The facts and figures mentioned above make it clear that the domain of business analytics is growing at a phenomenal rate. This growth is accelerated by the massive volumes of data generated via cloud solutions ranging from CRM (Customer Relationship Management) to ERP(Enterprise Resource Planning) to SCM (Supply Chain Management) to SLM (Service Lifecycle Management).
Facts and Figures:
- The Business Intelligence market is expected to grow at a CAGR (Compound Annual Growth Rate) of 26.98% by 2025.
- According to research by IBM, there will be 2.72 job openings for business analysts in the next two years across the world.
- Business analysts are in demand everywhere, and some of the biggest names include Amazon, JP Morgan Chase, Cisco, Accenture, Google, Cognizant Technology Solutions, TCS, Deloitte, and many more.
- Starting from INR 316k, a business analyst can earn as much as a whopping INR 1500k every year, on an average
This way, business analytics has many growth opportunities waiting for tech professionals. You can start to Learn Business Analytics with Excel and then move forward to other tools that make the business analysis process more accessible and accurate.
Let’s have an overview of business analysts and some popular tools used.
What is a Business Analyst?
A Business Analyst is a tech pro typically involved in collecting, eliciting, analyzing, and modelling business requirements and processes. As a Business Analyst, you will process, interpret, and create documents on business products and processes.
A BA is called an agent of change by IIBA (International Institute of Business Analysis). A business analyst bridges the gap between the business and IT by utilizing data analytics processes, thus improving efficiency.
You can use business analysis tools to carry out these tasks efficiently and accurately. Business analytics tools are software applications packed with powerful features that enable you to collect the data, perform analysis, and present it in real-time. With the help of state-of-the-art business analytics tools, you can empower your business to look out for patterns and trends in massive data sets and build new and robust business analytics models.
Business Analytics tools are available in different categories according to the purpose you wish to serve. There are Requirements Management tools, Project Management tools, Enterprise Resource Planning or ERP tools, Modeling tools, Wireframing tools, Customer Relationship Management or CRM tools, and Collaboration tools.
Let us look at some of the most popular Business Analysis tools.
Top Business Analytics Tools
Microsoft Office Suite Regarding the best tools for business analysis, MS Office Suite comes on the top.
MS PowerPoint is used to create and deliver presentations based on your research, with which you can express your ideas and deliver updates to the concerned stakeholders.
MS Excel is a spreadsheet tool that provides features such as Pivot tables, charts and graphs, sorting and filtering data, and identifying trends in the data.
MS Word enables you to document the requirement specifications. It is an intelligent utility application that provides you with features such as smart arts, shapes, objects, fonts, themes, charts, as well as embedding Visio diagrams.
ClickUp
It is a project management tool that enables you to manage different business tasks, documents, and chats. It allows you to filter and prioritize important tasks, integrate with the Google Calendar, collaborate and communicate with team members, and assign different tasks to concerned professionals.
BluePrint
It is a business analysis tool that enables you to transform your business processes into digital ones. You can align business strategies for building different applications according to the tech execution.
It provides tools for creating reports and dashboards, reports on complete analysis and documentation, standardizes the compliance issues that are certified, minimize the risks related to IT compliance, and ensures regulatory compliance.
Pencil
As the name suggests, it is a tool used when you need to create models or diagrams, specifically decision models. It also allows various stakeholders to track the changes, eventually making collaborative modelling.
Modern Requirements
When you wish to perform requirements management with Azure DevOps, Modern Requirements comes on top. It enables you to define the requirements via images and texts. It provides you with collaborative requirement analysis.
The unique features of this tool are that it allows you to plan and design personalized dashboards, generate personalized documents, and various visualization features such as Use Cases, mockups, and diagrams.
SAS BA
This tool is popular among business analysts because of its high-grade text analytics, allowing you to examine and transform unorganized text data into meaningful information.
It is power-packed with a wide range of statistical tools that make analyzing massive real-time data more accessible. It also enables you to predict future trends from the information collected.
Nifty
When you need to manage workflow solutions, Nifty is one of the top choices for business analysis tools. It enables you to manage projects from the start to closure. The unique features of this tool include:
It allows you to view all the projects in the dashboard quickly and easily; it enables you to track the time tasks take to complete; you can also track the progress of the projects.
Splunk
It is widely used in small and medium-sized industries. It was launched for the purpose of processing data of machine log files; it now comprises sophisticated features that include various visualization tools and a user-friendly web interface.
Axure
When you wish to develop wireframes, prototypes, and documents, Axure is a tremendous user-interface software. It works on the principle, ‘what you see is what you get.’ Axure RP Team enables you to build projects using HTML. It can build and manage widget libraries. It also allows you to collaborate on a single file simultaneously.
Other tools you can learn to excel in the field of Business Analytics include:
- Monday.com
- Trello
- Enterprise Architecture
- Microstrategy
- KNIME
- Dundas BI
- Tableau
- Qlikview
- iRise Business Analysis Tool
- Databox
- BitImpulse
And more.
Conclusion
Business Analysis is the tech arena that is on a continuous growth trajectory. Making a career in this domain is the wisest decision you can take. An online training course can be a great move to train you with some of the most popular tools used in Business Analytics.
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