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List of Data Analysis Tools and Software in 2020

Finding the best Data Analysis Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.

Table of Contents

What is Data Analysis Software?

Data analysis method involves the tactics of examining large volumes of data gathered from multiple sources such as sales reports, social media, videos, images, and so on. Data analysis software is a powerful data analysis tool that analyses the accumulated data for discovering patterns and correlations that might otherwise be indiscernible. It is a statistical software that enables your business to collect, systematize, and comprehend data for facilitating flawless business operations, and make smarter business moves. The software facilitates intelligent data analysis for generating business-related insights so as to evaluate the past sales trends and forecast future demands.

Benefits of Using Data Analysis Software

Data analysis software offers a host of benefits to businesses of all sizes. The statistical software tool is used in various industries, including healthcare, retail businesses, finance, banking, insurance, social media agencies, telecom, etc. to derive clear business goals. Here is a list of benefits offered by statistical analysis software:

  • Data analytics software makes use of data cleansing to identify and rectify inaccuracies from data sets.
  • Statistical analysis software enhances the quality of data to benefit your organizations, as well as your clients.
  • The statistical software also eliminates duplicate data, thus, saving a huge amount of memory space.
  • Data analysis eliminates your business risks by identifying fraudulent customers; this is why data analytics software is highly preferred in regulated sectors such as retail, healthcare, insurance, finance, etc., to combat fraud effectively.
  • Data analysis method helps you gain in-depth customer insights.
  • It displays relevant information on your website based on the purchase behavior of your customers.
  • It leverages Machine-Learning (ML) algorithms to enhance the productivity of your business.
  • Last but not least, it helps you boost the operational efficiency of your business, besides enhancing your ROI and customer service efforts.

Key Features of Data Analysis Software:

There is a wide array of data software available in the market; however, you should pick the best solution that suits your business requirements. If you are planning to buy data analytics software, here are some crucial features of best data analysis tools that you should take into account before investing in an intelligent data analysis software solution.

  • Mobile Compatible: Your data analysis software should enable you to access data from your mobile devices such as iPads, iPhone, Tablet, Laptop, smartphone, etc., anytime, anywhere. You cannot afford to delay crucial corporate decisions until you get back to your workstation as it may prove disastrous for your business, and you may end up losing some important business opportunities. Thus, data analysis tools should be compatible with your mobile devices so as to enable you and your team to make decisions on the go.
  • Interactive Dashboards: The best data analytics software feature an interactive dashboard that monitors, analyses, and keeps tabs on important business metrics while allowing you to make data-driven business decisions.
  • Flexibility: Data analysis software must support the sophisticated tools and technologies that you plan to deploy in your organization. Your statistical software should be flexible enough to integrate with business intelligence tools, and statistical software solutions such as ERP, CRM, accounting software, data warehouses, spreadsheets, databases, payroll solutions, and cloud apps that you already have in place; this will not only save your precious time, money, and efforts but also add value to your best data analysis techniques.
  • Security Features: Make sure that your statistical analysis software offers data encryption features to protect sensitive data. Data encryption encodes your data with the help of several algorithms and makes it indecipherable. It also makes the data accessible only to users having the decryption key. While some data analysis tools offer data encryption features, others offer Single Sign-on features that enable you to sign in to several applications with single login credentials.
  • Call Reporting Feature: Businesses aim at providing their customers with an unparalleled customer experience, Data analysis software Therefore, it is essential for your data software to have a service call reporting feature to monitor the performance of your customer care team. This feature allows you to evaluate the team’s performances besides enabling you to train your customer service agents.
  • Scalability: This is a crucial feature that your statistical software should have. With time, your business will accumulate humongous volumes of data; therefore, your statistical analysis software should be competent enough to manage such a huge amount of data. At the same time, should also incorporate the useful insights obtained from the newly generated data into the existing data, seamlessly.
  • Fraud Analysis: Your data analysis tools should be capable of detecting and monitoring frauds at an early stage to do away with deceitful activities. Therefore, your data software should repetitively analyze your data to make sure that there are no threats or discrepancies.
  • Reporting Feature: Successful businesses count on reporting features for intelligent data analysis. Your statistical software should be able to provide location-based insights to help you achieve your mission. It should also accumulate real-time data and represent the same in an efficient manner. Real-time reporting feature also enables you to make quick decisions during times of emergencies.
  • Simple Result Format: Results form an essential aspect of data analysis software method as they play an instrumental role in the process of decision-making. Your statistical software should generate real-time results to help you determine your future business objectives and strategies, and make quick and better decisions based on the result of online data analysis.

These are some useful features offered by the best data analysis tools. Therefore, before picking a statistical analysis software, make sure it offers all the features to help you make informed business decisions, and drive exceptional business results.

Usability of Data Analysis Software in Current Market

Data analysis software, techniques help you understand customer preferences, and the latest market trends; this is why big corporate houses, as well as startups, are increasingly using data software for the meaningful analysis of huge volumes of data. The software not only automates big data integration but also simplifies the data analysis techniques by facilitating faster deployment and reducing risks.

Data Analysis Tools are used for three types of online data analysis—

Descriptive Analysis, Diagnostic Analysis, and Predictive Analytics. The descriptive analysis helps you understand what happened while Diagnostic analysis helps you comprehend how the event happened. Predictive Analysis, on the other hand, helps you determine what will happen next. Now let’s elucidate the features of these three forms of data analysis performed by data analysis tools:

  1. Descriptive Analysis: This is the first step for performing statistical online data analysis which analyses what has occurred. Descriptive Analysis accumulates a large amount of data describing specific events, and then systematizes, tabularizes, and explains the data to give you a complete picture of statistical data distribution. It may also use visual aids such as charts, and graphs to help you comprehend the data in a better way. It also helps you identify typos and other anomalies. Statistical software facilitates further online data analysis by allowing you to detect the connection among variables. This form of analysis is comparatively easy from other types of analysis. If done accurately, it also saves your time.

  2. Diagnostic Analysis: This is yet another form of data analysis tool, method that analyses data to find out why something has occurred. The modern diagnostic analysis is powered by Machine Learning for eliminating unintended bias. Instead of looking on the results of the event, these data analysis techniques focus on the cause of an event.
    The diagnostic analysis takes the results of the descriptive analysis into account to identify the areas that call for further investigation. This data analysis software, method interprets questions such as why your website is undergoing a sudden change in website traffic, or why your sales have decreased in a particular region despite your marketing efforts.

    In order to determine the reason behind these anomalies, data analysts software find out data sources to identify patterns outside the available data sets. They employ regression analysis, time series analysis, filtering, and probability theory to uncover the causal relationships of the occurrences.

  3. Predictive Analysis: This data analysis techniques helps you determine the probable consequences of an occurrence. Predictive data analysis is a useful tool for predicting future as it utilizes the results of descriptive and diagnostic data analysis method to identify tendencies and forecast upcoming trends. This data analysis procedure involves the accumulation of data from various sources, which is later analyzed for uncovering crucial information and arriving at conclusions.

    Statistical Analysis software evaluates and validates the assumptions with the help of standard statistical models. Predictive Modeling enables data analysts to generate precise predictive models, and leverage the results into the daily decision-making process to obtain results by automating the decisions based on data modeling.

    More and more forward-thinking businesses count on predictive analysis to boost productivity and predict outcomes based on this online data analysis. This data analysis method also offers suggestions based on the predictions.

    With big data boom on the horizon, it has become crucial for businesses to evaluate, interpret, and distribute data in meaningful ways. If you want to reap the huge benefits that big data brings to the table, and want to support your company and serve your customers in the best possible manner, you should consider investing in feature-rich data analytics software without much ado.
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Chirantan MungaraBy Chirantan Mungara | Last Updated: October 24, 2020

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