Statista, a German business that specializes in market and consumer statistics, said that the total amount of data created and consumed in the world would exceed 59 zettabytes in 2020. This demonstrates the growing pace of digitization today, which is contributing to the global data volume.
When we see such a large amount of data, there is a clear need for businesses to use it to gain useful insights. These actionable insights enable businesses to provide better services to clients, enhancing the brand-customer relationship. This here where business analytics tools come into the big picture.
What are business analytics tools?
They are several forms of application software that gather data from many business systems and store it in a central location. This repository is referred to as a data warehouse, and it is then evaluated and analyzed in order to have a better understanding of customers. To acquire a 360-degree perspective of the company, any organization can use multiple business analytics tools. It can then use the data to deliver critical business insights and make informed decisions. Now let’s have a look at the top 7 business analytics tools used by companies in 2021:
QlikView
It was created by Qlik, a business analysis, and software company, as QuikView, which is now known as QlikView. Due to its unique capabilities, it is one of the most recommended tools for business analytics. In addition, it has a faster response time than Tableau.
QlikView is simple to set up and use, and it also allows users to acquire business insights by analyzing data associations and determining which data is unrelated. It does not necessitate any previous programming knowledge. To get the most out of this tool, all you need is a basic understanding of SQL and VB Script.
Splunk
Splunk Technology, based in San Francisco, is well-known for developing tools that handle numerous aspects of machine-generated data, including searching, monitoring, and analyzing it. Splunk is a tool that takes, indexes, and searches real-time data from a searchable repository for correlation. This repository is used to create graphs, reports, and dashboards, among other things.
Splunk Free is now available, and it contains all of Splunk 4’s Enterprise capabilities for 2 months, as well as the ability to index 500 megabytes of data every day! It’s used in small and medium-sized businesses.
SAS
SAS is a statistical software suite for data management, advanced analytics, and predictive analytics developed by the SAS Institute for data management in North Carolina. Because of its sturdy nature and simple procedures, it is currently widely used in the analytics business. This top-of-the-line business analytics solution makes evaluating massive data sets in real-time a breeze. Its high-end platform enables users to transform raw data into actionable information that can aid in the discovery of useful insights.
Excel
Many people may be surprised by this. Yes, Excel is one of the world’s most affordable and widely utilized data analytics applications. Even if you’re an expert in SAS or Tableau, you’ll need to use Excel. When analytics on a client’s internal data is required, it becomes much more important. Excel does the difficult process of summarizing the data with the help of a preview of pivot tables that aid in data filtering based on the client’s needs. Excel provides advanced business analytics functions, such as temporal grouping and intelligent relationship recognition, that help with modeling capabilities.
MicroStrategy
MicroStrategy is a business analytics platform with advanced analytics capabilities that can handle unstructured text data with ease. MicroStrategy’s text analytics products can be used to further examine this unstructured data. This is one of the best business analytics tools available, with features like data discovery, data visualizations, flat files, web services, and hosting additional data sources for analysis. Basic knowledge of programming, data analysis, and SQL is required to use this application.
RapidMiner
RapidMiner is a robust data science tool created by the same-named firm. RapidMiner is well-known for predictive analytics and advanced analytics like data mining, machine learning, and visual analytics. This tool does not require any prior programming knowledge. It can work with any form of data source, including Access, Excel, Tera data, Sybase, Oracle, IBM SPSS, and more databases. This is a very useful tool for controlling the formats and data sets used in predictive analysis. It comes with a free trial for users to evaluate its capabilities.
Tableau Public
This is a free, simple-to-use software that can connect to any data source and generate web-based data visualizations, maps, and dashboards with real-time updates. These creations can subsequently be shared with the client or on social media. Tableau Visualization software is available for free. Tableau Public lets you view and download files in a variety of formats. The nice aspect is that Tableau Public is accessible to non-technical people as well. This is unquestionably one of the best business analytics tools available today. You’ll need a strong data source if you want to see the true capability of this software. Because of its ability to work with big data, it has become an even more important business analytics tool on the market.
Takeaway
Decisions in today’s corporate world are based on precision and accuracy rather than guessing. As a result, it’s critical to make effective use of data by selecting the best business analytics tool for your company. That is why we have compiled a list of the top 7 business analytics tools that are used by companies in 2021. So which business analytics tool did you find the most interesting from our list?
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