Business analytics software has become increasingly popular in the recent years, as companies of all sizes seek to unlock the value of their data and gain a competitive edge. From small businesses to large corporations, more and more companies are turning to business analytic tools to gain insights into their operations and make data-driven decisions. They are leveraging these tools to analyze historical and real-time data, identify trends and patterns, and uncover insights that can inform key business decisions.
Table of Content:
Table of Content
What is Business Analytics Software?
Business analytics tools are one of the types of ERP software applications used by business analysts to gather quantitative and qualitative data from various business systems. This data is then collected in a repository for further analysis, helping analysts make informed decisions. A variety of tools are used in business analytics, including statistical tools, predictive modeling, and data mining software.
By deploying a combination of these tools, companies can gain a comprehensive understanding of key insights that can help improve their efficiency, productivity, and profitability. Therefore, business analytics software is critical to the success of most businesses today, as they provide the means to effectively manage and interpret data for better decision-making.
What are the Benefits of Business Analytics Software?
Business analytics software is a crucial tool for companies looking to analyze historical and real-time data to make informed decisions. This software utilizes skills, technologies, and practices to conduct statistical analysis of business data and can include data aggregation, mining, forecasting, text mining, and visualization.
Utilizing these tools helps companies gather the information necessary to understand past developments, predict future events, and turn hurdles into actionable items that result in positive business accomplishments. Business analytics software is important because it allows companies to be more efficient, optimize and automate their processes, and focus on their revenues and growth.
By understanding short and long-term risks based on available data, businesses can reduce risks, look into more effective business processes and solutions, and predict the likelihood of certain results. Business analytics provides insights into achieving business goals, staying competitive, staying compliant, and satisfying managers and analysts.
The Common Features of Business Analytics Software
It has become increasingly important for companies to have a comprehensive understanding of their data. Businesses now increasingly rely on data-driven decision-making. Therefore, in today’s fast-paced business environment, the ability to quickly analyze data and extract insights is critical, and business analytics software provides the tools to do so effectively.
This feature allows users to create interactive visual representations of complex data, making it easier to understand and analyze. It allows them to quickly identify trends, outliers, and patterns in their data. Users can customize their visualizations by choosing from a variety of chart types, colors, and styles. This is why data visualization is an important feature that a business analytics software must have because it helps users make data-driven decisions and communicate their findings to stakeholders.
Predictive analytics uses statistical algorithms and machine learning techniques to analyze historical data and make predictions about future trends and events. This feature allows users to forecast sales, identify potential risks and opportunities, and optimize business processes. Therefore, predictive analytics is a valuable feature of business analytics software because it helps companies stay ahead of the competition by making proactive decisions based on data.
Dashboards and Reports
This feature allows users to create customized dashboards and reports to monitor key performance indicators (KPIs) and track progress towards business goals. Users can choose from a variety of templates and widgets to create interactive dashboards that provide real-time insights into their data. Dashboards and reports are must-have features of business analytics software because they allow users to quickly and easily access the information they need to make informed decisions.
Considerations in Choosing Business Analytics Software
In today’s fast-paced business environment, data is a valuable asset that can help drive growth and success. Business analytics software is a powerful tool that can help companies make data-driven decisions. Although when selecting the ideal business analytics software for your company, it is crucial to thoroughly evaluate various factors that will contribute to its effectiveness and suitability for your needs.
Do the Features Suit Your Company’s Needs?
It is essential to assess whether the features offered by the software align with your company’s specific requirements. Evaluate the functionalities provided, such as data visualization, predictive analytics, reporting capabilities, and integration options. Consider whether the software supports the types of data sources you use and whether it offers advanced analytics techniques relevant to your industry. Ensuring that the software has the necessary features to meet your specific needs will maximize its value for your organization.
How is the Implementation?
The implementation process is also a crucial factor to consider. Companies need to evaluate the ease of integrating the software with your existing systems, databases, and infrastructure. They should also determine the level of technical expertise required for implementation and whether your team possesses the necessary skills or if additional training or support is available.
Additionally, companies should also consider the time required for implementation and whether it aligns with your organization’s timeline and goals. After all, a smooth and efficient implementation process will help ensure that the software can be effectively utilized within your company. Moreover, it is also important to consider the potential impact on your company’s workflows and processes during the implementation phase and ensure that any necessary adjustments are made to ensure a successful integration.
How Much Does It Cost?
Considering the cost implications of adopting business analytics software is important. Companies have to evaluate both the upfront and ongoing costs associated with the software, including licensing fees, maintenance fees, and any additional expenses for hardware or infrastructure upgrades. Assess whether the pricing structure aligns with your budget and whether the return on investment justifies the cost.
Additionally, consider any scalability options offered by the software, as your company’s data needs may grow over time. Balancing the cost of the software with its capabilities and long-term value is essential in making a sound decision. It is also important to take into account any potential savings in time, resources, and increased productivity that the software may bring, as this can significantly offset the cost of implementation and ongoing usage.
Top 25 Best Business Analytics Software in 2024
In today’s data-driven world, business analytics software has become an essential tool for companies to gain valuable insights and make data-informed decisions. With so many options available in the market, choosing the right one can be overwhelming. Here, we explore some of the top considerations when selecting the best business analytics software for your organization.
Hash CORE ERP is a versatile business analytics software trusted by over 1,750 companies from various industries. It helps to integrate and streamline various operational activities from human resource management to supply chain management, making it the best solution for all business scales. One of its key features is its cloud-based technology that allows secure and easy access to data from anywhere and any device.
This software is fully customizable and offers more features and modules compared to its competitors at an affordable price. It also has business intelligence technology that enables companies to make accurate and swift decisions based on real-time data. With this, companies can improve their efficiency, profitability, and scalability while having full visibility and control over their operations. It is also very affordable as there is also a PSG that you can claim. Moreover, you can also get a feel of the software with its free demo.
Excel is a widely used tool for data analytics that many companies use on a daily basis. The tool offers various options, such as real-time collaboration, photo uploading, and workbook sharing. Excel is one of the easy-to-use tools and is equipped with features like PivotTable, VBA, form creation, and more. Moreover, this tool can handle both small and large amounts of data.
SAS is an analytics tool that is widely used by large companies. The platform SAS Visual Analytics allows users to visually explore data to automatically highlight key relationships, outliers, and clusters. It also provides visualizations and guided analysis through autocharting. Additionally, SAS offers data management, IoT, personal data protection, and Hadoop tools. There is also the SAS Business Analytics (SAS BA) which simplifies the process of analyzing large sets of data in real-time.
SAP provides a suite of tools for companies to analyze data and make informed-decisions. SAP’s data discovery tools are included in their BusinessObjects solution, while self-service visualization can be accessed through SAP Lumira. SAP is known for its range of products, which includes SAP BusinessObjects BI and SAP Crystal Solutions, among others.
Domo is a cloud-based platform that allows businesses to analyze data from multiple sources and gain insights to make informed decisions. It offers features, both on desktop and mobile, that help businesses of all sizes to manage their data efficiently. Domo can also be integrated with other tools to provide better visibility and enable users to make quick decisions. With this software, companies can build custom apps and automate data pipelines, making data science accessible to everyone in the organization.
Board is a business analytics platform that offers tools for creating and updating databases, data presentations, analyses, and process models. It is a business analyst software tool that integrates statistics suites and analytical tools for business. With its scalable business analytics model, users can create interactive and intuitive business analytics reports and dashboards.
Qlik is a company that offers business intelligence and analytics tools, with Qlik Sense being their main product. Qlik Sense allows organizations to combine their various data sources into a single view and develop, extend, and embed visual analytics in existing applications and portals. Additionally, QlikView is also a tool for business analytics that has patented technology and in-memory processing capabilities. It allows users to visualize data relationships using specific colors and compressed to a small size.
TIBCO is a company that offers a range of products related to data integration, API management, reporting, and data science. Its BI and analytics portfolio comprises TIBCO Spotfire and TIBCO Jaspersoft. TIBCO Spotfire is the company’s modern platform that provides interactive visualization, data preparation, governance, and analytic capabilities. It is recognized as a tool for business analytics that enables data professionals to run analytics reports and analysis over a defined time span.
Splunk is a business analytics tool that has gained popularity among small and medium-scale industries. Developed by Splunk Technology from San Francisco, Splunk initially started as a tool for processing machine log file data. Over the years, it has evolved and now users can capture, index, and find correlations between real-time data. This can be used for generating reports, graphs, and dashboards.
Sisense is one of the recognized business intelligence software. It offers functionalities that help users transform unstructured text into valuable business intelligence. With its proprietary Crowd Accelerated BI technology, Sisense enables users to analyze and visualize complex data, facilitating data-driven decision-making and improved forecasting. The platform incorporates open-source language for computational statistics, ensuring robust analysis capabilities.
Salesforce’s Einstein Analytics Platform provides automated data discovery capabilities that allow users to find answers to their questions using AI models that are easy to understand. With this business analytics software, users have the ability to customize their analytics to fit their specific requirements and receive recommendations and guidance to improve insights. In other words, Salesforce’s Einstein Analytics Platform offers practical solutions for data analysis and reporting.
Tableau is a software company that offers a range of business analytics and data management products. Their flagship product, Tableau Desktop, is a visual BI and analytics platform that is widely used in the market. This includes statistical tools that enable users to analyze social media networks and predict patterns based on current and historical data.
Pyramid Analytics is a company that provides business analytics software called Pyramid v2020. It offers a server-based, multi-user analytics OS environment that allows users to perform self-service analytics. With this tool, users can easily manage data, prepare, model, visualize, analyze, publish, and present data using web browsers or mobile devices.
MicroStrategy is a software for business analytics that makes it easy to process unstructured text data. With its text analytics solutions, users can forecast trends in real-time and conduct third-party data mining. The platform also allows for the creation and sharing of business analytics reports from any device or location. It is a user-friendly tool that does not require extensive knowledge of programming, data analysis, or SQL.
Zoho Analytics is a business analytics platform that provides self-service business intelligence and data analysis tools. It allows users to combine data from various sources and generate cross-functional reports and dashboards. The software offers a drag-and-drop designer, as well as several visualization tools to facilitate detailed analysis. With Zoho Analytics, reports can be shared and published, and the software can also notify users of any anomalies or outliers through smart data alerts.
Tellius is a company that provides a platform which uses artificial intelligence to help customers quickly analyze data and make informed decisions. With this, users can easily explore their business data using a search interface and receive automated insights using AI and machine learning. This software also has a feature that allows users to gain AI-guided insights from cloud data warehouses without having to move any data. Overall, Tellius helps customers save time and make better business decisions.
Altair is a company that offers a data analytics platform called Altair One, along with several related products such as Altair Monarch, Altair Knowledge Hub, Altair Knowledge Studio, and Altair Panopticon. Each of its products are designed for different purposes. For example, Altair One is designed with integrated data transformation and predictive analytics tools and Altair Monarch provides desktop-based data preparation. Overall, Altair is a useful tool for businesses looking to enhance their data analytics capabilities.
Alteryx is a company that offers a range of products like Alteryx Designer, Alteryx Server, Alteryx Connect, and Alteryx Promote. Their flagship product, the Alteryx Platform, is a self-service data analytics software that focuses on data preparation and blending. This tool is used by business analysts to connect to and clean data from different sources such as data warehouses, spreadsheets, and cloud applications.
Oracle is a company that provides various business intelligence and analytics tools. One of their products, Oracle Analytics Cloud, is a platform that offers traditional BI capabilities. There is also another product, Oracle Data Visualization Desktop, which provides such as the ability to visualize data through drag-and-drop attributes, charts, and graphs. Users can also save analytical moments as snapshots via story points.
KNIME is a software developed by a team of engineers from a university in Germany in 2004. It is a business analytics platform that uses a unique data-pipelining approach to support machine learning and data mining. Not only that, but KNIME also offers various components for persistent analysis, visual programming, and business analytics report.
Yellowfin BI is a company that focuses on providing business intelligence and analytics services. The Yellowfin Suite is their platform that helps companies in data visualization and creating dashboards. They are based in Australia and offer pre-built dashboards that users can customize as per their needs. This business analytics software is a useful tool for businesses looking to analyze and understand their data in a more straightforward way.
Dundas BI is a software product that provides business analytics and intelligence solutions. This product comes with a range of analytical tools to help users make sense of their data. The software has automated analytics and trend forecasting capabilities, as well as a dashboard that allows users to visualize data. Dundas BI also offers drag-and-drop functionality for creating business analytics reports. Overall, it is a comprehensive and reliable tool for companies that need to analyze their data and make informed decisions.
Hitachi Vantara’s main product is the Pentaho Platform. It is accompanied by other products such as Lumada Data Services and Pentaho Data Integration. The Pentaho analytics platform is designed to help organizations handle all kinds of data, with various features for big data integration and data preparation. As it is made to be embedded into applications, portals, and processes, companies can add all sorts of analytics, like visualizations, reports, and dashboards, and even use third-party charts and visualizations.
Incorta is an average data platform that helps to quicken data intake and improves join performance. They claim to have the first no-ETL data warehouse in the industry. The platform features a Direct Data Mapping engine that allows for real-time aggregation of complex business data without requiring a data warehouse. With Incorta, users can easily drill down from top line, aggregated KPIs to supporting transaction records with just one click. It also includes basic user-defined drill paths and hierarchies for easy navigation.
RapidMiner is a data science tool for businesses to analyze the impact of their employees, data, and information collectively. The platform is developed to aid a variety of analytical users throughout an AI lifecycle. RapidMiner is one of the recommended ones as it is helpful for businesses looking for a basic data analysis solution.
In conclusion, business analytics software is extremely crucial for companies to gain insights of their data and make informed business decisions. Although, as there are so many business intelligence and analytics software, it would be challenging to choose one that fits your company’s needs. One of the recommended software is Hash CORE ERP as its price is reasonable and you can also try out a free demo of the product. For more information about this software, you can kindly contact us here.