Excel
Amongst all the analytical tools available in the market, Excel is still the most versatile tool used for business analytics. It is one of the cheapest, most accessible, and easiest to use. With powerful features like form creation, PivotTable, VBA, etc, it can work with small as well as large amounts of data. Excel is one of the easiest tools to pick up, you will even find professionals from any background excelling in Excel. Don’t forget to check-out the course Excel Course and Training – Self Paced
Top 10 Business Analytics Tools
Business Analytics is undoubtedly a good career to opt for. According to LinkedIn, there are 23.3 million people willing to pursue this career, 9.8 million ‘Business Analysts’, and 4.4 million ‘Senior Business Analysts’. The market growth is expected to increase to 14.3% by the end of 2026. A Business Analyst having 4-5 years of experience can expect an average salary of 8.7 LPA whereas Senior BA having 10-20 years of experience can expect a salary of 12.5 LPA.
A blend of technologies and methodologies used for examining and solving an organization’s data, performance, and business problems is called Business Analytics (BA). Business Analytics uses data analysis, statistical analysis, and other quantitative methods to drive decision-making, gain insights and perform business decisions, thereby increasing the revenue, productivity, and efficiency of an organization.
Importance of Business Analytics
In today’s data-driven world, where the success of any business relies heavily on a huge amount of data, many companies are still unsure of how to analyze these large amounts of data. Here is when business analytics comes to play. Organizations that are data-driven often employ Business Analysts to help them make decisions and provide insights based on historical data. This also helps companies to be more efficient, optimize and automate their processes, and also focus on their revenues and growth.
One of the apparent importance of Business Analytics is that it helps organizations understand short and long-term risks based on available data such as customer preferences, trends, etc. Business analytics enables organizations to understand why and how specific results are achieved, reduce risks, look into more effective business processes and solutions, and also predict the likelihood of certain results.
Business Analytics Tools Used by Companies Today
The tools that business analysts include statistical tools and combine the quantitative and qualitative data from different business systems and incorporate them into a repository. These business analytics applications are packed with powerful features and facilitate efficient data collection, analysis, and presentation in real-time. They also provide businesses with a holistic overview of key insights that improve efficiency, productivity, and profitability.