In today’s business scenario companies have access to large volumes of data. Manually categorizing and deriving value from these variables could prove to be a strenuous task. Thanks to various data analytics tools available today, business managers can easily classify complex data and use them for efficient decision making. Data-driven companies consider their data as corporate assets and leverage it for getting a competitive advantage. Successful business analytics depends on a variety of factors such as the quality of data, skilled analysts who have good knowledge of the technologies and the business, and an organizational commitment to data-driven decision-making. But with a large number of analytics tools available today, managers might be put into a dilemma about which ones they should ideally be using for the desired results. Here are some of the top analytics tools that are widely used by businesses today:
Correlation analysis is a statistical technique that allows you to identify if there is a relationship between two separate variables and how strong that relationship may be. It is especially useful when you have conviction suspect that there is a relationship between two different variables and you would like to test your assumption.
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One of the simplest ways to analyze data is to create a visual or graph and look at it to spot patterns. It is an integrated approach that combines data analysis with data visualization and human interaction. Such analytics tools become extremely helpful in understanding information when the volume of data is huge.
It is a statistical tool that is used for investigating the relationship between variables. For example, the relationship between price and product demand. If you believe that a variable is affecting another and you want to establish whether your hypothesis is correct or not, this is the go-to tool.
Sentiment analysis is also known as opinion mining, is one of the most recent and popular analytics trends. It seeks to extract subjective opinion or sentiment from text, video or audio data. The basic idea of using this analysis is to determine the attitude of an individual or group concerning a particular topic or overall context. In short, this tool is to be used when you want to understand the stakeholder opinion.
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Monte Carlo Simulation
This is a mathematical problem-solving and risk-assessment tool that approximates the probability of specific outcomes, and the risk of certain outcomes, with the help of computerized simulations of random variables. understand the implications and consequences of a particular course of action or decision.
This is a set of advanced analytics tools, also known as linear optimization. Linear programming involves identifying the best outcome based on a set of constraints using a linear mathematical model. It helps companies to solve problems involving minimizing and maximizing conditions, such as how to maximize profit while reducing costs. This tool is highly beneficial if a business has a number of constraints such as time, raw materials, etc. and they want to know the best combination of directing resources to maximize profit.
Neural Network Analysis
Neural network analysis is on the advanced analytics trends to watch out for. A neural network is a computer program modeled on the human brain, which can process large volumes of information and identify patterns in a similar way human beings do. This is a technique of analyzing the mathematical modeling that makes up a neural network. This tool is particularly useful for companies that possess large amounts of data.