Top 5 Business Analytics Tools for 2023

Business Analytics is a discipline that helps to solve business problems, using data analysis, statistical models, and quantitative methods. Business Analytics requires a systematic exploration of the company’s data with an emphasis on statistical analysis for decision-making. Data is an asset in any data-driven company, that requires mining, processing, and analyzing for competitive advantage. 

According to LinkedIn, there are 23.3 million people interested in this field, including 9.8 million Business Analysts and 4.4 million 'Senior Business Analysts.' By the end of 2026, market growth is expected to reach 14.3%. A 4-5 year experienced Business Analyst can expect an average salary of INR 8.7 LPA - INR 10 LPA, whereas a Senior BA with 10-20 years of experience can expect a salary of INR 12.5 LPA - INR 15 LPA. 

Importance of Business Analytics Tools 

Cloud generations mine vast amounts of Data for the organization. Large-scale companies and startups rely on various business analytics tools and provide solutions to get insights from the data generated. Some business analytics tools are used to capture quantitative and qualitative data from various business systems and incorporate them into a depository. 

Business Analytics tools include statistical tools, predictive modelling tools, and data mining tools, which provide insights to increase the efficiency, productivity, and profitability of the organization. With the advancement of tools, data collection and analysis have become easier. 

Top 5 Business Analytics Tools 2023

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 generated by these cloud applications today is overwhelming, and it is increasing at a breakneck pace. 

Recognized technology companies and startups around the world are developing business analysis tools and techniques that deliver seamless analytics solutions to help organizations extract actionable insights from the data they generate. 

Business Analysts use many tools which make their work much more efficient and easy. Here we have the top 5 business analytics tools used in Data Science:

Board

The business analytics model is leasing in the industry, hence, Board is one of the highest-rated software tools for business analysis. It allows users to create visually appealing and interactive business analytics dashboards and reports.

Board is a business analytics tool that can manage massive amounts of data and provide the most accurate scenario analysis possible. It also helps forecasting by manipulating data used in different scenarios.

Furthermore, this business analytics platform is highly scalable and integrates top-tier analytical tools used in businesses, such as a robust statistics suite.

QlikView

QlikView, formerly QlikView, was the first product developed by Qlik, a business and software organization. QlikView has distinctive and unique features, so, it is one of the most popular tools used in business analytics. When compared to software such as Tableau, QlikView is faster and more efficient.

QlikView is simple to set up and use. It assists users in gaining business insights by associating with data. There is no programming experience required other than a basic understanding of SQL and VB Script (Visual Basic Script) to understand how this tool works. This tool's distribution is sufficient which provides a free version of QlikView for personal use and can be easily implemented by beginners and small businesses.

Splunk 

Splunk Technology, based in San Francisco, is well-known for producing some of the best business analytics tools for dealing with various aspects of machine-generated data. This includes searching, monitoring, and analyzing data to help indexes identify the link between the repository and real-time data. This repository is frequently used to create reports, graphs, and dashboards.

Splunk Free is available for two months and includes all Enterprise features in Splunk 4. It provides business analysts with the advantage of allowing users to index 500 megabytes of data every day. It is used by both small and medium-sized businesses.

Excel

Surprisingly, Excel is one of the most widely used and least expensive data analytics tools in the world. Excel is used for data analysis by experts in Tableau and SAS. It is the most important tool for managing the client's internal data analytics. 

Excel handles the difficult task of summarising data and providing a preview of pivot tables to aid in data filtering based on the client's needs. Business analysts must be well-versed in advanced Excel options that aid in modelling capabilities. It also includes some of the most useful pre-built features, such as automatic relationship detection and time grouping. 

Microstrategy 

Microstrategy business analytics software promises superior analytics capabilities to provide error-free processing of raw text data that specialists can further analyze using the platform's text analytics solutions. 

It is one of the most recent business analytics tools, with statistical capabilities and insightful analytical features that enable real-time trend forecasting and third-party data mining. 

It is an excellent business analytics tool that combines several business analysis techniques and tools, allowing users to create and share business analytics reports on any device and from any location.

Summing Up!

As organizations around the world use business analytics tools and BI software, new opportunities for skilled and qualified business analysts emerge in industries such as eCommerce, IT, education, healthcare, banking and finance, retail, and so on. Data Scientist, Data Analyst, Database Administrator, Big Data Architect, Data Visualization Specialist, and other roles are available in this domain.

In the end, analytics tools are critical for growth. Because of the advancing business, retail, and eCommerce sectors, it is one of the most lucrative fields to pursue.