Data Analytics is the science of collecting, sorting, and processing data, using statistical models, iterative methodologies, and transforming them into useful business insights with the help of Data Analytics tools. The primary objective of Analytics is to determine which datasets are significant for an organization, and how they can be leveraged to solve business problems and increase efficiency, productivity, and profitability in terms of revenue generation.
When it comes to Data Analytics tools for businesses, many questions arise in our minds, like, ‘Why use Data Analytics tools in business functions?’ or ‘Which are the best analytic tools for businesses?’
Data Analytics tools are used in day-to-day business operations because they enable companies to analyze colossal amounts of data for competitive advantages. Analytics software mines data that tracks a diverse array of organizational operations, from current sales to inventory history.
Excel is a versatile Analytics tool that works best for small data, and with plugins, it can manage a large amount of data as well. It has powerful features like form creation, PivotTable, VBA, etc. Excel has a large system that ensures that people can use it to analyze data according to their requirements.
It is one of the best Data Analytics tools that can be used for businesses. Its core feature is the PivotTable and PivotChart of Excel. Tableau is a powerful visualization Analytic tool that has an added data cleaning function that enables it to perform analytical functions efficiently.
Qlik Sense is a top choice among modern data analytic tools as it uses Machine Learning and Artificial Intelligence to enhance the quality of data mining and processing. It is a cloud-agnostic Analytics software, so organizations can deploy this Data Analytics tool and technique to any cloud in their multi-cloud infrastructure. It stays flexible and strong across the public, private, and hybrid clouds.
ThoughtSpot acts as a next-generation ‘search first’ Data Analytics tool, earning itself a spot on the Best Data Analytics tools list. Among the many compelling features offered by ThoughtSpot, an AI-based recommendation system that leverages crowdsourcing is its key feature. Its search interface enables easy query of complex questions and analyzes billions of data arrays with Artificial Intelligence.
FineReport, with its self-service data analysis, has become one of the best Data Analytics tools, suitable for small to medium size organizations. It has a simple drag and drop operation and easily builds a data decision analysis system that enables the users to create various styles of reports. It connects directly to all kinds of databases, enabling it to quickly customize and create diverse styles of weekly, monthly, and annual reports.
MicroStrategy has Hyper Intelligence linking technology that uses Application Programming Interface (API) connectors to connect all the competing platforms using MicroStrategy as the unifying layer. This innovative twist makes MicroStrategy one of the most popular modern data analytic tools. Its ability to join all business content from browser-based systems and competing-analytics software offers a usable and insightful analytics dashboard. When a user clicks on a link, the dashboard offers real-time insights.
Programming languages like R & Python are a few of the significant Data Analytics tools. They are flexible and powerful and make for some indispensable open-source Data Analytics tools. R language enhances your statistical analysis and data distribution by using algorithms to classify clusters and regression analysis. Python helps you with predictive analysis along with statistical analysis.
Sisense is a sophisticated analytics software, suitable for organizations that work with complex and ongoing data processing of an enormous amount of data. This Data Analytics software leverages the advantages of a cloud-native infrastructure which enables it to scale up in tandem with container technology and the growth of your data needs. Its proprietary caching engine enables faster data crunching, empowering it to manage a wide range of difficult enterprise analytics workloads.
TIBCO is a Data Analytics software platform that uses ‘Machine Learning Augmented Data Analytics’ and is suitable for either proficient Business Analysts or freshers. Gaining real insight from streaming analytics is TIBCO’s key feature, which enables it to offer data mining on the run, with the knowledge of trends in data accumulated from the torrents of data streamed from the Internet of Things (IoT) or other devices.
SAS is a complete analytics software that is suitable for a large organization’s data mining process. Its Data Analytics tools and techniques use ML, AI, and automation to meet Business Analytics requirements that allow all aspects of next-generation data mining, from prep to visualization.
Xplenty is a cloud-based Data Analytics software that unifies all of your data sources. It offers Data Analytics tools and techniques to keep your marketing automation up-to-date.
SAP has a strong functionality with augmented Data Analytics tools and techniques, making it one of the best Data Analytics tools. It has a fully integrated Data Analytics tools list that offers complete analytics functionality in just one analytics software. Its cloud-native multi-cloud compatibility feature allows a menu of API to connect with embedded solutions.
First, a free proprietary SAAS BI is one of the open-source Data Analytics tools consisting of data discovery, analysis, and reporting. This simple analytics software automates the data warehouse and integrates data from various sources.
WebFOCUS is one of the proprietary and commercial Data Analytics tools, which offers robust data solutions that are easy to manage and compile. Its ability to use data integration and point-to-click analytics allows it to deliver data via user-friendly InfoApps.
BusinessObject, powered by SAP, is one of the modern Data Analytic tools used for sharing Business Intelligence (BI) information throughout the organization. This is one of the very popular Data Analytics tools that help in improving business operations by allowing Business Analysts to access business data.
IBM Cognos, developed by IBM, is a web-based integrated Business Intelligence and Data Analytics software. It enables users to get insights effectively and provides a toolset for reporting, analyzing, and governing data through cloud support.
Board is an all-in-one Business Intelligence and Data Analytics software that comprises Corporate Performance Management. It includes reporting by accessing multiple data sources, data visualization, drill-down, and drill-through functionality.
Yellowfin is one of the latest Data Analytics tools that consist of dashboards, data discovery, data visualization, and collaborative Business Intelligence (BI). It offers features like data mapping and mobile BI that allow users to access and monitor business data from various sources.
Bizzscore is one of the commercial online Data Analytics tools that allow creating instant analytical reports, which can be exported to Excel or Powerpoint. It has four major modern data analytic tools namely Bizzscore (for analyzing data and preparing management dashboards), Bizzdata (for integrating data sources), Bizzquality (for inputting derived data and creating business insights), and Bizzdefiner (for operation enhancement).
Jaspersoft is one of the commercial open source Data Analytics tools that provide interactive Business Analytics for its end users. It offers reporting, OLAP, data visualization, and data integration.
These are the 20 most popular Data Analytics tools for businesses today. To summarize the article, the significance of each of the top Data Analytics tools depends on the kind of organization and the amount of data it processes every day.
You can check out our 10-month online Integrated Program In Business Analytics (IPBA), in collaboration with IIM-Indore, if you wish to enhance your Business Analytics skills and become a data-enabled Future Leader!