Best Business Analytics Tools Every Manager Should Know
Recently, so many tools and various software are being used to analyze and extract data in order to make beneficial information that can be accessed and used in many different ways. To get the best result, after connecting similar or correlated data, choosing the best tool and knowing how to use it is a major step. That is the main object of business analytics. Here are some of the business analytics tools that are used today in the business field:
1. If having to choose between two or more different options, Business Experiments are the best. Business experiments, AB testing, and experimental design are basically comparing groups after implementing some changes on one of the groups and not on the other (the control group).
2. Regression Analysis: If the company wants to understand what is the relationship between two variables, such as purchase and price, the company can use this statistical tool.
3. Sentiment Analysis: Sentiment analysis is also known as opinion mining. This tool has the ability to define the behavior and attitude of the customer or a group of them combined. It gathers opinions from audio, video, or text data.
4. Visual Analytics: When wanting to understand a large piece of data, visual analytics is considered the best tool due to its simplicity. It innovates a graph that holds similar paradigms. By that, it combines data analytics with data visualization.
5. Data Mining: This is used usually in huge business companies. It is suitable for handling large data sets. The main activity done by this tool is connecting relative variables that have the same pattern, insight or relationship to promote the performance.
6. Voice Analytics: Which is also known as speech analytics, is getting information and facts from conversations and audio recordings. How does this work? It can understand the words and phrases that are being said in the conversation. In addition to that, it can know the emotional content of the phrases. For that, it is used in determining complaints at the call center.
7. When extracting a piece of information through medical graphs, images or photographs, this is called Image Analytics. It is based on digital geometry and pattern recognition. This is best used for security purposes such as facial recognition.
8. On the other hand, when gathering insights from videos, it is Video Analytics. This tool can do everything image analytics can handle, and above that, it tracks the behavior. It is basically used when wanting to know who, when, and what are visitors coming to your company or store.
9. Correlation Analytics: when you need to find out if there is a relationship between two or more variables, and want to know how strong this relationship is, you can use this statistic tools to get your answer.
10. If your data is collected through time, you need to use Forecasting and Time Series Analysis. Based on what happened in the past, this tool can find out significant statistics from the data characteristics and can predict the future of it.
11. Linear Programing: It is also called linear optimization, and it uses a linear mathematical method to identify the perfect and best result. In addition, it provides problem solutions to increase and decrease the profit and cost. If you want to get the best answer of combinations from basic raw materials, this is the right tool to use.
12. Neural network analysis: It is a network of the computer programs that knows how to work with a large amount of information and process the patterns in a similar way to what human brain does. Therefore, it is the best technique in working with big data.
Those twelve tools were just some of what a manager should know and understand exactly how it is used in order to deal with any changes with variables. Extra tools might differ in their benefits, but eventually, all are very important to accomplish the objective of the company.
https://www.forbes.com/sites/bernardmarr/2016/02/04/the-18-best-analytics-tools-every-business-manager-should-know/2/#20ad80912e84
Visual Analytics is useful business analytics tools that can be more memorable to an audience, and more effective in guiding management decisions. Thank you for letting us know about this info.
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