The volume of data generated by these cloud applications today is staggering. It ranges from SLM (Service Life-Cycle Management) to CMS (Supply Chain Management), ERP [Enterprise Resource Planning] to CRM (Customer Relationship Management). We will be discussing the top 10 business analytics tools in detail.
Recognized technology companies and startups all over the globe are developing business analysis tools and techniques to help organizations get actionable insights out of the data they generate.
Today’s powerful analytical tools for business are packed with powerful features. They allow efficient data collection, analysis, and presentation in real-time. This empowers enterprises to identify patterns in large datasets and develop new business analytics models.
What is Business Analytics Tools?
Business analysts use a variety of software applications to capture quantitative and qualitative data from various business systems and then integrate it into a repository. Analysts can then review and analyze the data in order to make better decisions.
A mix of business analytics software is used by most companies. This includes predictive modeling and statistical tools. This software application for business analytics provides organizations with a comprehensive overview of key insights that can improve productivity, efficiency, and profitability.
Difference between Business Analytics and Business Intelligence Solutions
Business Intelligence tools can also compile and analyze data. Software for business analytics, however, goes deeper. It helps to identify weaknesses and alert policymakers to unanticipated situations, fix potential problems, and even predict future performance.
Business analysts use high-quality tools to gather requirements. This gives them the confidence and knowledge they need to increase customer satisfaction, improve their competitive edge and achieve business goals.
Because of the many functionalities and benefits, this business analytics software offers in terms of future growth and business success, there is a high demand for top-quality business tools.
Gartner Inc., a global research and advisory firm, predicts 70 percent of large- and mid-sized businesses will use advanced business analytics tools by 2021.
Experts predict that data analysis will become more important and lead to better business decisions, as well as creating new jobs in many fields. Here are the top ten business analytics tools and solutions that are most popular in modern enterprises.
1. SAS Business Analytics (SAS BA).
SAS-based business analysis software offers high-quality text analytics that allows users to analyze and transform the unorganized text into relevant information that analysts can use to uncover meaningful insights.
SAS BA comes fully loaded with a variety of statistical tools that make it easier to analyze large amounts of data in real-time. This top-of-the-line platform for business analytics predicts future trends using big data.
QlikView is a popular tool for business analytics due to its unique features such as in-memory processing and patent technology, which allows for the delivery of extremely fast business analytics reports.
QlikView is a powerful business tool that allows users to visualize data relationships with specific colors. This can be used to identify related and unrelated data. QlikView automatically maintains data associations, which are compressed to 10 percent of their native size.
Board is a top-rated software tool for business analysis. This is due to its business analytics model, which allows users to create intuitive and interactive business analytics reports.
This highly-scalable platform for business analytics integrates the most advanced analytical tools for business, as well as a powerful statistics suite.
The Board business analytics tool is capable of managing large data volumes. It can also be used to support scenario analysis and forecasting through manipulation of the data provided to scenarios.
Splunk is a popular business analytics tool in small and medium-sized industries.
Splunk was originally designed to process machine log file data. Over the years, Splunk has evolved to include a user-friendly web interface, various visualization options, and a variety of other advanced features.
Sisense, one of the most widely used business analysis software tools, incorporates robust and dynamic text analysis functions that allow users to transform unstructured texts into valuable business intelligence.
Sisense’s business analytics platform uses Sisense Crowd Accelerated Bi to compute statistics. It allows users to visualize and perform complex analyses, which encourages data-driven decisions as well as improved forecasting of future trends.
Microstrategy’s business analytics software integrates exceptional analytics capabilities that enable hassle-free processing of unstructured text data. Specialists can then analyze the data via the platform’s text analytics solutions.
Microstrategy is one of the most current business analytics tools. It includes insightful statistical and analytical capabilities that allow real-time trend forecasting with options for third-party data mining.
This set of top-quality business analytics tools combines a variety of business analysis techniques and tools to allow users to create and share business reports from any location and on any device.
The innovative KNIME business analytics platform was developed by a group of software engineers at the University of Konstanz, Baden-Wurttemberg in Germany.
KNIME is a high-performance business analysis software that has been praised for its unique data-pipelining method. This allows KNIME to facilitate various components for machine learning, data mining, and persistent analysis. It also supports visual programming and seamless business analytics reports.
8. Dundas BI
Fully equipped Dundas BI provides first-class business analytics, business intelligence solutions, and the R programming languages.
Dundas BI offers robust business analytics tools such as trend forecasting and automated analytics. It also provides a high-level dashboard to help users visualize data and create reports using drag-and-drop.
9. TIBCO Spotfire
TIBCO Spotfire is a powerful, automated tool for business analytics that allows data professionals to run business analysis reports and analyses over a specified time period.
Spotfire’s latest update has greatly improved TIBCO’s scalability and statistical analysis capabilities. It also makes it possible to analyze unstructured text data.
10. Tableau Big Data Analytics
Experts agree that Tableau Big Data Analytics has the highest quality business analyst software due to its cutting-edge capabilities in unstructured text analysis.
Tableau’s business analytics platform includes reliable and robust statistical tools that allow users to analyze social media networks in-depth and predict patterns using historical and current data.