Data analysis isn’t just important; it’s absolutely vital to modern business success. As more and more companies are created, gather information, and turn that information into profits, business leaders who can effectively analyze data can see their revenues skyrocket while their competitors struggle to keep up with the latest consumer trends. In this post, we’ll explain what data analysis is and why you need to get better at it if you want to stay competitive in today’s business world.
What is data analysis?
Data analysis is defined as a process that includes selecting data, working with it, then analyzing it. For example, you might use your data to predict if something will happen or to get insight into a question. Data analysis can be done by a team or by an individual. No matter who does it, it’s important for anyone who works with data to understand how to analyze it correctly in order to get answers out of it. This is especially true when looking at big data sets, which are larger than what most people are used to dealing with. Big data sets have become increasingly common in recent years because they can help companies make better decisions about things like marketing campaigns and products. But since big data sets are so much bigger than regular ones, they require special handling techniques—and those techniques include understanding how to do proper data analysis.
Importance of data analysis
Data analysis is a process that finds patterns in large datasets. From identifying problems with products to exposing fraudulent activity, data analysis gives business managers information they can use to make smarter decisions. Data analysis becomes especially important when dealing with data sets with thousands or millions of records. As a manager or executive, you’ll find value in being able to efficiently sort through these datasets to find trends that can be used for reporting purposes or helping you make marketing strategy decisions. If you don’t have time to learn how to do it yourself, you should consider hiring someone who does.
One of the most important benefits to using data analytics is that it gives companies an edge over their competitors. Many competitors may use data analytics as well, but if you are more aware of what your competitors are doing you can take proactive measures to stay ahead of them. Another major benefit is that data analytics allows companies to better serve their customers. If you know exactly what your customers want or need you can give it to them, which will make them happier with your company and give you a stronger advantage in retaining current customers. Finally, when used correctly, data analytics will help businesses identify areas for improvement so they can become even more efficient in meeting customer needs and increasing profits.
The best 10 data analysis software tools
If you’re using analytics software, it’s important to know which kind of data you can collect. For example, if you’re using a platform like Google Analytics, ask yourself what kind of questions your company needs answered. Do you want to keep track of who’s visiting your website? Or do you need data around specific behavior (for example, how many people view an item but don’t purchase)? Depending on what you want to measure and why, there are different types of analytics software that will help with these goals. In some cases, traditional Excel spreadsheets can provide insights as well.
There are plenty of data analysis software tools in 2022 out there, and it can be hard to find the best ones to use, especially if you’re new to data analysis software or just using data analysis software for the first time. To help you with this challenge, we’ve compiled a list of the best 10 data analysis software tools on the market today so that you can figure out what works best for your needs, no matter what they may be. This list will help you understand how each tool works and what it offers so that you can decide which one meets your needs best.
RapidMiner is among one of those data analysis tools that might surprise you. It was designed with simple visual-based drag and drop interface which makes it a joy to work with when performing most data analysis activities such as viewing, transforming, filtering and reporting your data, especially if you’re looking for tools that are made specifically for business users. Like all these tools on our list, RapidMiner offers many pre-built analytical functions that help analyze your data using various methods: statistical models, predictive analytics and machine learning. The best part about it is that RapidMiner lets you export its results in various different formats: .csv , .xlsx , HTML, XML or image format; making it much easier to integrate with other 3rd party applications.
Companies: Rumble, SCMC-CMU, and Red Hat BIDS are using this platform.
- $7,500 Per user per month - Professional
- $15,000 per user per month - Enterprise
- $54,000 per user per month - AI Hub
- Graphical user interface
- Analysis processes design
- Multiple data management methods
- Data from file, database, web, and cloud services
- In-memory, in-database and in-Hadoop analytics
- Application templates
- D graphs, scatter matrices, self-organizing map
- GUI or batch processing
OpenRefine is a powerful tool for data cleanup. OpenRefine supports data formats like Google Refine, Microsoft Excel, Python and a variety of databases. If you’re trying to combine datasets or clean up messy data, OpenRefine is worth checking out. It has an intuitive graphical interface that makes it easy for anyone to use, even without any experience in data wrangling. This tool is great if you want to clean up small amounts of data quickly; if you’re looking for something more powerful than Excel but easier than command line tools like sed or awk.
Companies: infoculture, APICrafter, and Courtsdesk are reportedly using OpenRefine.
- Editing cells
Rating: ★★★★☆ 4.2/5 (G2.com)
3. Microsoft BI
Microsoft offers many data analysis tools in its Office package, which comes with every version of Windows. Excel is great for basic spreadsheet manipulations, and it’s free for most users. If you want more sophisticated ways to analyze your data, though, you can pay for a premium version called Office Professional Plus. This gives you access to new features like Power Pivot and Power View, which are designed specifically for handling large datasets that can help you visualize patterns across wide swaths of data. These tools have been used on some huge datasets—like petabytes (1 petabyte = 1 million gigabytes) – so they should prove more than adequate for most home or small business users as well. You can download Office 2007 or newer versions from Microsoft’s website by clicking here.
- $20 monthly - Power BI
- $70 monthly - Tebleau
- Learning Curve
- easy to use
- Constant Updates and Innovations
- Data Sources
- Excel Integration
- Custom Visualizations
Url: Microsoft PowerBI
Rating: ★★★★☆ 4.0/5 (Peerspot)
Altair is an open, scalable, unified, and extensible data analytics platform for machine and deep learning. It allows users to analyze their structured, unstructured, relational and big data without needing a background in statistics or mathematics. Altair’s user-friendly solution reduces time and costs associated with cleaning up data before being able to use it for statistical analysis. This software also supports feature extraction from images that can be used with neural networks for building autonomous intelligent systems.
Instead of connecting data analysis and data modeling, which has typically been the case with BI, analytics, and reporting tools in big companies, a business can use one platform for all. Also, because Altair is an open-source solution that’s built on top of many other popular open-source projects (including Python and Apache Spark), it’s able to leverage user-generated content and investment from larger communities outside of Altair itself. As a result, businesses get access to more users willing to share their datasets with others. With support for virtually any form or structure or data, including image data and text mining capabilities with Apache Spark MLlib libraries that enable predictive analytics in real time for security solutions such as chatbots and machine learning models for fraud detection scenarios.
- Altair monarch - $1,995 per user per year
- Altair monarch server - $10,000 starting price
- Ability to Understand Needs
- Monarch, great data extraction tools
- Data curation and governance
- Domain- or vertical-specific offerings or templates
- Pricing Flexibility
- Ease of Integration using Standard APIs and Tools
Rating: ★★★★★★★★★☆ 9.3/10 (TrustRadius)
If you want a simple way to view data in context, AnswerRocket is a great tool. Its data analytics platform has built-in search functionality, making it easy for users to find answers and analyze data by asking questions rather than clicking through multiple interfaces. The software offers business users an intuitive interface that makes it possible for novices to quickly get up-to-speed on visualizing data. Users can answer questions and analyze data in one place, giving them valuable insight into their businesses. Businesses that regularly work with large datasets may not benefit from AnswerRocket’s streamlined approach as much as companies with fewer files; its straightforward interface can be limiting if you need tools or features like advanced sorting or graphing options.
- $70 per user per month - Tableau
Incorta is a data platform that speeds up data ingestion and provides hastened join performance. The product consists of a high-performance connector, query engine, and I/O manager that are used together to accelerate query performance by up to several hundred times. It achieves its speed by automatically transforming complex queries into much simpler materialized expressions. For companies dealing with time-sensitive data, Incorta will also allow them to have access to their data instantly rather than having to wait for a batch process. For example, financial institutions are required by law for having tick data ready at all times, so by using Incorta, banks can ingest an enormous amount of data daily and be confident that they'll be able to run analytics instantly if necessary. While not as well known in IT circles as some of its peers (Tableau, Domo), its latest funding round values it at over $400 million and puts it alongside enterprise software titans Salesforce ($6 billion) and Workday ($3 billion).
Incorta has not provided pricing information for this product or service.
✅Free Trail available
- Exceptionally easy dataset creation!
- Mobile Exploration and Authoring
- Self-Contained Extraction, Transformation & Loading (ETL) & Data Storage
- Ease of use to deploy and administer
- Governance and Metadata Management
- Ease of Integration using Standard APIs and Tools
- Quality of End-User Training
Rating: ★★★★☆ 4.4/5 (G2 Review)
If you’re looking for top-notch, free data analysis software, look no further than BOARD. This cloud-based platform combines business intelligence, performance management, and predictive analytics into one platform. Imagine having access to a small team of expert analysts and gaining all their insights without paying exorbitant amounts. That’s what BOARD is all about—making data analysis easy and accessible. For example, if you’re trying to identify sales opportunities or predict churn, BOARD can help you figure out where you should be focusing your efforts. With just a few clicks, it will analyze your historical data and recommend ways that your business can perform better in key areas.
- Not provided by vender
- No free trial
- Request for pricing
- Presenting and interpreting data with reports and attractive dashboards.
- UI/UX is very good and easy to navigate which makes it easy or user-friendly.
- Fast and stable, the performance of the board i.e. loading time is very smooth.
Rating: ★★★★★★★★☆☆ 8.6/10 (TrustRadius)
Alteryx is a self-service data analytics software company that specializes in data preparation and data blending. Alteryx takes data from a variety of sources and prepares it for use in analysis, so that you can focus on what’s important – turning your insights into action. The prepackaged functionality includes data blending, analytics, and visualization tools that save time so you can make smart decisions faster. Alteryx offers both free and paid products.
- Contact them for pricing - Here
- Free Trial
- Premium Counsulting/integration service
ThoughtSpot is heavily influenced by artificial intelligence and automation. The software was built for analysts with little or no programming experience, and seeks to eliminate much of manual data wrangling. If you’re an analyst that wants a simpler and faster way to work through your data without losing control, ThoughtSpot is probably a good fit. It works as a SaaS platform with native clients for Mac and Windows computers, making it accessible from virtually any environment. There are also connectors available if you want to integrate into tools like Jupyter notebooks.
- Team - $95 per month
- Pro - $2500 per month
- Enterprise - Contact for pricing
- Assertive analysis and insights collected in a few seconds.
- Report and dashboard customization.
- It has artificial intelligence to analyze complex and large data in a short time.
- Greater productivity and time savings.
Salesforce is one of the best data analysis software tools because it allows you to create and analyze data in real time. Salesforce’s robust platform allows users to create dashboards, develop reports, and access real-time customer information. With its impressive functionality, Salesforce is a useful tool for any company looking for help analyzing their customer database and other relevant information. Another great thing about Salesforce is that it has an online version that lets you analyze your information on a hosted server rather than having all your data stored locally where you might lose it if your computer breaks down or crashes. The security and flexibility offered by Salesforce makes it one of our top picks for business analysts who need all their data at their fingertips. It’s also worth noting that while some Salesforce plans are more expensive than others, they offer plenty of free training options as well as free trials so you can see what kind of value it could bring to your organization before deciding whether or not to purchase a plan.
- Essentials - $25 per month
- Professional - $75 per month
- Enterprise - $150 per month
- Creating reports
- Customizable fields
- Building dashboards