free statistical tools for data analysis

While it can perform certain analyses, particularly in the initial stages, Excel struggles with larger data sets. Here are five tools data analysts use to extract the insights a company needs:Įxcel – and its Google-developed cousin, Sheets – is not specifically meant for statistical analysis, but still plays an important supporting role in data analytics and is often the first stop for those entering the field. Data analysts might not need a hammer, but without the right tools, they’ll be unable to extract anything meaningful from the enormous volumes of data available to businesses. Without those tools, the lumber will remain nothing but glorified firewood.

To be effective, they must have the right tools that will allow them to parse through reams of data and derive useful intelligence from it.Īfter all, a carpenter needs tools to turn a pile of lumber into a couch, chair or table. However, no data analyst can work in isolation. those organisations that consider themselves to be analytics pacesetters in their markets and have an enterprise-wide analytics strategy in place) are seeing revenue growth greater than 7%”. According to Forbes, “85% of companies that are succeeding with analytics (i.e. It’s almost impossible to overstate the importance of a data analyst in a business. They also have to be creative thinkers to be able to derive useful insights from raw data. Data analysts should be able to communicate the insights they gain, otherwise it will be difficult for a business to act effectively on their findings. However, it’s not enough for data analysts to interpret data – they also need certain soft skills to be successful in the field.

The insights data analysts provide can have an outsized impact on an organisation, potentially giving it a competitive edge 5 that could increase its profitability. Early warnings of adverse market conditions 4.A data analyst can cover a number of fields, including finance, marketing and operations, and their findings could, for instance, result in: They take raw data and turn it into meaningful insights that businesses can use for more effective decision-making. In the simplest terms, a data analyst is an interpreter.

Free statistical tools for data analysis