Best Business Analytics Tools For Improving Your Profits

How can you unlock the full potential of your business and grow it to new heights?

One of the most fundamental areas to focus on is leveraging data with the help of business analytics tools.

Although often underestimated, business analytics tools can help you access critical insights into different business systems, manage massive data volumes, and make data-driven decisions. 

This business analytics process consists of collecting complex data, integrating it, analysing it, and visualising current and historical data to identify trends and opportunities. This can empower you to boost customer satisfaction, increase sales numbers, and strengthen your brand image and financial performance. 

And no, we’re not just discussing using Google Analytics and Google Data Studio. 

There’s more to it.

Here are the best business analytics tools that enable business owners to increase profits. 

Data Collection and Management

You must consider investing in proven data collection and management tools to build a stable and reliable business analytics strategy. 

Without access to raw data to process, even the most expensive and sophisticated data analytics tools won’t deliver actionable insights that can be used for your business strategy. 

Efficient Data Collection Tools

While there are many different data collection tools you can test, three that certainly deserve your attention are Jotform, Fulcrum, and Typeform.

Jotform

One of the most valuable instruments you can invest in is Jotform. This comprehensive form builder enables companies to build customised forms. The tool integrates multiple data sources, has a user-friendly interface, and makes organising customer data, feedback, and other information easy for any business.

Based on the size of your company, you can take advantage of several pricing structures. For example, those working with up to 5 forms and 100 monthly submissions can sign up for the starter pack. At the same time, there’s a $34/month subscription package for bigger companies with higher requirements. 

Fulcrum

Another powerful tool to consider is Fulcrum, a data collection solution that allows users to record information in real-time using mobile devices. While helpful in many areas, it’s mostly used in industries that are reliant on location-based data, such as construction, environmental, and utilities. 

The pricing of this instrument ranges based on the plan you choose, spanning from $15 to around $50 per month. 

Typeform

In addition, Typeform can be used to collect quantitative and qualitative data. It’s perfect for any business looking to capture information on signups, feedback, and other activities with unique forms that improve the user experience. 

Pricing plans start at $21 per month and reach $83 per month, depending on the features you want to access. For example, the basic plan includes 100 responses per month, while the advanced package includes 10,000.

Advanced Data Warehousing Solutions

When it comes to advanced data warehousing solutions, it can take some time to conduct trial and error. 

To save you some time, try Amazon Redshift, Snowflake, and Google BigQuery.

Amazon Redshift

Amazon Redshift ranks among the leading cloud analytics platforms, offering quick and scalable data warehousing solutions.

With this tool, companies can consolidate data from various sources, making it simple to perform extensive analysis and gain insights from enormous and often complicated datasets. The pricing of this solution is based on usage and starts at $0.25 per hour. 

Snowflake

With Snowflake, businesses can manage both structured and unstructured text data, making it a flexible option for companies with complex data requirements. Snowflake is an AI data cloud tool that allows organisations to create and connect with their data-driven peers. Its cloud-native architecture creates opportunities for outstanding data integration and real-time analytics.

Companies are charged a monthly fee for the information stored on the platform. The costs are established based on the average monthly storage space. 

Google BigQuery

Conversely, Google BigQuery is a must to maximise the value you get from your data. 

This product represents a fully managed data warehouse that empowers quick SQL queries and works with large datasets. It supports high-level data modelling and can be a priceless opportunity for data scientists and business analysts. 

This data platform allows you to connect and activate your information using AI. The solution’s machine learning capabilities make the creation and operation of SQL seamless, while real-time analytics come with streaming and built-in business intelligence BI.

Real-time Data Integration Platforms

With the help of real-time data integration platforms, companies can use data from different sources to create a unified picture and facilitate decision-making processes.

The two solutions that we’d like to point your direction to are Apache Kafka and Talend.

Apache Kafka

One of the most efficient and reliable real-time data integration platforms to try is Apache Kafka.

This solution is an open-source stream-processing product that effectively manages real-time data feeds with zero disruptions. 

In case your company needs to assess current and historical data and at the same time acquire insights that you can take action on – Apache Kafka is the right choice. 

With Apache Kafka, you can record and access event streams and process them over time. By events, we mean processing payments, tracking inventory, storing sensor data from IoT devices, and more. 

Talend

At the same time, Talend makes data source connections a walk in the park with its diverse data integration tools. 

This solution offers a drag-and-drop interface that enables inexperienced users with zero technical expertise to create and work with complex data workflows.

Data Analysis and Visualization

After collecting and processing your information, you’ll need to analyse data and have access to reliable data visualisations that can transform raw data into interactive reports and interactive dashboards, facilitating informed decision-making. 

Below, you will find the best business analytics software solutions and other tools that can help with these tasks.

Comprehensive Business Intelligence Suites 

Next, we list outstanding business intelligence suites – Tableau, Power BI, and Looker- that deserve your attention. 

Tableau

One of the first stops for analytics and business intelligence tools is Tableau. This reliable solution can help you uncover specific patterns from raw data, allowing you to feed your business intelligence. 

This big data analytics tool is extremely easy to use and has a vast library of available visualisation options. This helps business analysts produce customised interactive dashboards and make valuable discoveries about business performance and practices that can be improved. 

The cost of this solution comes at around $75 per month but can vary based on the way you use the tool.

Power BI

Microsoft Power BI product that enables quick and easy integrations with other Microsoft solutions. If your company already relies on Microsoft for things like Office 365 or other instruments, exploring Power BI is highly recommended.

The tool delivers outstanding data modelling and visualisation capabilities, encouraging users to build comprehensive reports and dashboards without investing too much time in learning. 

Looker

Our third recommendation in this category of business analytics tools is Looker, a solution that’s now part of Google Cloud. This data platform lets companies explore, share, and visualise data in real-time. The capabilities and features of this tool are concentrated around data discovery and self-service data preparation.

To use Looker, users must pay the cost for licensing, which varies depending on the type of user they want to become and their level of permission.

Cutting-edge Data Visualisation Tools

Let’s consider the importance of data visualisation instruments.

Here are the names we recommend exploring. 

D3.js

D3.js is the best option for a JavaScript library that allows the production of dynamic and interactive data visualisations.

Keep in mind that this tool does demand a certain level of coding experience; however, you don’t have to be a master to use it. You can use various customization options to help you create unique data visualisations.

D3.js is open-source, meaning that you can utilise it for free.

Qlik Sense

Meanwhile, Qlik Sense is an intuitive, self-service data analytics solution that empowers users to produce visualisations and explore data quickly. Thanks to its data engine, you can uncover concealed patterns and relationships, leading to even more profound discoveries and key insights. 

Monthly subscription fees for Qlik Sense differ, starting from $825 a month and exceeding $2,700 per month. 

Predictive Analytics Software

Access to predictive insights is one of the best ways to forecast the future and take action before anyone else, achieving a competitive advantage. 

SAS Advanced Analytics and IBM SPSS can help with this. 

SAS Advanced Analytics

The first highly recommended tool for predictive insights is SAS Advanced Analytics, which uses statistical analysis and data mining techniques to make data-based assumptions about future trends and forecasts.

This tool functions with powerful algorithms, allowing companies to analyse historical data extensively. 

IBM SPSS

SPSS by IBM is another popular statistical tool for data analysis that is provided by one of the world’s most eminent brands. It provides unmatched abilities to operate with enormous datasets and conduct complex statistical procedures.

This solution is ideal if your business needs a tool for predictive modelling or detailed data analysis. Based on your level of subscription, prices per month can range from $99 to $8,440.

Customer Insights and Market Analysis

Remember that gaining insights into your customers and market that will enable you to fully understand them is no less important than acquiring data and being able to visualise it.

By investing in customer insights and market analysis, you can ensure long-term business growth and profitability. 

The tools we share below will enable you to examine and evaluate customer behaviour, create audience segments, and outperform your competition. 

Customer Relationship Management Analytics 

The two stand-out customer relationship management analytics tools we suggest researching are Salesforce Analytics and Zoho CRM.

Salesforce Analytics

Salesforce is a popular and robust customer relationship management analytics tool. It allows companies to analyse customer data, track interactions, and enhance sales performance.

To top this up, there are plenty of different Salesforce products you can integrate with, creating flexibility and convenience for businesses. 

Salesforce’s pricing model is flexible. You can sign up for a Starter Suite for just $25 per month per user or go all in with the Unlimited subscription for $330 per month per user.

Zoho CRM

Zoho CRM is another reliable instrument for understanding customer behaviour and boosting customer engagement. This tool lets businesses create tailor-made reports and dashboards, track KPIs (Key Performance Indicators), monitor customer satisfaction rates, and more.

There are also diverse options for handling marketing activities on the same platform. Pricing for Zoho CRM starts from $0 to $50 per user per month. 

Market Research and Competitive Analysis Tools

Considering today’s aggressive business environment, market research and competitive analysis are fundamental for success.

SEMrush

SEMrush is a comprehensive tool for market research that offers granular insights into the competitors in the online environment. You can gain a sneak peek into their online marketing strategies, search engine rankings, keyword targeting, and more. 

With vast features, from keyword research to backlink analysis, SEMrush is a must-have for any company with an online presence. You can sign up for three different packages – Pro, Guru, and Business.

Each one has unique features and capabilities. The most affordable option is $139 per month, while the most expensive is $499 per month.

Ahrefs

Like SEMrush, Ahrefs is another advanced market research tool for competitive analysis. 

The instrument’s core capabilities are backlink analysis, keyword research, content exploration, and more. 

The difference between Ahrefs and SEMrush is predominantly in their interface and algorithms. Some users describe Ahrefs as an SEO tool, while SEMrush is considered a more complete marketing software. Ahrefs’ pricing ranges from $99 per month to $999 per month.

Customer Segmentation and Behaviour Analysis 

And what if you need to create customer groups and segment your audience based on browsing or shopping behaviour? HubSpot and Marketo are two solutions to turn to.

HubSpot

HubSpot is one of the world’s most actively used customer segmentation tools. However, it is also a CRM solution. It enables companies to create customer segments based on purchase history, shopping behaviour, demographics, and other factors. As a result, online businesses can personalise their marketing and reach consumers at the right time with the right message. 

This marketing software costs $15 to $4,300 per month, based on your usage and required features. 

Marketo

On the other hand, Marketo is described as a marketing automation platform that offers various tools and features aimed at customer segmentation and personalization in marketing campaigns and activities.

It operates with extremely advanced analytics, making it easy to track customer behaviour, spot patterns, and find ways to improve campaigns. You can choose from three pricing tiers – $895, $1,795, and $3,175 per month. 

Financial Analytics

Another essential category of business analytics tools for your company is managing finances. 

Financial analytics tools will help you track your financial performance, create financial audits about future revenue, allocate budgets appropriately, and more.

Let’s see more of the important tools below.

Financial Performance Management Systems 

Oracle Hyperion and SAP Analytics Cloud are two tools to consider when developing financial performance management systems. 

Oracle Hyperion

Oracle Hyperion is a popular financial performance management tool that offers a wide range of instruments aimed at financial planning, budgeting, and predictions. 

With the ability to integrate with different systems and programs to consolidate data from multiple sources, you can use it to perform extensive analysis and receive insights that can boost your financial performance over time. 

It’s important to note that acquiring the licence necessary to use Oracle Hyperion is pricey, starting at $9,995 per licence. 

SAP Analytics Cloud

SAP Analytics Cloud is a cloud-based solution created and provided by SAP. It united crucial components like predictive analytics, planning, and business intelligence into a single platform. 

This allows businesses to analyse data, visualise it, and predict future scenarios. 

Through the tool, you can build and share reports and dashboards and support traditional tools like SAP Business Objects. You can also predict trends, plan finances, allocate budgets, and collaborate across the entire company. 

Revenue Forecasting Tools 

Of course, forecasting your revenue is just as important as everything mentioned so far. Here are the tools that can help with this part of the equation.

Anaplan

If you want to predict your revenue, consider investing in Anaplan, a cloud-based financial planning and analysis tool designed to help companies analyse different financial scenarios.

This solution is easy for professionals and business analysts and helps companies prepare for multiple occasions. 

Some of the core features of this tool include monitoring, planning, and leading in areas like finance, supply chain, and sales. 

Adaptive Insights

At the same time, Adaptive Insights operates on the Business Planning Cloud to provide planning, consolidation, analytics, and reporting capabilities. This solution helps automate data integrations and consolidations, making real-time collaboration possible.

Through the tool, users can produce tailor-made financial models and interactive dashboards that provide an overview of the company’s financial position. 

The starting price for this software is $50 per month.

Budgeting and Financial Planning Software 

It’s key to assess different budgeting and financial planning software to ensure that your business operates with a healthy cash flow and can enjoy long-term profitability. Business payment cards can also play a significant role in this process, providing detailed insights into spending patterns and helping manage day-to-day expenses efficiently.

Next, we will share some of the top tools for budgeting, including a look at payment solutions that you can use.

QuickBooks

In short, QuickBooks is a financial management software that provides access to easy-to-use budgeting, invoicing, and financial planning tools. 

It’s designed to be accessible to both new small businesses and large, enterprise-level companies. This tool minimises manual entry work, prevents mistakes, and saves time. 

The tool costs from $15 to $200 per month. Additional percentage fees cumulatively are also added to the overall service cost. 

Xero

Another powerful budgeting and financial planning tool to try is Xero, especially if you’re running a small business. Xero is a cloud-based platform that allows businesses to conduct in-depth analyses of financial data. It integrates with various payment solutions, allowing businesses to store and manage financial transactions on a single platform. 

This tool stands out as a more expensive alternative to solutions like QuickBooks.

Operational Efficiency

Regarding achieving a competitive edge in your industry, talking about operational efficiency is fundamental. 

Streamlining processes and optimising procedures can dramatically lower your costs, boost productivity, and achieve an overall performance that could exceed your expectations. 

You’ll need tools to help you achieve operational efficiency.

Supply Chain Analytics Platforms 

Below, we will share two of the best supply chain analytics platforms for monitoring and optimising supply chains.

Kinaxis

One of the leading cloud analytics platforms in the space is Kinaxis, a tool for supply chain planning and optimization. Like many other solutions we shared, this instrument also offers vast integrations with different products. This helps businesses create a unified view of their supply chain processes and operations. 

The tool also provides predictive capabilities and the opportunity to optimise inventory levels and transform supply chain performance. 

LLamasoft

Another leader in supply chain excellence is LLamasoft. This platform specialises in helping businesses improve their logistics and distribution networks. 

This tool enables self-service data preparation and sophisticated data modelling features, allowing companies to understand their supply chain data at a granular level. The solution’s multi-layered dashboards depict a real-time view of the supply chain’s performance, empowering businesses to make informed decisions on time. 

Workforce Analytics Solutions 

While customers, supply chains, and revenue are essential for any online business, so is its workforce.

Managing your employees and teams effectively is crucial for ensuring high levels of productivity and smooth and undisturbed processes.

Workforce analytics solutions offer everything you need to monitor your teams’ performance, improve workforce planning, and more.

Workday

The first tool we suggest is Workday – an enterprise resource planning solution that delivers exceptional workforce analytics capabilities. The tool allows you to use information from different sources and create a unified view of your workforce. You can monitor employee performance, detect potential skill gaps, and plan your workforce more effectively in the future. 

This solution also merges finance and HR all in one, in a single AI-driven platform. The cost of using this instrument ranges from $35 per employee per month to $250,000 annually. 

Visier

Conversely, Visier is another workforce analytics tool that “helps businesses create, scale, and extend their people analytics practice”.

Suppose you need to become more familiar with the term. In that case, people analytics refers to collecting and transforming HR and company data into actionable insights. This solution ensures that people analytics teams can automate the most demanding and time-consuming parts of people analytics.

Rather than wasting time creating dashboards and reports, the tool lets individuals focus on other priority tasks. 

Project Management and Performance Tracking Tools 

Last but not least, you’ll need access to result-guaranteed project management and performance-tracking tools to track project progress, allocate resources correctly, and manage team performance like a pro.

Asana

Asana is a leader in this space, providing all the necessary features for task management, progress tracking, and team collaboration. The instrument is intuitive and easy to use, eliminating the need for lengthy training and onboarding. 

Via Asana, teams can produce project plans, assign tasks to employees, and track performance in real time. Project status updates and other features can also help monitor each project closely. 

Asana packages start at $10.99 per user per month and reach $24.99 per user. 

Trello

On the other hand, Trello functions on a card-based system to help teams structure and organise tasks and monitor activities and progress. This drag-and-drop tool is also very easy to use, allowing the creation of tailor-made boards.

Via Trello, businesses can collaborate with team members and other users with access. With advanced performance tracking features, companies can stay on track with project development, ensuring that milestones are reached on time. 

While there’s a free version, some of the more expensive Trello subscriptions cost around $17.50 per month. 

Conclusion

Overall, a wide array of top-performing business analytics tools can help you improve your profits and build a solid and reputable company.

The choice of solution will ultimately depend on factors like business size, necessary features, budget, and ability to use the available tools.

Frequently Asked Questions

What are business analytics tools?

Business analytics tools are software solutions that gather, process, and analyse data to deliver insights that help companies make informed decisions. These tools help increase profits by spotting inefficiencies, improving operations, predicting trends, and revealing growth opportunities.

What are the advantages of using predictive analytics tools in business?

Predictive analytics tools rely on historical data to predict future trends. They can help organisations anticipate customer behaviour, market changes, and potential risks, creating room for proactive strategies that improve efficiency, minimise costs, and boost revenue, ultimately leading to profit growth.

What are some key features to look for in a business analytics tool?

Key features include ease of use, real-time data processing, scalability, integration with existing systems, comprehensive reporting and dashboard capabilities, predictive analytics, and robust data security.