to programs that allow easily compatibility with other popular MS Office programs such as PowerPoint and Word.
While it is important to look for a package that is easy to integrate, another factor that needs to be kept in mind is the scalability it offers in terms of add-on modules that allows use of advanced features. This kind of flexibility helps you in building a package that’s tailor made for your needs. Rather than going in for traditional full-featured software packages, it’s more cost effective to opt for features and functionality that’s more specific and useful to your business. This also gives you a lot of flexibility in terms of the overall cost and pricing.
Again, a very critical factor when you choose data analysis software. There are solutions in the market that offer more than what you would ideally need for developing a business intelligence process. The cost of procurement, however, might not make complete sense for everyone. This can be especially true for businesses that are operating on a lean margin. Look for solutions that are more flexible, offer custom options that let you choose only what you require and scale up as and when your business evolves.
To conclude, it’s easy to get overwhelmed considering the variety of options available. While each product is unique in terms of the features and functionalities it offers, it’s always a good idea to look at options that offer a good amount of flexibility, customization and scalability.
Visit XLSTAT for more information on the use of statistical data analysis software to aid business.