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If data is the gold mine for businesses today, analytical tools are the key to finding it.
With the tremendous amount of data generated every moment, it is impossible for the human mind to filter and organize it.
Business Analytical tools help you convert raw data into actionable insights useful for improving your business. Business analytics has become a necessity for businesses to stay competitive in the dynamic marketplace.
Business analytics tools are designed to assist businesses in making accurate data-driven decisions and in improving product and customer experiences.
With the rapid growth of technology, a wide range of tools have been developed for business analytic purposes. To make things easier for you, we have identified some of the most popular Business analysis (BA) tools available in the market.
In this article, readers will explore seven business analytics tools that are essential for success in 2023. These tools provide valuable insights that can be used to make informed decisions that will benefit businesses.
Readers will also find out about the key benefits of each tool and the best practices for using them. By the end of the article, readers will have a deep understanding of how business analytics tools can help them succeed in 2023.
Here is our list of 7 top business analytics tools to use in 2023:
- SAS Business Analytics
- Microstrategy
- QlikView
- Tableau
- Zoho Analytics
- Oracle BI
- IBM Cognos Analytics
What are business analytics tools?
Business Analytics Tools are tools or applications that facilitate data collection, real-time data analysis, and consolidation of data. Business analysts use these tools to do a quantitative and qualitative analysis of data to gain important business insights that help in increasing profits and efficiency.
95% of businesses cite the need to manage unstructured data as a problem for their business.
Organizations make use of various analytics tools to perform functions like data mining, forecasting, statistical analysis, report generation, and documentation. These business analytics tools are highly relevant in today’s competitive business world as they provide key insights needed for innovation and success.
1. SAS business analytics
SAS is a Business Intelligence tool that facilitates data mining, predictive modeling, reporting, and data analysis using visualizations and interactive dashboards. It is a powerful statistical software developed by the SAS Institute for data management in North Carolina.
SAS analytics is widely used in Data Science, Machine Learning, and Business Intelligence applications. This advanced business analytics tool simplifies the process of analyzing large datasets to derive actionable insights.
It helps BAs monitor key business metrics in real-time and generate comprehensive reports for better understanding.
2. Microstrategy
MicroStrategy is a business analytics software suitable for performing advanced statistical analysis of unstructured data. It is a robust software that helps in data discovery, visualization, classification, regression, and much more.
The application involves interactive dashboards, admin tools, scorecards, automated reporting, etc. The interface is very user-friendly and intuitive allowing smooth processing of data. MicroStrategy also allows easy integration with other analytical tools and MS Office applications.
3. QlikView
QlikView is another top-notch business analytics tool available in the market today. It is developed by Qlik, a leading business analytics firm headquartered in North America.
QlikView is very easy to use and does not demand programming experience. The interface is intuitive and highly user-friendly, making it easy to learn and operate.
However, a basic knowledge of SQL and VB Script can be helpful in using this tool. QlikView is an ideal analytics tool for beginners and small startup companies.
This tool enables business users to uncover key data insights with its data indexing engine. QlikView combines data from various sources into a central repository for further analysis and reporting.
4. Tableau
Tableau is one of the most widely used BA tools in the business world. It is a great tool used for data sourcing, visualization, and real-time analysis. It can be effectively used to do forecasting and to drive strategic decision-making in any business.
This business analytics tool offers a free version called Tableau Public which is easy to use even for non-IT people. Tableau can be connected with other databases like MS Excel and data warehouses to generate reports, charts, and data visualizations. Tableau visualization tool helps to transform complex data into simple easy to understand visualizations.
5. Zoho Analytics
Zoho Analytics is a self-service BI and data analytics software available on the cloud and on-premise. It has an easy drag-and-drop interface augmented with AI, helping users to obtain valuable data insights within minutes.
Zoho Analytics offers you a larger view of your business with pre-built reports, visually appealing dashboards, KPI widgets, and much more.
Zoho Analytics has a wide range of APIs making it easier to expand and integrate with various sources including third-party apps, cloud, and on-premise databases.
6. Oracle BI
OBIEE (Oracle Business Intelligence Enterprise Edition) is a powerful integrated BI tool developed by Oracle Corporation to simplify the process of analytics. OBIEE features a comprehensive range of web-based applications integrated with Artificial Intelligence and Machine Learning.
Oracle Exalytics enables users to analyze massive datasets making it suitable for both smaller and larger businesses. You don’t need strong technical expertise for using this tool.
The personalized and interactive dashboard feature helps users to visualize and explore data more easily. This business analytics tool also has excellent data visualization tools and pre-built reporting capabilities.
7. IBM Cognos analytics
IBM Cognos Business Intelligence is an integrated business intelligence suite developed by IBM. The software provides various functionalities to consolidate data and convert it into actionable insights. It is one of the most reliable tools used by business analysts worldwide.
IBM Cognos is an all-in-one integrated application facilitating various tasks like data analysis, reporting, scorecarding, and KPI monitoring. It features an interactive dashboard that can be connected to various external data sources and applications.
