Business analytics tools are types of application software which retrieve data from one or more business systems and combine it in a repository, such as a data warehouse, to be reviewed and analysed. Most organisations use more than one analytics tool, including spreadsheets with statistical functions, statistical software packages, sophisticated data mining tools and predictive modeling tools. Together, these business analytics tools give the organisation a complete overview of the company to provide key insights and understanding of the business so smarter decisions may be made regarding business operations, customer conversions and more.[1]

Figure. 1. Business Analytics Tools

To help organizations extract actionable insights from the data they generate, recognized technology companies and startups around the world are creating business analysis tools and techniques that deliver seamless analytics solutions.

Packed with powerful features, today's state-of-the-art analytical tools for business facilitate efficient data collection, analysis, and presentation in real-time, empowering enterprises to identify trends/patterns in vast datasets and create new business analytics models. [2]

Importance of Business Analytics Tools:

• Understand business performance.
• Explain the results from your data and why they happened.
• Identify weaknesses.
• Fix potential problems before they arise.
• Alert decision makers to potential events that may affect the organization.
• Forecast results based on possible business decisions.[3]

Business Analytics Tools:

• SAS Business Analytics (SAS BA)
• QlikView
• Board
• Splunk
• Sisense
• Microstrategy
• KNIME
• Dundas BI
• IBCO Spotfire
• Tableau Big Data Analytics[2]

References:

1. https://azure.microsoft.com/en-in/overview/what-are-business-analytics-tools/#:~:text=Business%20analytics%20tools%20are%20types,to%20be%20reviewed%20and%20analysed.
2. https://www.simplilearn.com/business-analytics-tools-article
3. https://powerbi.microsoft.com/en-us/business-analytics-tools/

Cite this article:

Sindhu.C (2022), Business Analytics Tools , Anatechmaz, pp. 24