Business analytics is one of the highest growing industries in 2017 business software sector. The advancements in technology allow companies to measure every aspect of their data and operations in real time. The process of daily generation, processing, and consumption of data is simple, but, turning the data into a more useful form has proven to be a bit challenging for the business owners. Most business operatives take time trying to understand the accumulated data, but they have little information on how to turn the data into a great business decision. If you have a business that needs you to make a decision on what you can and can’t sell then the easy solution is to use a tactical arbitrage tool to buy at low prices and sell products for you to get the most profit.
Understanding Business Analytics
Business analytics is the use of statistical functions, algorithms, and mathematical figures to convert data into information that the company’s managers and decision makers can fully understand. Businesses use the terms business intelligence and analytics interchangeably although the two are different. Business analytics software, just like Klipfolio, helps companies understand the past and the present business operations to drive future markets, as well as making the data easier to understand. Business analytics doesn’t always have to be complicated and, with the help of financial analytics software, it doesn’t need to be.
Importance of Data Analysis to a Business
Most small business managers believe that data analysis is complicated and too difficult to understand. However, the introduction of new analysis tools that are more complex yet simpler to use has made business analysis easier than ever before. Business owners and managers need a clear understanding of the data for them to draw valid conclusions from the analyzed information. Data analysis tools help firms in the following ways:
- Analysis of massive amounts of data from multiple sources
- It improves the collaboration and cooperation in business by providing real-time information that allows the workers to share documents, share reports, and monitor KPI
- Advanced analytics and statistics helps business managers to locate any hidden pattern or information in large datasets
- The up to date information helps managers to make and revise their decisions effectively.
- Business analytics software allows sharing of information and engaging in negotiations with people using a common company’s network
- It acts as an empowerment tool for the working community allowing workers to work more efficiently
Factors to Consider When Getting Analysis Software
The different analytics should collect, review, and retrieve data but the kind of tools used determines the particular outcome of the analysis. Therefore, a company should identify their needs first to aid them in getting the right data analytic tool to use. Below are factors to check out for while acquiring an analytic tool
Any activity in business requires the collaboration of different stakeholders. Therefore, a good analytics tool should provide a platform that is readily available on different gadgets on all levels of activity.
2:Mining of Data
Proper business analytic software should have the ability to dig into every data available and give a summary of the findings in a simplified way. Good data mining not only saves time but also minimises the time spent trying to understand the data.
It involves simplifying the data such that everyone can understand it clearly. Data analytics software should be able to present its findings in a way that is easier to comprehend even for the people without knowledge in computer science.
4: Predictive analysis
An excellent analytics tool should be in a position to look at the raw data and be able to provide future information regarding the information provided. Additionally, data analytics tool should also provide the suggestions on the next cause of action for the business.
5: Cloud Connectivity
Business analytics software with cloud connectivity is more beneficial than the onsite one since it provides an easier accessibility with other connected devices at any time. Easier connectivity allows easier collaboration with other people. Most of the businesses will be going for the cloud connectivity tool other than the onsite solution by 2018.
New business analytics software tools are gaining entry every day, but Oracle, IBM, SAS, and InetSoft Style Intelligence remain the leading software in the analytics industry. The software provides different products hence the need to research to identify one that meets your needs. You should also compare the reviews to determine the customer satisfaction before purchase. A business owner should consider hiring an analyst who has full training on IT and computation as well as basic knowledge of economics, risk management, customer service skills, business strategy, cyber security, and marketing. The analysts have one or more of the skills, and an entrepreneur should consider hiring one with skills that suit their need.