Business Analysis is something that has been done for centuries. The only difference is that it has now taken digital form and is done with huge huge amounts of data. Business Analysis was earlier done at the individual level, and now it is done at a large scale. Today it has become an integral part of every business in the world has become competitive, and it is challenging to stay ahead of the competition.
Did you know?
The worldwide Business Analytics Market size, according to mordorintelligence.com, is projected to grow from USD 67.92 billion in the year 2019 to USD 103.65 billion by the year 2025, which reveals a CAGR (Compound Annual Growth Rate) of 7.3%.
Let us now go through some stats that reveal that taking a business analysis certification can be a great option to advance your career in this domain.
- According to LinkedIn, Business Analysis skills are rated one of the top ten in-demand skills in the year 2020
- According to Glassdoor, job openings for Business Analysis roles are expected to grow by a massive 14%
- The average annual salary of a Business Analyst is around INR 9.75 lakhs, according to Glassdoor.
- Some of the top companies looking for certified Business Analysts include Microsoft, American Express, Hotstar, Samsung, Amazon, Mercedes-Benz, Shell, Oracle, JPMorgan Chase, Nasdaq, Accenture, Nestle, Barclays, BCG(Boston Consulting Group), and many more.
- Business Analysts are in demand in almost every industry, including BFSI(Banking, Financial Services, and Investments), Consultancy, Manufacturing, Information Technology, Pharmaceuticals and Healthcare, and many others.
These stats clearly reveal that a career in Business Analytics can be rewarding and lucrative. The data generated by businesses is so huge that it is nearly impossible to process it with conventional analytics tools. This is why tech companies and startups have developed state-of-the-art analytical tools that are packed with powerful features.
The amount of data that these cloud applications create today—from SLM (Service Life-Cycle Management) to SCM (Supply Chain Management), ERP (Enterprise Resource Planning), and CRM (Customer Relationship Management)—is daunting, and it is growing at an astounding rate.
Business Analytics tools and techniques are created in order to help businesses in extracting meaningful insights from the data they produce and generate seamless solutions in analytics.
Today’s Business Analytics tools facilitate data analysis, efficient data collection, and presentation in real-time, by which they empower businesses to determine patterns and trends in huge data sets and develop new business analytics models.
Let us have an overview of Business Analytics tools.
What are Business Analytics Tools?
Business Analysts use a variety of application software that works with massive amounts of data right, from collecting to performing quantitative or qualitative analysis from a wide range of sources and storing it in a destined repository. These applications are referred to as Business Analysis Tools that are specifically meant to help BAs in reviewing and analyzing the data to enable their organizations to make informed decisions.
Generally, a blend of business analysis tools is used that may include statistical tools, data mining tools, and predictive modeling tools. With this, the BAs provide a holistic view of meaningful insights that can enhance productivity, efficiency, and profitability.
Top Business Analysis Tools
There are a plethora of Business Analysis tools out there in the market. It is important that you know some of the most popular ones in and out so that you can pick the one that best meets your requirements.
In the sections ahead, you will find an introduction to some top Business Analysis tools that are widely used by BAs across the globe.
- SAS Business Analytics (SAS BA)
This excellent Business Analytics software enables you to check and transform unorganized text data into a readable format so that BAs can perform analysis to come up with key insights.
SAS BA is power-packed with a wide range of statistical tools, which efficiently streamline the process of analyzing huge datasets in real time. This tool is considered a top-of-the-line tool as it is excellent in predicting future trends from the information collected from Big Data.
Due to its market-leading business analytics approach, which enables users to produce interactive and understandable business analytics reports and dashboards, Board is included in the list of the top business analyst software products.
It is a highly-scalable Business analytics application that integrates top-class tools to perform analysis along with a statistical suite as well.
Where there is business analysis, there is Qlikview. It is one of the most preferred choices of BAs across the globe as it features in-memory processing, and patented technology, which simplifies and speeds up the delivery of business analytics reports.
Qlikview enables users to visualize relationships among the data with the help of different colors for non-related and related data. This way, it automatically maintains data association, and it compresses to 10% of its original size.
This business analytics software application comes with excellent analytics capabilities that enable trouble-free processing of structured as well as unstructured data, which you can analyze with the help of text analytics solutions of the platform.
With possibilities for third-party data mining, Microstrategy, one of the most advanced business analytics tools, combines deep analytical and statistical skills that enable real-time trend predictions.
The top-quality business analytics tools blend a variety of analytics tools and techniques, enabling you to develop and share business analytics reports on any device and from anywhere.
One of the most famous business analyst tools, Sisense assimilates robust and dynamic text analysis performance that allows you to transform unstructured data into meaningful insights of valuable business intelligence.
This tool features the proprietary Sisense Crowd Accelerated BI, which is ideal for computational statistics. It enables you to perform substantial analysis as well as visualization of huge and complex datasets in support of data-driven decision-making and improved prediction of future trends.
Other excellent Business Analytics tools popular among top BAs across the world include:
- TIBCO Spotfire
- Dundas BI
- Microsoft Excel
- Tableau Big Data Analytics
Business Analytics has become an integral part of almost every organization. To upgrade your career in this domain, you can advance your skill set and learn using popular BA tools at your fingertips. This is possible with the help of an edtech giant Simplilearn. All you need to do is enroll in a Business Analysis course offered by Simplilearn.
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