The newest generation of business analytics software puts powerful data analytics capabilities in the hands of regular business users. Today’s business analysis tools help users of all skill levels gain deeper insights from multi-sourced data faster. Business analytics software refers to sophisticated BI tools that let users collect, combine, and explore data from various internal and external sources, identify insights such as meaningful patterns, trends and outliers in their datasets, use advanced analytics techniques to anticipate challenges and mitigate risk, and, present and share the results of data analysis via compelling graphics, impactful reports, and interactive dashboards.
Business analytics software gives non-technical users access to advanced data analytics that were once the purview of data scientists and data analysts. For those unfamiliar with the term, what data analytics is, essentially, is the use of processes and technology to examine—and detect correlations, trends, anomalies, and patterns in—large datasets and help users make sense of the information gathered. By putting data analytics in the hands of non-specialist users, business analytics software helps business users be more productive and impactful, and organizations more data-driven. In order to enable firms to harness the power of their data through business data analysis, business analytics solutions offer a range of crucial capabilities including: data aggregation, data mining, data visualization, visual data discovery, predictive analytics, and reporting for analytics.
As the number of business analytics software solutions continues to grow, it can be hard for organizations to decide on a toolset. Here are some features you may want to consider:
One feature that you may notice as you compare business analytics software is the inclusion of artificial intelligence. Industry-leading solutions now incorporate AI to enable augmented analytics. AI, in the form of machine learning and natural language processing, can now be embedded into analytics tools in order to guide users as they explore data. Natural language interfaces make it possible for non-technical users to ask questions and get responses from their analytics program in everyday business language.
Prebuilt models, sophisticated algorithms, and automation are leveraged so that users without data science training can quickly prepare and process data, uncover insights, and communicate their findings to others. With AI working in the background to continuously learn from the user’s selections, the system can anticipate questions, recommend datasets, create visualizations, suggest insights, and assist users in making sense of large amounts of data.
Qlik Sense® is the only end-to-end data management and analytics platform on the market that allows for open-ended, curiosity-driven exploration. With Qlik Sense, you get access to the most advanced yet easy-to-use business analytics software solution in the industry. Thanks to Qlik’s unique Associative Engine and Cognitive Engine, Qlik Sense knows your data and takes cues from your users—helping them find that needle in the haystack, the discoveries that drive real transformation. By providing users with machine-driven analysis and insights suggestions that are context-aware, Qlik Sense guides users to hidden insights, offering them new ways of looking at their data. Self-service data discovery and conversational analytics let everyone be more inquisitive and productive with data. Creating analytics and visualizations is easy. Building and publishing reports is fast. Empowering your users with data is simpler than ever before.
Business analytics used to be considered a subset of business intelligence. However, because BI solutions have come to embrace and foreground the use of complex analytical processes and techniques and analytics algorithms, the terms are now being used interchangeably.
Companies use them because they provide organizations with the insights they need to make smarter decisions, identify critical opportunities, anticipate and mitigate risk, streamline operations, increase profits, and gain a competitive edge.
Business analytics assists users in carrying out the most critical step in the managerial decision-making process: evaluating alternative courses of action. Business analytics software enables users to use their organization’s datasets to iteratively explore various paths of action, predict outcomes, and identify the best strategy in a situation or optimal solution to a problem.
It is used to measure and improve the effectiveness of core business functions, implement forecasting for strategic planning, and iteratively explore an organization’s data in order to find solutions to problems and uncover insights useful for informing future strategies.