Splunk
Splunk is another widely used business analytics tool that was launched by Splunk Technology, a company from San Fransisco. Splunk is used for processing machine log file data, capturing, indexing, and finding correlations between real-time data. This data is used for generating graphs, reports, dashboards, etc. Splunk is generally used in small and medium-scale industries.
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.