Data analysis is the process of curating, organizing, and presenting data in a meaningful way. Today’s businesses collect several terabytes of data each year — if not each day. This data comes from online customer interactions, store purchases, and client discussions through call centers and myriad other places. It also comes from employees, vendors, and warehouse teams.
Someone then has to compile, organize, and analyze this data.
This need has led to the creation of data analysis tools and online systems that sort through the data and present highlights in digestible formats. The insights allow teams to make changes based on data and identify problematic trends before they become serious.
Choosing the right data analysis tool can help your business grow. Here are five popular options on the market.
TIBCO was developed with a focus on real-time insights and data visualization, two key features that make it a popular choice for companies looking to invest in data analysis. With real-time insights, teams can quickly jump into action when they notice certain trends, either preventing problems before they get out of hand or taking advantage of growing markets. This feature makes the analytics particularly beneficial for fast-moving sectors like retail.
Data visualization, the other key component of TIBCO, empowers teams that might not be that data-minded. Companies can glean insights without having to sort or analyze data on their own.
Sisense is a business intelligence tool that can help existing data teams collect and present information within their organizations. The company boasts a diverse range of clients (and more than 2,000 customers) including HP, Rolls Royce, GE, Motorola, NBC, and The Salvation Army. Each of these organizations has different, specific data needs, whether they’re looking to directly connect with potential customers or to empower managers to lead employees more effectively.
Sisense jumped into action at the start of the COVID-19 pandemic. It offers a COVID-19 relief package to customers who need it, providing its services for free to help struggling organizations get through lockdowns and city regulations by using their data to optimize their production efforts and reduce costs.
Because Sisense took a customer-first approach to data and created a flexible tool, its product can be modified and applied to almost any industry.
The team at Tableau says its system can take “any kind of data from almost any system, and [turn] it into actionable insights with speed and ease.”
To learn how Tableau can help your team, find your specific department or industry on its website and see how this system has helped clients who have been in your shoes. For example, sales teams can better visualize their customer pipelines and better understand how to allocate their resources to potentially close more deals.
You don’t need a large organization or team members who are dedicated to data to take advantage of the Tableau platform. The company has more than 1 million members in its community and more than 500 user groups. These groups help each other out on social media and in online forums.
Databricks offers a unified data analytics platform to help companies pool their data and better understand it. Instead of using multiple data sources and unique platforms, this system syncs up your existing tools to present data in a uniform way. Your team can better collaborate by sharing data instead of operating in analytics siloes. Databricks also uses AI elements for better organization and presentation.
Databricks is a strong option for data analysis because it continues to grow its tools and partners. In June 2020, Databricks acquired Redash, a tool that helps companies better make sense of their data with improved visuals. Databricks also houses Apache Spark, Delta Lake, and MLflow within its systems.
ThoughtSpot is a strong option to curate and better organize your information. It features a search function so you can find information fast, and offers mobile systems so you can track changes in your operations on the go.
Industries ranging from retail and e-commerce to media, financial services, manufacturing, and healthcare use ThoughtSpot. It’s a multiuse tool that can benefit almost any organization.
ThoughtSpot has a large pool of resources to help you take advantage of its services and better use your data. The company regularly publishes webinars and hosts conferences to help both data specialists and industry leaders who are learning more about data.
Which of these data analysis tools is the best? The one you will use the most. If all of your data is organized, but you never take action based on the information, then your analysis is a waste of time. When you use the insights you collect to help your business thrive, you’ll have the tool you need.