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What are business analytics tools?

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Today, more than 88% of companies feel the urge to invest in business analysis tools. This is indicated by the report Big data and AI executive survey (NewVantage Partners), but what is this urgency? It’s because 3 out of 4 companies are missing out on very important business opportunities. After all, they can’t analyze data efficiently (IDC and InterSystems).

Firms use business analytics tools, a sort of machine learning technology, to focus on the many methods to achieve success in real-time.

How do you know if you need business analysis tools?

One might think that just having some information is enough to obtain factual data to make a strategic decision. In other words, if I have all my billing in my system, it should not be very complex to access commercial indicators. Such as knowing which item I sell the most, which commercial sells the most, in which area I have the most sales, or the three dimensions together.

However, when the need to do this type of business analysis arises, we realize that, for example, we have multiple systems that collect different information about sales. Therefore, to generate valuable data, it is necessary to mix the different types of data, classify and analyze them to finally obtain a specific result that allows us to make the appropriate decision.

Such a situation is usually produced by this diversity of information entry points (inputs): from spreadsheets that can come from our headquarters to departmental spreadsheets and systems independent of the corporate, precisely whose independence does not allow the information to be shared with the rest. All this heterogeneity is often an obstacle to real-time business analysis.

This is where the need for business analysis tools arises as a critical resource to centralize information to analyze it comprehensively and thus generate high strategic value data (outputs) for decision making.

How to choose data and information analysis tools?

Choosing the right business analysis tool is a critical decision that should not be taken lightly. Therefore, we must consider some factors so that these tools are handy and adapt to the company and the user’s needs. 

The main aspects are the following:

Simple to implement and maintain business analysis tools

The easier the business analysis tools are to implement in the company, the less cost, time, and effort they will entail. In addition, they must be simple tools to maintain. This simplicity helps to improve processes and dedicate efforts to what matters: drawing essential conclusions about the company’s progress without worrying about technical aspects, functionality, etc.

Business analysis tools that adapt to business reality

The implemented business analysis tools must be able to respond to changing business needs. Without this modularity and adaptability, applications lose all their effectiveness. Since they do not serve the purpose for which they should be designed.

In this sense, you should consider that you may have in mind an objective to be achieved or a need to be solved by today. Still, tomorrow you may have another goal or need, so the analysis tool must provide you with solutions today and the day after. Also, if crucial users can quickly adapt it without the intervention of technicians or external consultants, all the better. Just as the tool must process the data in the cloud to provide your company’s users with greater mobility and agility.

Helpful analysis tools for people according to their roles

The objective of business analysis tools is not only for the organization to have access to information but also for all areas to adopt the solution and find the possibility of facilitating their work and improving operations and processes in general. Therefore, these analysis tools must be helpful to users according to their roles (such as data manager) and performance areas (sales, marketing, customer service, production, accounting, etc.).

This factor seems obvious to take into account. However, a tool is often chosen for its low cost or beautiful design, but later it does not respond to the users’ needs. And if you can’t serve the needs of one key user, you can’t help the entire organization’s needs.

User-friendly data analysis tools

Today, making life easier for users and, incidentally, for the company itself must be one of the objectives companies seek when providing programs to employees. For this reason, data analysis tools must be easy to use so that anyone can start working with them quickly, without any doubts or technicalities, and with an attractive and intuitive visual environment, which reduces the learning curve as much as possible. Necessary to master them.

Also Read Interesting Articles At: Businesses Insiders.

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