Data analytics software is used to find patterns, trends, and relationships in data to help businesses transform their raw data into valuable insights that they can use to make smarter decisions, anticipate risk, and identify critical opportunities. Advanced data analytics software capabilities can be used for more complex use cases including forecasting, simulation, and decision guidance.
Businesses use data analytics tools to obtain actionable insight into their business operations, customers, and competitors. For example, analytics tools can be used to optimize staffing schedules and pricing structures, enhance supply chain efficiency, improve the performance of digital marketing campaigns, inform product development, detect fraud, and forecast sales revenue.
AI is employed in data analytics tools to help users process and analyze data faster, thereby shortening time to insight. Machine learning is used to automate data preparation and insights discovery while natural language processing is used to make analytics accessible to more types of users. AI-powered data analytics tools enable users to extract insights from large and complex data sets faster by automating mundane and time-consuming tasks and exposing the user to insights they might otherwise miss.