Business Analytics is becoming increasingly prevalent in the business world. This is because it encompasses the set of processes used to provide an IT solution that enables the analysis of how a company is performing. This insight is vital for optimising that performance by enabling relevant decisions to be made within the company’s strategic departments.
Previously on our blog, we explained what Business Analytics (BA) is and why you should study Business Analytics. It is undoubtedly a future-proof choice for anyone wishing to specialise – in their day-to-day work – in big data analysis, enabling them to deduce why something has happened, interpret the data correctly, and draw the relevant conclusions to advise the company on decision-making and the strategy to be followed.
As is evident, this professional profile is gaining popularity, and studying a degree in Business Analytics in Madrid has become a major goal for many students, who will play a decisive role in helping companies make the right decisions in the future.
It is no surprise, then, that business analytics experts play a vital role for companies across all sectors. They are specialists in extracting and analysing data in order to make predictions and advise departments on the course of action to take when making the right decisions for the company’s progress.
But how does a business analytics expert manage to extract this key data for companies? The answer is quite simple: by using business analytics tools. Read on!
What business analytics tools are available?
The work of a business analytics professional – or the specific department tasked with this role – is primarily based on data collection, analysis, risk assessment and decision-making. To fulfil their role effectively, they utilise various BA tools, which fall into the following categories:
- Data management tools: these enable data from various sources to be cleaned, extracted, transformed and transferred to a single system.
- Data discovery tools: these are used to collect and combine data from multiple sources, through the use of data mining, with the aim of identifying both patterns and trends, whilst also making forecasts.
- Reporting tools: once the information has been processed, these tools come into play to help the BI expert present it as simply and visually as possible. Furthermore, they enable the information to be integrated into dashboards so that the extent to which the company’s KPIs (key performance indicators) are being met can be assessed.
It is worth noting that these tools are offered to businesses through a wide variety of business analytics software packages. Currently, what are the leading business analytics programmes? We could highlight the following:
- Microsoft Power BI: this software allows you to connect to hundreds of local or cloud-based data sources, enabling you to easily model key information to make it understandable. Thanks to this tool, dashboards are created that offer a 360° view of the business in real time, alongside reports that provide highly useful insights which are essential for helping to improve results.
- Oracle Business Intelligence: it offers a portfolio of applications including, amongst others, a BI platform and various tools focused on querying, analysis, reporting, data management and integration. It stands out for its usability, advanced visualisation, ease of integration, as well as its customisation options and the ability to create real-time alerts.
- IBM Cognos Analytics: is a suite that integrates reporting, analysis, modelling, dashboards and historical data to help businesses better understand their data and make the most effective decisions for their growth. This software stands out for being intuitive, user-friendly and for working in conjunction with IBM Watson artificial intelligence.
As you have seen, the world of business analytics is constantly expanding. Gradually, the range of tools and software available to support these BA experts in their professional practice is expanding; these experts are essential within any organisation that wishes to achieve all its set goals and aspires to stand out from the competition. Would you like to train in business analytics and take on that role?
