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Business analytics tools are essential for any business that wants to grow. With the right business analytics tools, owners can gain powerful insights to share with their team and, in turn, make actionable business decisions.
We have listed the nine best business analytics tools on the market in 2023 below.
What is business analytics?
Business analytics falls under the umbrella of data analytics, which is analyzing raw data to gain insights and make meaningful business decisions. This can be done through several methods, most commonly, statistical analysis or machine learning.
More specifically, business analytics involves solving a business-related problem by working through and manipulating data to find trends, insights, and possible solutions. Based on these findings, companies can take the proper action to solve issues and improve their overall business process.
Industries that most commonly use business analytics are healthcare, hospitality, technology, retail, finance, agriculture, banking, and government.
How can data analytics help my business?
Data analytics can help small businesses make better overall decisions, including financial, employment, customer relations, and resources.
Identifying trends and understanding the customer base are just a few ways data analytics can help a business. With the right business analytics tools, business owners can track, analyze, and infer data, allowing for the creation of actionable reports and dashboards to share across the team.
In summation, good business analytics tools will help you to gain insights that can:
- Resolve urgent and time-sensitive issues
- Affect business growth
- Provide real-time organizational views such as dashboards
- Anticipate future outcomes with predictive analytics
Your business can benefit from many reliable data analytics tools and software on the market today.
The best business analytics tools in 2022.
Microsoft Power BI
The bottom line.
Whether you are a new business owner or looking to grow your organization, choosing an effective business analytics tool to follow trends and gain robust insights into your business is of utmost importance.
Depending on what you are looking to solve, there are many options of data analytics tools out there. For more information on starting or growing your business, reach out to us at Entrepreneur.com.