Data analysis tools is a term used to describe software and applications that data analysts use in order to develop and perform analytical processes that help companies to make better, informed business decisions while decreasing costs and increasing profits.
These are used for business intelligence, statistical analysis, data modelling, ETL, spreadsheet applications, data science and data visualization platforms. In essence, if your business deals with big data chances are you will need to choose and integrate with a data analysis platform.
You might feel overwhelmed in determining the difference between each one. To help you make things easier, we have provided a list of three things to help you find the best software for data analysis for your company.
Acquisition Costs and Maintenance
Investing in data analytics tools will deliver various benefits. It will not only help you save time but also a considerable amount of other resources. However, there are other factors that often go unnoticed and eventually get out of hand. One outflow to consider is when you integrate it to other applications.
The money, costs of infrastructure, software, and human resources incurred upon purchase are also crucial things to consider. Match the needs of your company to your ability to purchase such an investment. Aside from purchase costs, you will also need to consider the support and maintenance it will require in the long-run.
Additional time and resources are also called for by your staff, alongside regular software maintenance. Also, bear in mind that this will require more work from your team whenever upgrades and new features. Match the data analysis software of your choice to the existing workforce that you have in your company.
Mobility and Agility
Aside from the acquisition and maintenance costs, it would be best to consider both the software’s mobility and agility. The purpose of data analysis software is not only limited to inspecting, cleaning, transforming, and modeling data to have access to important information for decision-making purposes.
The software you must choose should also be able to work on any device. A study from Statista showed that 59% of respondents felt that the ability to access data at any time was an essential benefit among the benefits of data analysis software.
This will enable you to make on the go decisions that are not only data-driven despite the vast amount of data you are presented with. The said data must also be capable of keeping everyone within your organization connected wherever they are and at any given time. This helps increase your company’s efficiency in terms of its operations and processes.
Aside from mobility, you must also include agility on your list. It is essential to consider that the software must be as flexible as it can be. This means that it should be capable of coping with the changes you will make as your company grows. Having the ability to export log data for any monitored URL to platforms such as Google sheets is one example of an upgrade.
Especially to those who are only starting their small to midsize business, they will choose those with pay-as-you-go plans. This strategy will give them a competitive edge as early-stage businesses. However, as the company grows, the software must have the capacity to be agile and can be upgraded according to the evolving and increasing needs of the business.
Advanced Analytics and Security
As crucial as data analysis software, advanced data analytics, and security are something you should consider searching through a list of data analysis software examples. You must conduct an evaluation of the data analytics providers that are on your list. Aside from this, the vendor’s security is equally vital.
Set up standard security controls and procedures so you can further narrow down your list of options. Make sure to have encryption as the priority among the many factors you must consider. Additionally, know the implications of mobile BI outside company firewalls as users can use it wherever they are.
What to Consider When Choosing Data Analysis Software
When deciding which data analysis software you should use in your company, it is essential to be mindful of several things. Responding to business growth through flexible software is one of these considerations. One way that your software can be flexible is if it enables you to connect it with other platforms.
It will also help if you filter your options by matching the choices that you have to the needs of your company. Data analysis software plays a crucial role in your company. It is only fitting that you give it your maximum effort when choosing which one to use.