Business analytics, a data management solution and a subset of business intelligence, uses data mining, predictive analytics, and statistical analytics to analyse data and transform it into useful information to identify trends and results. The tool predicts and ultimately makes smarter, data-driven business decisions.
A business analytics tool is application software that retrieves data from one or more business systems and combines it into a repository such as a data warehouse for review and analysis. Business analytics tools provide a complete view of your business. Moreover, it also gives important business insights and understanding, allowing you to make better decisions related to business operations, customer conversions, and more.
Top 8 Business Analytics Tools
Experts say that increasing the relevance of data analytics improves business decisions and creates new employment opportunities in multiple areas. Below are the eight most commonly used business analyst tools and solutions in modern business:
Qlikview: QlikView is one of the most preferred business analyst tools due to its patented technology and unique features such as in-memory processing that facilitates the delivery of ultra-fast business analysis reports. It has a simple user interface with drag and drops options, making it easy to use.
Board: Board is on the list of top software tools for business analysts in the industry’s leading business analytics model. Board integrates business intelligence, performance management, and predictive analytics into one platform. Thus, it’s a management kit with features that corporate organisations crave for more profitable outcomes.
Splunk: Splunk is one of the most widely used business analytics tools in the small and medium-sized industry. The invention of Splunk was originally to process data from machine log files. It has also added many visualisation options and made the web interface more user-friendly for better usability. Splunk monitors your data and provides your organisation with an analytical solution with a practical approach.
Microstrategy: Microstrategy’s business analytics software has advanced analytics features that are easy to handle unstructured text data and analyse it further using the platform’s text analytics solution. It is a strong business analysis tool employed by the world’s most prestigious corporations. With its help, users may develop and distribute business analytics reports from any location and device.
Dundas BI: The fully-equipped Dundas BI provides first-class business analytics and business intelligence solutions using the R programming language. This tool comes with an interactive dashboard that includes fantastic reports and scorecards. Excel may use the data, and the device also provides a clever drag and drop option for the user’s convenience.
Tableau: This is another popular business analyst tool. It features a user-friendly interface, and it does not require any technical knowledge to operate. Tableau is a simple tool to use analytics application that slices and dices your data to produce beautiful representations and dashboards. Visualisations are superior to Excel in terms of handling large amounts of data.
Alteryx: For mediocre firms, this is one of the business analyst tools. This tool aids in data analysis and wise decision-making. Alteryx is a data preparation and blending self-service data analytics software firm. Alteryx Business Analytics provides a systematic methodology for organising, cleaning, and analysing data.
Gone are the days when businesses made choices based on estimates and whispers. As a result, organisations can choose between open-source and commercial business analytics systems and tools to make the greatest use of them and make the best decisions possible.
In terms of pay, learning, and training possibilities, no other profession compares to Business Analytics. In collaboration with the Indian Institute of Management, Indore, the Integrated Program in Business Analytics (IPBA) precedes the most up-to-date and comprehensive courses. So check out https://www.jigsawacademy.com/integrated-program-in-business-analytics/ to enrol yourself for a business analytics course from the IIM.