INTRODUCTION
Business Analytics refers to studying of data of an organization and using all the obtained information to make decisions pertaining to the organization. Statistical analysis of the data plays a major role in the process of business analytics. Data can help the organization to come up with optimized plans in future and is also treated as a major asset for every company. Efficient business analysts help organizations to derive maximum conclusions from this data and help companies in their path of data-driven decision making.
TOOLS USED FOR BUSINESS ANALYTICS
There are several tools that organizations have been using for the process of business analytics and ultimately come up with more profound and optimum decisions pertaining to their company. The most commonly used tools for Business analytics in India are:
· EXCEL
It is one of the most widely used business analytics tool and almost every company uses it. It is basically a spreadsheet software developed by Microsoft which contains a good number of features including calculation, graphing tools, pivot tables etc. It is available on all platforms and is used by all the companies for some of the tedious works. Excel provides a great connecting link between the analysis and the business team, therefore, it is a great tool for business analytics.
· TABLEAU
The software can be used to produce data visualizations by focussing on business intelligence and can come up with some outstanding results beneficial to the company. The software has a focus towards US. But there are some companies like Ashok Leyland in India which have been using it for the purpose. The software is known to derive information from spreadsheets, databases, cloud and produce graphical results which can help a lot in the analysing and optimizing business processes.
· R
As of now, it is most effective tool that is used not only in India but also worldwide. Companies like Facebook, MuSigma, Accenture, Cognizant etc have been using this tool for their business analytics processes. It has been getting improved by the developers over the years and has currently surpassed SAS in its usage. It is an open source analytics tool, currently has over 8000 different packages integrated onto it.
· SAS
It is one of the commercial analytics tool which came into existence long back. This tool has been undergoing modifications of late like package inclusion for IOT, Anti money laundering and SAS Analytics for Mid size businesses. SAS is a versatile business analytics tool, being used by several companies like HSBC, Citibank, Google, Netflix etc.
· SPLUNK
Main motive of starting this tool was processing of log files data of machines. This tool has had several modifications and has become one of the most widely used tools for business analytics. Web interface & visual graphics makes it a great tool. Several Companies like Adobe, NASDAQ, Coca-Cola etc have been using this tool for said purpose.
CONCLUSION
These tools help analysts to come up with certain conclusion from data which is conveyed to the company. This process of business analytics help companies to perform and take wiser decisions.
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