Business Analysis, a fast growing field, works as a liaison among stakeholders in order to understand the structure, policies, and operations of an organization. There are many analysis tools available in the market, but some tools are on the top of this list.
Here are 10 most popular analytical tools that are used in Business Analysis:
SAS has been the undisputed market leader in commercial analytics space. It is the most commonly used software in the Indian analytics market, despite its monopolistic price. The SAS software offers many statistical functions, and provides awesome technical support. But, it is not always enriched with latest statistical function.
R is an open source counterpart of SAS. R Programming language have a software environment for statistical computing and graphics. R has a most advanced graphical capabilities as compared to SAS. However, there are many GUIs available in R to get the user friendly environment.
Almost every student or business user has access to MS Office suite and Excel. Excel is an excellent dashboard analytical tool. But, you might have ended up using Excel for the reporting and presentation of results. The latest version of Excel can handle around 1 million rows of data.
Statistica is also an analytical software tool for performing statistical operation and function. It is developed by StatSoft. It provides data analysis, data management, data mining, and data visualization procedures. The GUI of Statistica tool is not so user friendly and it may take more time to learn than other tools.
MATLAB is a multi-paradigm numerical computing software developed by MathWorks. Matlab is not an open source and free software. It allows matrix manipulations, plotting of statistics function and data, implementation of different algorithm and allows to create user interfaces.
Weka stands for Waikato Environment for knowledge Analysis. Weka is an analytical tool for machine learning software. Weka software is written in Java language and capable to produce visual results and graphs. Weka with R is the most popular open source software that is used by the business community and organization.
KXEN is developed by Russian mathematician Vladimir Vapnik. Ken tool has user friendly environment and can work with large amount of data. It is used by a few companies because KXEN works like a ‘black box’.
SPSS is a software package used for statistical analysis by SPSS Inc. It was acquired by IBM Company in 2009. It was originally named as SPSS Clementine. This tool is now popular in health sciences and marketing fields.
Angoss is a data analysis software used for predictive analysis. The advantage of Angoss tool is that it is easy to use. Its GUI is very user friendly and the result is easy to understand and explain.
Tableau is business intelligence software that allows users to easily connect data with a few clicks and then visualize interactive graph and dashboards. It lets you drag and drop procedure to visualize the data.