Data Analysis Tools for Your Company

There are many different data analytics tools to boost your business, including a range of methodologies, techniques, and software. They encompass solutions that allow businesses across industries—from healthcare to finance to marketing—to dive deep into the information they have gathered and make better decisions.

Just some of the ways data analytics can be used include risk management, bias reduction, and strategizing.

Data Analysis Tools for Your Company 1

What Are the 4 Types of Data Analysis?

There are several different types of data analysis. These are the 4 main categories.

  • Descriptive Analysis

    Descriptive analysis seeks to summarize datasets, presenting a clear but simple picture of events or circumstances that have happened previously. It does not attempt to derive insights or explain why anything has occurred in this way.

  • Diagnostic Analysis

    Diagnostic analysis takes this a step further by attempting to establish correlations and uncover relationships within this data. This will allow you to potentially uncover probable causes for certain circumstances and events.

  • Predictive Analysis

    Predictive analysis goes even further than diagnostic analysis. Now that you know why something happened—at least to an extent—you want to consider what will happen in the future. Predictive analytics allow you to anticipate the next occurrences, which, in turn, enables you to better plan and strategize.

  • Prescriptive Analysis

    That planning and strategizing take place thanks to prescriptive analytics. This type of analysis considers all the possible scenarios and allows you to assess what will happen if you take different routes. You are equipped to make educated guesses about how different paths will play out.

Top 10 Data Analytics Tools on the Market

There are numerous tools in this area on the market. Here are some of the best tools for data analysis.

  • Domo

    Offering more than 1,000 integrations—connectors—Domo is data analytics software that assists businesses with streamlining workflows. Users can easily transfer data between on-premises and cloud-based systems. It includes ETL software and a data warehouse.

  • Excel

    Exel is probably the most well-known tool for simple data analysis. Users can use formulas to assess data within spreadsheets. They can also share workbooks for easier collaboration. There are some limitations to Excel—for example, the platform is not ideal for huge datasets or complex analysis.

  • Looker

    This cloud-based platform is ideal for visualizing data patterns and discovering important insights and trends in your information. The tool enables you to explore data and easily integrates with a number of additional tools.

  • Microsoft Power BI

    Microsoft Power BI allows users to build complex, sophisticated data visualizations, fueled by a wide number of data sources. It is equipped with a range of features, including reporting and dashboards.

  • Qlik

    Qlik is a self-service data analytics and business intelligence platform that facilitates data exploration and offers visualizations, including numerous types of charts. It is user-friendly, with drag-and-drop features, making it accessible to technology professionals and laypeople alike.

  • RapidMiner

    This platform has an easy-to-use, straightforward graphic interface that allows users to run models efficiently. An all-in-one tool, it facilitates data cleaning, processing, transformation, deployment, and much more.

  • SAP BusinessObjects

    SAP BusinessObjects offers several integrations, including ones with Microsoft Office tools like Excel. The tool itself supports processes like data discovery, evaluation, and reporting through its suite of applications.

  • SAS Business Intelligence

    SAS Business Intelligence is another self-service suite for data analytics, reporting, and more. It is flexible and versatile, appealing in particular to large companies who want to tap into its many collaboration tools.

  • Splunk

    Through Splunk, users can search, visualize, assess, gain visibility into, and otherwise analyze data that comes from a wide number of sources and divisions. There are several different versions of the product available, including a free version and a cloud-based version.

  • Tableau

    Tableau is a business intelligence tool that comes with built-in visual best practices. It appeals to a range of businesses seeking to better understand data, thanks to its versatility, scalability, efficiency, and effectiveness.

How To Choose a Data Analysis Tool for Your Company

When evaluating data analysis tools for your business, there’s a lot to consider. The most important factors to think about are:

  • The skill sets and capabilities of your employees
  • Your current infrastructure and the other systems that generate data
  • The complexity of the tool
  • The training that will be required to educate your staff on proper usage
  • The cost of the platform
  • The maturity of the platform
  • The specific features you need

Developing Custom Tools for Data Analytics for Your Business

While there are plenty of existing data analytics tools on the market today, a custom platform is tailored to your unique needs. A software development firm like BairesDev can work with you to gather your requirements and devise a solution designed with the features you need to gather, analyze, and use data effectively in your organization. They will also ensure that it is secure, up to date, and well maintained—as well as scalable for your future needs.

You can also work with a partner to augment the capabilities of existing platforms to target your particular needs.

Start Your Project Today

Whether you’re looking for custom-built software or want to extend the capabilities of existing data analysis tools already on the market today, BairesDev can help. Our talented IT professionals have the skills to ensure you have the best platform to achieve your business goals.

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