3 Essential Data Analytics Tools Widely Used As Business Solution

 3 Essential Data Analytics Tools Widely Used As Business Solution

Introduction

This article/blog is specifically designed to discuss the use and importance of Data analytics in day-to-day business. In this article, you will be able to know and learn to handle and analyze voluminous data to find and discover meaningful information,  to find insights for your business using business Data analytics tools like Microsoft Excel, Microsoft power BI, SAP business objects, Tableau, Sisense, TIBCO Spotfire, Qlik, Thoughtspot and SAS business intelligence. This article/blog deals with only three data analytics tools namely Microsoft Excel, Microsoft power BI and SAS business intelligence.

Some typical sources of data for Data analytics

·       Excel spreadsheet

·       Online sources

·       Collection of cloud based data

·       On premises hybrid data warehouses

Data analytics

·       Data analysis refers to the process of inspecting, cleansing, transforming and modeling data with the goal of discovering useful information, informing conclusions and supporting decision-making.

·       Data analytics refers to the science of analyzing raw data to draw conclusions about that information and find insights, meaningful patterns and trends.

·       Data analytics is widely used for the discovery, interpretation and communication of meaningful patterns in data within the organization.

·       Data analytics help companies better understand their customers, evaluate their ad campaigns, personalize content, create content strategies and develop products.

·       Data analytics is used in business to boost business performance and improve their bottom line.

Some common areas where data analytics is widely used

·       Serving customers with useful products

·       Driving marketing campaigns for businesses

·       Improving the insurance industry

·       Creating manufacturer warranties that make sense

·       Promoting smart energy usage for utility companies

·       Stopping hackers in their track (used for security purpose)

·       Revealing trends for research institutions (used for education purpose)

·       Increasing the quality of medical care

·       Fighting climate change in local communities

·       Data analytics plays a vital role in analyzing surveys, polls and public opinion. Data analytics help segment audiences by different demographic groups and analyze attitudes, patterns and trends in each of them, producing more situation specific, accurate and actionable forms of public opinion.

Data analytics tools

·       Data analytics tools refer to software that collect and analyze data about a business, its customers and its competition in order to improve processes and help uncover insights to make data-driven decisions.

·       Data analytics tools enable businesses to analyze vast collections of data for great competitive advantage.

Some valuable Data analytics tools widely used in business

Microsoft Excel

·       Microsoft Excel is a part of the Microsoft office suite of software developed by Microsoft for Windows, macOS, Android and iOS.

·       Microsoft Excel uses tables to record and analyze numerical and statistical data with formulas and functions.

·       Microsoft Excel provides a platform for calculation or computational capabilities, graphing tools, pivot tables and visual basics for applications.

Application of Microsoft Excel in business

·       Microsoft Excel is widely used for business data analysis and interpretation while handling the client’s internal data.

·       Microsoft Excel is widely used to organize and keep information of employees, customers, supporters and training attendees.

·       Microsoft Excel is used for collecting and storing huge amounts of data in the form of product sales, website traffic, spending on supplies and insurance claims.

·       Microsoft Excel is used for collection, verification, reporting and visualizations of business data.

·       Microsoft Excel is used for accounting and budgeting.

·       Microsoft Excel is a basic, popular and widely used Data analytics tool used by all industries.

Microsoft power BI

·       Microsoft Power BI is a suite of business intelligence (BI), reporting and data visualization products and services for individuals and teams.

·       Microsoft Power BI refers to a collection of software services, apps and connectors that work together to turn unrelated sources of data into coherent, visually impressive and interactive insights.

·       Microsoft Power BI is the unified, scalable platform for self service and enterprise business intelligence (BI).

Application of Microsoft power BI in business

·       Microsoft Power BI provides a platform for data preparation and discovery, interactive dashboards and rich visualizations in one solution.

·       Microsoft power BI provides executive dashboards for administrators or managers, providing more insight into how departments are doing.

·       Microsoft Power BI provides self-service capabilities that make it an intuitive tool for interacting with data and turning it into insights more easily.

·       Microsoft Power BI provides a platform to find and share insights, clean data and charts with other power BI users within the organization.

·       Microsoft Power BI helps to connect disparate data sets, transform and clean the data into a data model and create charts or graphs to provide visuals of the data.

·       Microsoft Power BI is widely used to run reports and surface insights based on company’s data.

·       Microsoft Power BI provides non-technical business users with tools for aggregating, analyzing, visualizing and sharing data.

·       Microsoft power BI is widely used by both department reps and management.

SAS business intelligence

·       SAS stands for Statistical Analysis System.

·       SAS business intelligence refers to a suite of applications that allows you to prepare and display data for statistics, predictive analytics, data mining, text mining and forecasting.

·       SAS platform is developed and designed for data management, advanced analytics, multivariate analysis, business intelligence, criminal investigation and predictive analytics.

·       SAS provides a platform for information retrieval and data management, report writing and graphics, statistical analysis, econometrics and data mining.

·       SAS is a command-driven software package used for statistical analysis and data visualization.

·       SAS is available only for Windows OS.

·       SAS is one of the most widely used statistical software packages in both industry and academia.

SAS Application in business

·       Multivariate analysis (Buying stock in bulk)

·       Business Intelligence (strategies and technologies used by any enterprise for data analysis)

·       Companies use predictive analytics and prescriptive analytics to access and analyze raw data.

·       Used in creating safe drugs and clinical research and forecasting.

·       SAS is widely used by finance, healthcare and government companies.