From SLM (Service Life-Cycle Management) to SCM (Supply Chain Management) and ERP (Enterprise Resource Planning) to CRM (Customer Relationship Management), the volume of data that these cloud applications generate today is overwhelming, and it is accelerating at a phenomenal rate.
To help organizations extract actionable insights from the data they generate, recognized technology companies and startups around the world are creating business analysis tools and techniques that deliver seamless analytics solutions.
Packed with powerful features, today's state-of-the-art analytical tools for business facilitate efficient data collection, analysis, and presentation in real-time, empowering enterprises to identify trends/patterns in vast datasets and create new business analytics models.
Here is the list of top 10 business analytics tools that we will discuss in detail:
- SAS Business Analytics (SAS BA)
- Dundas BI
- TIBCO Spotfire
- Tableau Big Data Analytics
What Are Business Analytics Tools?
The tools used by business analysts include a variety of application software that captures quantitative and qualitative data from different business systems and incorporates it into a repository. That way, analysts can review and analyze the data to enable smarter decision-making.
Most companies deploy a mix of business analytics software, including statistical tools, predictive modeling, and data mining tools. These software applications for business analytics provide organizations with a holistic overview of key insights that improve efficiency, productivity, and profitability.
Difference Between Business Analytics and Business Intelligence Solutions
Although Business Intelligence (BI) tools also compile and analyze data, software for business analytics takes a deeper dive, helping to identify weaknesses, alerting policymakers to unanticipated events, fixing potential problems, and even forecasting future performances.
High-caliber tools used by business analysts for requirement gathering provide the knowledge and confidence enterprises need to improve customer satisfaction, increase their competitive edge, and attain business goals.
The popularity and demand for premium-quality business analytics tools are at an all-time high because of the rich functionalities these advanced business analytics software deliver in terms of business success and future growth.
Gartner Inc., the global research and advisory firm, predicts that 70 percent of the world's large- and medium-sized enterprises will adopt sophisticated business analytics tools in 2021.
According to experts, the growing relevance of data analysis will drive improved business decisions and create new job openings in multiple fields. Below are the top ten most widely used business analytics tools and solutions designed for modern enterprises.
SAS Business Analytics (SAS BA)
The high-grade text analytics capabilities of the SAS-based business analytics software allow users to inspect and transform unorganized text data into relevant information that analysts can explore to discover meaningful insights.
SAS BA is fully-loaded with a range of statistical tools, which simplify the process of analyzing large sets of data in real-time. The top-of-the-line business analytics platform also predicts future trends from the information harvested from big data.
QlikView is one of the most preferred tools for business analytics because of its unique features, such as patented technology and in-memory processing, facilitating the delivery of ultra-fast business analytics reports.
Included among the best business analyst tools, QlikView allows users to visualize data relationships using specific colors for related and non-related data with automatically maintained data association, compressed to 10 percent of its native size.
Board features in the list of top-rated business analyst software tools because of its industry-leading business analytics model that permits users to create interactive and intuitive business analytics reports and dashboards.
The highly-scalable business analytics platform integrates the best-in-class analytical tools for business, including a powerful statistics suite.
The Board business analytics tool can manage massive data volumes, and it can also support accurate scenario analysis and forecasting by manipulating the data supplied to scenarios.
Splunk is one of the most widely used business analytics tools in small and medium scale industries.
Initially launched for processing machine log file data, Splunk has added a host of sophisticated features over the years, including a user-friendly web interface and various visualization options.
Sisense - one of the most popular business analyst software tools - incorporates dynamic and robust text analysis functionalities that enable users to transform unstructured text into valuable business intelligence.
The Sisense business analytics platform, which features the proprietary Sisense Crowd Accelerated BI, uses open-source language for computational statistics. It allows users to perform extensive analysis and visualization of complex data, which promotes data-driven decisions and improved forecasting of future trends.
The Microstrategy business analytics software integrates superior analytics capabilities that allow hassle-free processing of unstructured text data, which specialists can further analyze via the platform's text analytics solutions.
One of the most up-to-date business analytics tools, Microstrategy, incorporates insightful analytical and statistical capabilities that enable real-time trend forecasting, with options for third-party data mining.
The first-rate business analytics tools, combining a range of business analysis tools and techniques, lets users create and share business analytics reports from anywhere and on any device.
In 2004, a team of expert software engineers from the University of Konstanz in Baden-Württemberg, Germany, developed the innovative KNIME business analytics platform.
Renowned as one of the best high-performance business analyst software, KNIME, via its unique data-pipelining approach, facilitates varied components for machine learning and data mining that support persistent analysis, visual programming, and seamless business analytics report.
The fully-equipped Dundas BI offers first-class business analytics and business intelligence solutions using the R programming language.
With robust business analytics tools, Dundas BI provides automated analytics, trend forecasting, and a high-level dashboard that helps users visualize data and create business analytics reports through easy-to-use drag-and-drop features.
TIBCO Spotfire, recognized as one of the most advanced tools for business analytics, offers powerful and automated analytics solutions that allow data professionals to run business analytics reports and analysis over a defined time span.
The latest upgrade of the Spotfire platform has significantly improved TIBCO's scalability, statistical analysis capabilities, and capacity to analyze text-based unstructured data.
Tableau Big Data Analytics
Experts agree that Tableau Big Data Analytics is one of the best business analyst software, given its dynamic and cutting-edge capabilities for unstructured text analysis.
Tableau's business analytics platform, which includes robust and reliable statistical tools, empowers users to perform an in-depth analysis of social media networks, and predict patterns based on current and historical data.
Career Options in Business Analytics
Since the beginning of the 21st century, a variety of new career options and employment paths emerged, which did not exist before. However, no career choice can match Business Analytics in salaries, learning, and training opportunities in everyday work.
With businesses increasingly leveraging business analytics tools, multiple avenues are opening up for qualified business analysts in diverse sectors, including automotive, healthcare, retail, banking, hospitality, and aviation.
Depending on your skills and interests, you may specialize in a business analyst role, such as Big Data Engineer, Data Scientist, Database Administrator, Marketing Analytics Manager, or Data Visualization Specialist.
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