According to a report published on Finances Online, the top benefits of data analytics include 25% faster innovation cycles and 17% improvement in business efficiencies.
This highlights the massive value companies can enjoy from leveraging data.
When you put your data to good use, it’s bound to yield amazing results for your company.
However, as most companies realized in recent years, business data can be complex. You need the right methodology and tools to process the information and turn it into actionable insights if your data is actually going to improve your business performance and results.
In this guide, we’ll look into how using good analytics software can make your complex data simple, translating unstructured, diverse signals into visualizations and reports that help you make better business decisions, you can find the best free software suitable at Softwaremole.
Analytics software to simplify data
Data analytics software is a program or tool used to collect, prepare and examine data sets, so you can draw conclusions about the information within the data. The software streamlines the execution of your data analytics processes.
This allows you to uncover patterns from raw data, extract valuable insights, and turn them into dashboards and reports that key stakeholders can easily access, interact with, understand and act upon.
In a nutshell, analytics software helps you obtain insightful information, such as learning customer frequencies, behavior, etc., to improve your business strategies and outcomes.
The analytics tool you choose should help you draw out insights from complex data so your team members and other users can optimize them to get better results.
Here are the ways a great analytics software can simplify your business data.
It merges information from all sources
Accessing data efficiently is vital to making sense of the information and gaining useful insights. Analytics software that connects your data anywhere throughout your company’s data systems, third-party tools, warehouses and independent sources, so that it can process data in real-time, regardless of the source, structure or size.
This also allows you to consolidate data from different departments, third-party sources and multiple locations into a centralized workspace easily. Many products on the market are useful in this regard. Sisense, for instance, offers a range of features for business intelligence, cloud data management and data analytics. Please see here for more details.
This software lets you join various data sources by choosing from hundreds of built-in connectors and using a drag and drop function to connect data easily.
This feature allows you to easily combine data from your CRM, Excel files, built-in integrations with cloud applications, open-source data sets and more.
With all your data in one location, you’ll get more accurate results, since doing so ensures your users have access to the same information, which helps you make better business decisions.
It consolidates your view of key metrics
One of the best ways to understand your complex data and turn it into valuable insights is to transform your information into easy to comprehend formats. However, multiple datasets can present different insights (depending on your desired results), and you’ll need a consolidated view of the data to maximize the information.
An analytics software product that has strong visualization tools gives you a unified view of your data, helping you conduct data analysis with ease and develop interactive dashboards to understand and optimize information.
Better analytics software helps you create meaningful visualizations from your raw and complex data in just a few steps. For instance, software features that enhance your visualizations using a selection of data series, slices and filters, to help you refine them to your preference. This helps you convey crucial points when presenting your data and efficiently create visualizations, dashboards and reports.
Software that allows you to set up alerts and get notifications when your data changes also help you get real-time updates, giving you accurate and the latest reports. Mixpanel, for example, allows you to set up custom alerts when certain sets of conditions are met. Features like this give you an overall view of your data, simplifying the process of translating the information into accurate visualizations.
That being said, analytics software ideally should help empower everyone in your company to identify insights quickly and in any technical capacity to improve performance and get better outcomes.
It gives you advanced tools
To optimize your data, you need to look beyond your current information. Advanced analytics software helps you process past and predictive data to identify trends, such as projecting potential key performance indicator movements.
With this, you get to access high-end analytics tools to derive valuable insights and make better business decisions.
Software features that include built-in summary statistics functions, for instance, allow you to comprehend your data quickly, and determine unexpected values, patterns and relationships.
Using software with support for programming languages such as R, Python and SQL in the same environment, for instance, is key for companies with in-house analysts on board. If line-of-business data accessibility is what you’re after, then you’ll want to make sure the package you opt for supports natural language processing, data prep powered by machine learning and autonomous predictive analytics.
The use of data analytics for enterprises
When used correctly, data analytics can streamline your workflows and address cross-department collaboration needs for better efficiency.
Using a best-in-class cloud warehouse like Snowflake can make a big difference in this regard.
To optimize your data for enterprise use cases, however, you’ll need to consider factors such as applying artificial intelligence and cloud-native functionalities on data analytics. For instance, analytics solutions with AI and machine learning functionalities give users more ways to upload and engage with data, helping you gain quicker insights, impact and action.
Software with an extensive suite of developer toolkits, APIs, and SDKs also helps your team members launch seamless data-driven user experiences. Analytics platforms built on fully containerized microservices architecture can offer you a more extensive range of flexible deployment choices as well.
Additionally, enterprises need software that lets you work with any type of information, managing data pipelines, leveraging cached or live data within easy-to-use visual UIs, and delivering complex advanced analytics.
These features need to tie together with analytics interfaces to make all aspects of data analytics as simple as possible.
The complexity of your company’s data might hinder you from driving your business strategies forward.
This makes it crucial to simplify all aspects of data across your company, using analytics software and infrastructure solutions that fit seamlessly into your workflows and address your collaboration between multiple departments.
With simplified data, you’ll align data efforts, powerful concepts and strategies to deliver valuable insights, empowering all your team members to achieve better business outcomes.