Data analysis software provides businesses with an easy way to transform information into insights. The powerful tool can pull data from multiple sources together to give a full view of business events.
With the proliferation of data analysis software, it has become more challenging to choose the right tool than it is for the tool to perform the work. So, we’ve broken down the pros and cons of popular data analysis software in the market for your consideration.
Before we jump into the tools that can help your business thrive, let’s define exactly what data analysis entails. Data analysis involves processing, inspecting, cleaning, transforming and modelling data. All of these actions are performed with the same end goal of providing useful and accurate insights from data which can help businesses make better decisions. Data analysis can be carried out by connecting many data systems, generating a real-time analytical report, while also enabling trend analysis and modelling.
Data analysis covers both quantitative and qualitative research. Quantitative analysis is information that can be quantified numerically and involves understanding insights. Both work together to transform massive amounts of data into digestible bits of knowledge.
Data analysis software encompasses the entire process of taking data and making it useful. This involves statistics and analytics. Before data can be used, it must be inspected, cleaned and validated. Then, it’s applied to a model, analysed and transformed into a visual representation for humans to be able to better understand and attribute in their use cases.
As such, data analysis software like SolveXia must be masterfully designed to cover all the bases of data analysis. Software tools consist of these capabilities:
As alluded to before, data analytics stems from two methods, namely, qualitative and quantitative analysis. Here’s how you can glean information via each technique:
No matter what kind of data analysis software you choose, the process remains standardised in the sense that it covers the following necessary steps.
When it comes to data analysis, you’ll run into a lot of technical terms. It’s useful to understand their nuances and purposes when looking for the right analysis software to use for your business. Take a look:
Put, data analysis software does the heavy lifting and automates the process of transforming data into useful insights. More technically, data software performs the following:
You’re probably here because you are looking for a data analysis software tool that fits your business needs. While there are plenty on the market, here’s a quick overview of five well-known tools, along with their pros and cons.
SolveXia is a powerful human analytical automation software. It allows for teams to standardise and automate business processes and run models for analysis with the click of a button. The tool provides you with an out-of-the-box library of drag and drops options to automate workflows. It also pulls data from multiple datasets, including legacy systems and stores it in a centralised and secure location using bank-grade security on the cloud.
You can also easily set up scheduled reports that will automatically be sent to the necessary stakeholders. Furthermore, you can access real-time data through dashboards. As such, you can create access controls and allow teams to utilise the software according to their needs to glean insights and make rapid and smart business decisions. It’s also great for reconciliations and is built for finance to deliver more high-value insights across the business and free up their time from manual low-value tasks.
Microsoft BI is a robust tool that incorporates data science and visualisation. On the upside, you can start using it for free to create dashboards, reports and datasets. Once you need a team to access the same data, then you can choose on-premise or cloud hosting. The fees are generally low cost for the number of capabilities it offers. Making visualisations from data is user-friendly, and there is an integration with Excel. You can also customise data visualisation as desired. However, there are some limitations to formulas, and it can quickly become hard to work with when you’re incorporating your coding.
Tableau is regarded as a leader in data visualisation. Their system provides organisations with easy-to-read dashboards of insights which is much easier to use than a spreadsheet. The system can handle massive amounts of data with no issue and can incorporate other coding languages if need be. On the downsides, Tableau doesn’t offer a simple way to refresh reports automatically or to schedule them. Additionally, you can’t customise the formatting of data fields, and you’ll need another tool to clean the data before Tableau can be used for visualisation.
As one of the most widely-known marketing automation tools, Hubspot can help your business monitor website traffic and drive conversions through its analysis capabilities. Before visitors buy on your site, the tool can spot trends and provide you with necessary insights to maximise conversions. Most users state that the software is easy to use and does a great job at tracking KPIs and automating workflows. On the downside, many features can cause overwhelm, and the price point isn’t exactly cheap for small businesses.
Some of the most widely held views about Oracle is that it is powerful and safe. Oracle’s database is secure and compliant through encryption. It’s easy to scale for large datasets, and the organisation provides good technical support. It works in the cloud so user access can be gained from any location. However, licenses are expensive and unstructured data has been reported to be hard to use.
Data analysis software has become an integral part of organisations in every industry. With the sheer amount of growing data, it’s only useful when it can be collected, stored, transformed and analysed to make quality business decisions. Data analysis software helps your team conduct analysis and visualise data in easy-to-read reports and dashboards, making your data worthy.
When choosing between data analysis software tools like SolveXia, its important to fully understand your requirements, needs, and pain points and make sure the tool meets all of these