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What is Business Analytics ? Business Analytics Tools
What is Business Analytics ? Business Analytics Tools
Business Analytics refers to the skills, technologies, practices to gain insights using the collection, organization, analysis, exploration, investigation, interpretation and presentation of business data using statistical analysis, data mining, quantitative analytics, qualitative analytics, decisive analytics, descriptive analytics, business intelligence, predictive analytics, prescriptive analytics, and text analytics.
Business Analytics drives business planning and the objective is to discover new insights and relate business performance to business data. Business Analytics provides fact based, analytics strategies help in the discovery of meaningful pattern in data and then to communicate insight using the data visualization of the recorded information.
The application of Business Analytics to business data, helps to describe, predict, and improve business performance. The use of analytics methods can make organizations better, faster, and more consistent decisions. The use of analytics also provides the business with the data for primary source of competitive differentiation.
Technology drivers of Business Analytics
Statistical analysis, data mining, quantitative analytics, qualitative analytics, decisive analytics, descriptive analytics, business intelligence, predictive analytics, prescriptive analytics, and text analytics are the technology drivers of business analytics.
Business Analytics Tools
1.Statistical Analysis : Statistical Analysis is the study of the collection, organization, analysis, interpretation and presentation of data.
SAS University Edition, GNU PSPP, Statistical Lab, Shogun, Develve, GNU Octave, DataMelt, Arc, SciPy, Dataplot, MacAnova, Past, Zelig, Gretl, GNU Data Language, CumFreq, OpenMx, MaxStat Lite version, SageMath, Dashboard of Sustainability, Salstat, SOFA Statistics, Perl Data Language, NIMBLE, OpenEpi, ADaMSoft, BV4.1, CSPro, Dap, Epi Info, First Bayes, Ploticus, Yorick, Statcato, ViSta, StatCVS, JAGS, Stan, pbdR, OpenStat, Simfit, MicrOsiris, NCAR Command Language, EasyReg, IVEware, WinBUGS, WINPEPI, IDAMS, ADMB, Scilab are some of the top free statistical analysis software.
2.Data Mining : Data Mining is the computational process of discovering patterns, trends and behaviors, in large data sets using artificial intelligence, machine learning, statistics, and database systems.
Orange Data mining, R Software Environment, RapidMiner, Weka Data Mining, KNIME, SpagoBI Business Intelligence, Anaconda, Shogun, ELKI, Scikit-learn, CMSR Data Miner, Fityk, mlpy, Dlib, Rattle GUI, GNU Octave, Pandas, Natural Language Toolkit, OpenNN, TANAGRA, Alteryx Project Edition, Apache UIMA, Vowpal Wabbit, MALLET, CLUTO, streamDM, DataMelt, Chemicalize.org, Jubatus, MiningMart, Databionic ESOM, Apache Mahout, TraMineR, ROSETTA, KEEL, ADaM, ML-Flex, Modular toolkit for Data Processing, Dataiku, SenticNet API, LIBSVM and LIBLINEAR, Lattice Miner, Gnome datamine tools, yooreeka, AstroML, jHepWork, ARMiner, arules are some of the top free data mining software.
3.Quantitative Analytics :The data analysis in statistics are generally divided into descriptive statistics, exploratory data analysis (EDA), and confirmatory data analysis (CDA).
4.Qualitative Data Analysis : Qualitative Data Analysis provides tools to assist with qualitative research such as transcription analysis, coding and text interpretation, recursive abstraction, content analysis, discourse analysis, and grounded theory methodology.
Nvivo, ATLAS.ti, MAXQDA, Quirkos, webQDA, Dedoose, HyperRESEARCH, Raven’s Eye, Qiqqa, Focuss On, F4analyse, Annotations, Datagrav, QDA Miner, and SaturateApp are some of the top Qualitative Data Analysis Software.
General Architecture for Text Engineering – GATE, Coding Analysis Toolkit, FreeQDA, TAMS, Transana, ConnectedText, RQDA, Qiqqa, LibreQDA, QCAmap, Visão, Aquad, Weft QDA, Cassandre, ELAN, CATMA, Compendium, fs/QCA, Tosmana, QDA Miner Lite Kirq are some of the Top Free Qualitative Data Analysis Software.
5.Business Intelligence : Solution transforms the raw data into meaningful and useful information for intuitive presentation of knowledge and for the publication of business intelligence objects.
Pentaho Community Edition, OpenText Actuate Information Hub, Free Edition, ReportServer, JasperReports Business Intelligence, Jedox Base, SpagoBI, ART, Widestage, Pentaho Reporting, JMagallanes, OpenReports, Seal Report, Openi, NextReports, RapidMiner, Mondrian, KNIME, Watson Analytics, SAP Lumira Cloud, Power BI, MicroStrategy Analytics Express and Birst Express for NetSuite, EspressReport Lite, SAP Lumira, QlikView Personal Edition, InetSoft, Qlik Sense Desktop, icCube, Tableau Public, Arcadia Data Instant, Pentaho, Jaspersoft, Palo, Actuate Corporation, TACTIC in no particular order.
7.Text Analytics : Text Analytics is the process of converting unstructured text data into meaningful data for analysis, to measure customer opinions, product reviews, feedback, to provide search facility, sentimental analysis and entity modeling to support fact based decision making.
SAS Text Miner, Provalis Research Text Analytics Software, Google Cloud Prediction API, DiscoverText, IBM SPSS Text Analytics, Datumbox, Lexalytics Salience, Microsoft Azure Text Analytics API, Sysomos, IBM Watson Natural Language Understanding, Expert System, Twinword, UltiPro Perception, Google Cloud Natural Language API, Thematic, OpenText, Stratifyd, Semantria for Excel, Narrative Science Quill, indico, Clarabridge, MeaningCloud, Bitext, LingPipe, Medallia, Luminoso, STATISTICA Text Miner, Pingar DiscoveryOne, Brainspace, Keatext, Abzooba, OdinText, Semantria, NetOwl, TheySay, WordStat, Etuma, Smartlogic, Synapsify, Megaputer, AYLIEN, Text2data, Rosette Text Analytics, Oracle Endeca Information Discovery, Averbis, Angoos KnowledgeREADER, Buzzlogix, VOZIQ, Verint Systems, Aspect NLU, General Sentiment, Loop Cognitive Computing Appliance, Oracle Social Cloud, TextualETL, muText, ai-one, Ascribe, Language Computer, Open Calais, Semantria API, Rocket Search and Text Analytics, Intellexer, SYSTRAN, Relativity Analytics, SAP HANA Text Analytics, and AUTINDEX are some of the top software for Text Analysis, Text Mining, Text Analytics.
General Architecture for Text Engineering – GATE, RapidMiner Text Mining Extension, KH Coder, Coding Analysis Toolkit, QDA Miner Lite, VisualText, TAMS, Datumbox, Carrot2, Natural Language Toolkit, Apache Mahout, Pattern, Textable, Twinword, Apache OpenNLP, Apache UIMA, Aika, tm – Text Mining Package, KNIME Text Processing, LingPipe, Gensim, Distributed Machine Learning Toolkit, LPU, Apache Stanbol, S-EM, LibShortText, and Coh-Metrix are some of the top Free Text Analysis, Text Mining, Text Analytics Software.
Business Analytics refers to the skills, technologies, practices to gain insights using the collection, organization, analysis, exploration, investigation, interpretation and presentation of business data using statistical analysis, data mining, quantitative analytics, qualitative analytics, decisive analytics, descriptive analytics, business intelligence, predictive analytics, prescriptive analytics, and text analytics.
What are the Technology drivers of Business Analytics
Statistical analysis, data mining, quantitative analytics, qualitative analytics, decisive analytics, descriptive analytics, business intelligence, predictive analytics, prescriptive analytics, and text analytics are the technology drivers of business analytics.
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