Data analytics was a restricted niche, limited to proprietary business intelligence tools. Now, data analysis and data analytics are among the top needs of all businesses, big and small. Traditionally, data generation was challenging. Additionally, companies did not have the provisions for collecting and curating the data they were getting. The hardware boom helped propel the big data revolution, and that assisted with the rise of Data Analysis Tools.
Insightful data collection gives a competitive edge to companies using the technology. In the beginning, these companies were limited. However, the mainstream use of machine learning is allowing all sizes of businesses to leverage insights from unstructured data. And now, businesses are looking for tools that use artificial intelligence, along with natural language processing, to get detailed information without much effort.
This post will work as your comprehensive guide on data analysis tools. Keep reading to learn more.
What are the Prerequisites for using Data analysis and Data analytics tools?
Before you start finding the best data analysis tools, you must know two concepts in detail.
- Working knowledge of Analytics Dashboards
- How structured data differs from unstructured data
What is Data Analysis?
Data analysis is the tool that businesses use to assess their current performance and improve upon it. It includes gathering and arranging huge data to extract viable insights that help make better business decisions. In essence, data analysis and data analytics are used by businesses to examine current data to make predictions and decisions.
The process includes analyzing and processing the dataset statistically. Therefore, hiring an advanced analytics services company means getting the experts to create ways to process, capture, and organize data in a way that facilitates insightful discoveries for solving existing business problems and other use cases.
The Various Types of Data Analysis
Data analysis includes a complete assessment of structured or unstructured data to get insights into in-house and public information. Structured data refers to the standardized or tabular format, whereas unstructured data includes text, video, and audio.
But it is challenging to analyze the various forms of data because of multiple challenges, including missing information, noisy data, and outliers.
Therefore, companies must ensure their data is high quality before using it to drive insights and decisions.
On the other hand, if companies use inaccurate data to make decisions, it can negatively impact the business. Hence, companies first focus on resources to improve data quality, and only after that consider the different types of data analysis techniques.
Data Analysis Techniques to Consider after Curating Data
- Descriptive Analysis
- Diagnostic Analysis
- Predictive Analysis
- Prescriptive Analysis
How to Choose the Best data analysis and data analytics tools?
During the selection of the data analysis and data analytics tools, there are a few factors that you must consider. These are listed below:
- Align Your Choice with Business Objectives
- Create a budget and stick to it
- Always look for a favorable User experience
- Check the Integrations Available
- Consider the Scalability factor
- Assess the Security Standards
The budget, business objective, and favorable user experience will depend on the business's niche and the employees' expertise. On the other hand, the tools' integrations, scalability, and security need a professional assessment, depending on what integrations you may need in the future.
Finally, when it comes to the product's scalability, do not forget that you aim to become bigger. So, if you want to avoid changing tools every time your business grows, leading to a new learning curve, take the time to choose one that meets your current standards and will accommodate any future growth.
Companies are starting to see the role of AI in improving customer experience. Hence, several data analytics tools of today are also using AI to their benefit.
Top 10 Data Analysis Tools that You May Consider for Your Business
Now that you understand what Data Analysis is and how it can benefit your organization, it is time to look at a few data analysis tools that organizations can use for free.
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Power BI
Power BI is among the widely used Data Analysis tools, regularly updated by Microsoft to stay relevant as new requirements arise. Additionally, it uses machine learning capabilities to offer sentimental analysis while providing improved integration with other platforms to streamline the workflow.
It has provisions to add sensitive labels to data to allow compliance with data privacy rules while improving collaboration.
It does have a free version, but you must pay for the advanced features and capabilities.
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Tableau
In 2003, tableau Software was created, and currently, it has fortune 500 organizations using the tool to improve their data analytics and data analysis efforts. It is easy to use with an exceptionally straightforward user interface. Tableau has provisions for supporting humongous datasets and offers custom visualizations without the need for a code.
Tableau has better customization options to meet the need of individual enterprises. Additionally, the users can send dashboard details to people who do not have Tableau.
It is another free tool with advanced features behind a paywall.
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ThoughtSpot
ThoughtSpot is another revolutionary data analytics that offers search-based insights. It uses natural language understanding, so you only need to ask the right questions. ThoughtSpot helps show visualizations and other unique insights that you can use to make reports and dashboards.
It also helps remove data leak risk to ensure that the company complies with privacy rules of the government across the world.
ThoughtSpot allows companies to pay per their usage. You can start using the tool for free and get in touch with their sales team for pricing details.
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Google Looker
Looker was bought by Google back in 2020 for $2.6 billion. It is an effective data analysis tool that is mainly garnering more users due to its ease of use. It is also a completely cloud-based service. Therefore, it is better equipped for businesses that are leveraging the cloud in every part of their operations.
Additionally, it offers better management of data flow while ensuring data privacy and security. As governments globally are making stricter privacy rules to protect their citizens, Looker is uniquely positioned in its ability to abide by these rules.
However, Looker does not have a transparent pricing model. Instead, you will have to get in touch with their representative to get pricing per your requirements.
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Qlik
Qlik is an end-to-end data analytics tool. Qlik Sense is here to support the strenuous analytics requirements of enterprises. Qlik View is the starting point, and Qlik Sense is a more advanced analytical tool available under the banner.
It boasts features like augmented analytics to suggest insights automatically. Additionally, it has conversational analytics for natural language understanding.
Qlik View is relatively free, so students and startups can use the tool to begin their data analytical journey. On the other hand, Qlik Sense does offer a free trial to help companies get started. However, you will need to pay after the free trial.
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Oracle
Oracle Analytics is an excellent data analysis tool due to its AI-based insights generated based on data inputs. Moreover, it also suggests questions you may ask after forecasting your requirements.
The tool offers predictions on future outcomes with only a few clicks. So, companies looking to augment their insight delivery using advanced machine learning must consider Oracle.
Furthermore, Oracle also utilizes data from trusted public domains to create new columns, like the population of specific states, to better analyze your data. The tool also offers reports in text using visualization for quick insights and delivery.
You can start with a 30-day trial for free, but there are paid plans for ongoing use depending on the needs.
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Microsoft Excel
Microsoft Excel is among the most versatile Data Analysis tools that you can find. It requires dedicated employees willing to manipulate the rows and columns to come to practical insights. Moreover, you can export the data and send it to the recipient, allowing Excel to work as a reporting tool.
It can help data analysts create pivot tables and work with a low volume of data.
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IBM Cognos
IBM Cognos is among the most powerful Business Intelligence and Data analysis tool that is created using AI features to help businesses understand the hidden meaning behind their data in simple English.
Best of all, it has automated data preparation software to clean and aggregate data sources, assisting with quick data integration and analysis.
You can start with the 30-day free trial, but then it is a paid service.
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Zoho Analytics
Zoho Analytics is a robust tool that allows for cost-effective and efficient data analysis. You can analyze the data using Zoho, despite its storage location, and utilize its various data visualization capabilities to gain insights.
In addition, the AI-powered assistant in the tool will make intelligent responses to your queries to help create appropriate reports.
It does have a free version, but you will have to pay depending on the number of users.
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Metabase
If you are looking for a completely free open-source analytics and business intelligence platform, look no further than Metabase. It is an excellent business intelligence platform that facilitates data sharing among peers.
The code behind the platform is available for modification, allowing people to use the platform in the best way possible. The dashboard available on the site makes it easier to communicate data and come to viable conclusions.
Finally, you can send the data to third-party platforms like Slack.
Final Thoughts – Choose the Best Data Analysis and Data Analytics
Every business has different requirements for its data. Depending on your niche needs, the best data analytics tools will vary. However, you have the option of free trials on almost all of them, which allows you to trust the product before investing in it.
