Businesses that aim to be competitive in the modern market use data analytics platforms and tools that help them make smart decisions and refine the key processes in their pipelines. Their success rate depends on the capacity and proficiency of these tools.
So how do you choose the best analytics tool out there to power up your business operations?
Read on to find the top data analytics tools for 2024 and learn about their features, benefits, and drawbacks. Also, as a bonus, we’ve prepared a simple guide for you to choose the right solution that completely satisfies your needs.
The Importance of Data Analytics
Research by McKinsey shows that executives spend 40% of their time making decisions. By leveraging data analytics software, you can accelerate this process and easily extract the insights you need to make strategic decisions, saving time and money.
Data analytics is a complex process that includes four main types of data analysis:
- Use descriptive analysis to understand your business’s current situation;
- Switch to diagnostic analytics to investigate why, how, and what got you there;
- Predictive analytics will allow you to forecast future events and discover trends;
- Finally, take advantage of prescriptive analytics to come up with new strategies and map out your next steps.
Each of these techniques plays an important part in maximizing the effect of business intelligence. Read our comprehensive article on data analytics to find out more about these techniques.
Critical information collected through various channels (for instance, via IoT and edge technologies) can arm executives with invaluable data.
To make sense of and collect the full picture behind singular data points, various data analysis tools and methods need to be used in tandem. These kinds of tactics create the foundation for informed and impactful decisions leading to business evolution.
Don’t just take our word for it! Learn from Lufthansa, who used data analytics with Tableau to enable extensive business monitoring and reporting done throughout every department.
Integrating advanced data analytics software solutions allowed them to make data-based decisions on the spot, in live meetings. By doing so, they:
- Increased business efficiency by 30%;
- Gained department autonomy and flexibility;
- Became more competitive using strategic insights.
The benefits of using data analytics tools in business
By using business analysis to support faster and more effective decision-making, you position yourself for significant gains, including:
- Higher success rates in product development;
- More chances to discover new opportunities and revenue sources;
- Superior product quality control and issue resolution;
- Result-driven customer experience design;
- Stronger customer acquisition and retention;
- Improved operational efficiency and productivity;
- Enhanced market competitiveness and financial success.
Key features to look for in data analysis software
Data analytic tools vary in features and functionality. Some are offered as end-to-end business intelligence and data analytics suites while other stand-alone applications focus on a particular set of tasks, equipping users with tools for data collection, data analysis, data visualization, etc.
So it’s important to be aware of the various capabilities data analytics services provide and know what to look for when setting up a business intelligence infrastructure.
1. Data Integration
In order to use various methods and data analytics tools together in one cohesive process, they need to be compatible with each other. Take a close look at the feature specifications and find out whether your chosen analytics software supports the import/export of data from other systems, including the ones you already have in place.
Having multiple databases as sources enables your team to establish sophisticated data pipelines, extracting insights across your whole field of operations.
2. Real-time dashboarding and reporting
It’s very important to collaborate and share your data findings with your teammates, especially across different departments. For you to be able to do that, your data analysis tool must be packaged with advanced data visualization capabilities.
Your data analytics solutions should allow you to design dashboards and generate interactive reports with drill-downs and filters, so you can monitor your KPIs in real time and efficiently collaborate to reach positive business outcomes.
3. Scalability
Watch out for tools that can box you in and impose serious limitations on your data efforts. Some analytics software is limited to a number of users, with expansion plans offered at extra pricing. Others offer pricing on a pay-as-you-go model.
Make sure that the tools you use will accommodate the individual pace of your business evolution, and that they are flexible enough to apply changes as you pivot from your original trajectory.
4. Data privacy and security
Check if your data tools allow you to choose between cloud storage and on-premise data aggregation. If there’s no better alternative, and you are forced to upload your data to the cloud, make sure there’s a strong enough data governance model in place.
With advanced data governance and control, you can easily protect sensitive information and trade secrets from unauthorized access by employing the right policies and effective incident response plans against threats and emergencies.
5. User-friendly interface
If your team employs both technical and non-technical personnel, as well as experienced developers, a good idea would be to find a tool that can accommodate all.
Some data analytics software has intuitive controls for non-techies but also lets users bypass them to take advantage of advanced interactions via data programming with SQL, BigQuery, etc. It’s a great shortcut for those who need to accomplish more in less time and have the know-how to do it.
Overview of Top Data Analytics Tools
There’s no magic wand you can use here. Data analysis is a complex process that requires using a combination of tools for different purposes.
These tools enable users to manipulate data, perform statistical analyses, create predictive models, and present their findings in visual interactive reports through charts, graphs, and dashboards.
Our team of data analytics experts at Coherent came up with a list of software we recommend for decision-makers to help them in their endeavors.
1. Data analytics tools for setting up and keeping track of KPIs, milestones, and objectives
Databox
Pricing:
- Free limited plan for individuals and small teams;
- $47 to $319 / month plans according to data needs.
Databox simplifies business analytics for growing companies. It centralizes data, enabling you to monitor your company’s health, make informed decisions, and enhance performance.
You can keep track of your own teams, as well as set up benchmarks to compare against rival companies on the market. Databox packs features for creating custom dashboards, automating reports, setting up goals, and predicting future outcomes.
DashThis
Pricing: from $42/month for 3 dashboards to $382 / month for 50 dashboards. The price goes up for higher data needs (based on the number of dashboards).
DashThis streamlines digital marketing reporting, providing essential features without the clutter. The application has an intuitive and appealing dashboard tool that saves time on data aggregation and empowers marketers to focus on data-driven decision-making.
The data analysis software integrates with more than 30 data sources and offers a handy CSV File Manager for additional data.
Grafana
Pricing:
- Freemium with usage-based pricing for extensive data needs;
- $299 / month advanced premium bundle for enterprise usage (may be expanded with usage-based pricing).
Grafana is a leading technology for dashboards and visualization. It’s used by over 3,000 customers, including major companies like Bloomberg, Citigroup, Dell Technologies, Salesforce, and TomTom. Grafana Labs offers the LGTM Stack, which includes scalable metrics (Grafana Mimir), logs (Grafana Loki), and traces (Grafana Tempo).
You can run it fully managed with Grafana Cloud or self-managed with Grafana Enterprise. The company is backed by investors such as Lightspeed Venture Partners, Lead Edge Capital, GIC, Sequoia Capital, Coatue, and J.P. Morgan.
The customizable data tracking and visualization platform allows you to easily visualize metrics, logs, and traces from multiple sources like Prometheus, Loki, Elasticsearch, InfluxDB, Postgres, and many more.
2. Data analytics tools for data collection and storage
Salesforce Data management tools
Pricing:
- $25 - $80 / month for small to medium size businesses;
- $165 - $500 / month for enterprise-scale businesses.
Salesforce comes with an impressive package of data tools for different business departments like Salesforce Marketing Cloud, Sales Cloud, Data Cloud, and Service Cloud, which makes the platform very convenient for most cases of data aggregation.
Salesforce’s flexibility allows companies to unify data from various sources, including Snowflake, AWS Redshift, Google BigQuery, and Databricks. This harmonized data powers automation, analytics, and action across customer engagement scenarios.
Data Cloud seamlessly combines structured and unstructured data, enabling rapid and secure feeds to predictive and generative AI. This enhances outcomes by ensuring accuracy and relevance in the company’s data strategy.
Need help setting up Salesforce for your business? Find out how we can help. Trying to figure out how you can use Salesforce to manage and track your company’s leads? Check out some best practices for lead management.
Integrate.io
Pricing:
- $1250 / month for daily usage;
- $2083 / month for heavy and frequent usage.
Integrate.io offers an ETL and ELT platform that allows you to efficiently prepare your data using a straightforward cloud-based integration service. With Integrate.io’s user-friendly point-and-click interface, you can seamlessly integrate, process, and prepare data without the need for software installation, deployment, or maintenance.
Integrate.io seamlessly integrates with a wide range of data stores, including:
- Relational databases: Heroku Postgres, PostgreSQL, MySQL, Amazon RDS, and Microsoft SQL Server;
- NoSQL data stores: MongoDB, MongoLab, Compose, and MongoSoup;
- Cloud storage: Amazon S3 and Google Cloud Storage.
- File storage: GDFS and SFTP;
- Web services: Google Analytics, Google AdWords, HubSpot, and Mixpanel, and any kind of REST API integrations.
The data analytics tool enables seamless data transformations without coding. All the features are ready out-of-the-box, with no need for prior setup.
Integrate.io consolidates data from multiple sources, allowing you to apply complex functions, as well as aggregate, filter, rank, sample, and sort data. It automatically parses unstructured data sets, and streamlines data pipelines.
Talend Data Fabric
Pricing: discussed with the sales team.
If you want to experiment and customize your data management journey to your liking, consider modern platforms like Talend.
Talend, a global data integration platform, simplifies data management, cloud storage, and enterprise application integration. Analysts use this Java-based ETL tool to process large data volumes efficiently.
Talend offers features like data integration, preparation, cloud pipeline design, and stitch data loading, making it crucial for ETL processes in analytical departments. Other defining features include:
- Talend Trust Score to ensure data governance and resolve quality issues across the board;
- Sharing data internally and externally through comprehensive deliveries via APIs.
3. Data analytics tools to help you clean your data
Easy Data Transform
Pricing: $99 one-time fee.
Easy Data Transform works great if you need to merge, clean, deduplicate, and reformat data with a few clicks. The application seriously simplifies data manipulation: with 42+ transform functions, it lets you blend, clean, and restructure your data effortlessly.
You can use Easy Data Transform to join Excel files, filter records by date, and more—all through a drag-and-drop interface. The data analytics software is available for Windows and Mac, and it ensures your sensitive data stays private.
IBM Infosphere Quality Stage
Pricing: personalized, upon request.
IBM Infosphere Quality Stage is a platform purpose-built for cleaning extensive datasets, particularly tailored for business intelligence purposes. Equipped with around 200 pre-configured data quality rules, this solution can seamlessly adapt to your unique use case.
It’s a powerful tool that aids your data quality and information governance efforts. It empowers you to explore, cleanse, and oversee your data, ensuring consistent perspectives on critical entities such as customers, vendors, locations, and products.
Using the app, you can provide high-quality data for a variety of projects, including big data analysis, business intelligence, data warehousing, application migration, and master data management.
WinPure Clean & Match
Pricing: starting from $1999 for small business
WinPure Clean & Match offers a comprehensive set of features, including exclusive algorithms for identifying data anomalies, automatic selection of master data, results exporting, tools for merging and purging data, and a dashboard that showcases data matching scores.
It’s particularly useful for cleaning, correcting, and deduplicating mailing lists, databases, spreadsheets, and CRMs. The data analysis software includes seven data cleansing modules and advanced fuzzy matching capabilities.
4. Top end-to-end business data analytics platforms
Microsoft Power BI
Pricing:
- $10 per user / month Pro plan: including analytics, reports, and dashboards;
- $20 per user / month Premium plan for more expansive data needs.
Power BI enables you to connect data from various sources, uncover insights, and create impactful visual reports. With its very own data lake for unified storage, OneLake, you can manage and analyze data efficiently while minimizing duplication. The data analytics software offers advanced data-analysis tools, AI capabilities, and a user-friendly report-creation tool.
The app supports various data sources and allows users to easily consolidate multiple dashboards and reports into a convenient Power BI app for streamlined distribution. Plus, it effortlessly integrates with Azure Machine Learning.
SAP BusinessObjects
Pricing: shared upon request
SAP BusinessObjects is a powerful suite for data exploration, analysis, and reporting. It seamlessly integrates with Microsoft solutions and connects them with BusinessObjects reports, allowing one to easily source external data. It’s also a great tool for predictive analytics.
The platform is equipped with various reporting and analysis applications, each with its distinct identity, purpose, and functionality. Users can employ the exploration tool to sift through extensive data volumes and create customized visual representations of their discoveries.
ThoughtSpot
Pricing:
- $95 / month for individuals and small teams;
- $1250 / month for small companies;
- custom prices for enterprise needs.
ThoughtSpot is an AI-powered analytics platform that empowers users to explore data from diverse sources through reports and natural language searches. Its AI system, SpotIQ, independently discovers insights, bringing hidden patterns to light. Moreover, ThoughtSpot facilitates data joins across disparate sources, effectively eliminating data silos.
The data analysis software empowers users to interact with data directly, offering an intuitive point-and-click interface. It excels in handling simple filtering and aggregations. For more complex analyses, technically proficient users can leverage raw SQL. ThoughtSpot works wonders when exporting analytics results to external platforms, including popular business communication tools like Slack.
5. Data analytics tools for visual storytelling
Tableau
Pricing:
- $15 per user / month for everyone who uses data insights to inform their work, but doesn’t conduct their own analysis;
- $42 per user / month for business users who edit existing analytics dashboards, but don’t build them from scratch;
- $75 per user / month for data scientists, analysts, developers, and everyone who analyzes raw data and manages data environments.
One of the most prominent data visualization tools out there, Tableau is basically a household name. It is widely employed in the business intelligence industry. Data analysts use Tableau to craft interactive dashboards that vividly showcase data trends, variations, and density through charts and graphs.
The data visualization tool boasts some distinctive features:
- Advanced Dashboarding: With support for multiple views and objects, Tableau offers a variety of layouts and formats. Users can easily deploy suitable filters to refine their data exploration;
- Drag-and-Drop Functionality: Creating interactive and shareable dashboards becomes effortless with Tableau’s intuitive drag-and-drop interface;
- Seamless Integration: Tableau seamlessly integrates with databases, spreadsheets, and big data queries. It supports connections to various platforms such as Presto, MemSQL, Google Analytics, Google Sheets, Cloudera, Hadoop, Amazon Athena, Salesforce, SQL Server, and Dropbox;
- Collaboration and Secure Data Sharing: Instant collaboration and secure data sharing features support partnership in solving business tasks.
Sisense
Pricing: customized pricing, based on needs.
Sisense offers an extensive suite of tools designed for building interactive dashboards, complete with a user-friendly drag-and-drop interface that fosters teamwork. The dashboards effortlessly combine various data sources and widgets to present a comprehensive view of key metrics. Moreover, Sisense enables users to generate and monitor different metrics and seamlessly incorporate dashboards, widgets, and filters into their applications.
Sisense is designed to effortlessly handle terabytes of data and accommodate thousands of users simultaneously, all while operating on a standard server. This powerful capability has captured the admiration of some of the most prominent and data-driven organizations globally, such as eBay, Henry Schein, and NASA.
Spotfire
Pricing:
- $250 per year per seat for the Consumer plan;
- $650 per year per seat Business plan allows you to build and author analytics content;
- $1,250 per year per seat Analyst plan gives you advanced analytics capabilities.
Spotfire stands out from the crowd as a robust data analytics platform, offering natural language search and AI-driven data insights. Beyond its comprehensive visualization capabilities, it allows publishing reports directly into mobile and desktop applications.
Additionally, Spotfire equips users with point-and-click tools and scalable solutions for predictive analytics, integrated data science, geolocation analytics, and instantaneous streaming analytics.
It’s a platform designed to expand in tandem with an enterprise’s evolving demands, ensuring it remains a valuable asset rather than becoming an obstacle for intricate needs.
How to Choose the Right Data Analytics Tool
So how do you choose the right software to equip in your data analytics toolkit? Our data experts at Coherent recommend following this roadmap:
1. Decide on the essential features you’ll require
We already went over the key features of data analysis software. The choice depends on your business cases and the specifics of your operations. Make sure the tool is flexible to different situations and customizable enough to switch between objectives.
Selecting the appropriate tools can transform intricate data into compelling narratives, so be very selective, and do not compromise on mediocrity.
2. Figure out your data capacity
Make sure that the chosen data analytics tool can handle data overheads. Always plan for a rainy day, as you don’t want to end up in a situation where the unexpected influx of data breaks your pipeline.
3. Define your budget
When evaluating data tools, weigh upfront costs against potential returns. Ensure a balance between quality and affordability for a wise and rewarding investment.
Some tools are free, others can charge based on the amount of features in the selected plan, and some offer usage-based pricing. Figure out what suits you best and what’ll provide the most upside in the long run.
4. Flip through reviews and ask around
Look around and examine evaluations and scores from reputable sources like G2, Capterra, and Cuspera. If you have any peers who recently reached an impressive outcome through business intelligence, ask them what tools they used to accomplish the feat.
5. Experiment with trials and demos
We encourage decision-makers to take advantage of trials and demos offered by business intelligence and data analytics tool providers. It’ll give you the chance to explore the capabilities, interface, and performance of various tools in real-world scenarios.
Conclusion
A good set of data analytics tools will give you a clear view of your business’s current operations. It will also allow you to monitor processes and extract valuable insights from customer interactions.
Coupling these with predictive and prescriptive analytics can provide you with a glimpse into the future and forecast upcoming trends to cut off your competitors and beat them to the punch.
With any one of the aforementioned data analytics tools, your team can benefit from being able to achieve optimal results and minimize costs.
To maximize the profit from the outcomes, a wise decision would also be to augment your team and put these powerful tools in the hands of hardened professionals, such as data analysts and business intelligence developers.
Coherent Solutions ready to enhance your data efforts
The transformative potential of data analytics is only fulfilled when done right. It’s not just about big data; it’s about the right data tools in combination with smart actions to derive and maximize the output of data insights, turning information into actionable intelligence.
Our team specializes in delivering bespoke solutions that harness the power of data to drive decision-making and growth. Let’s embark on this journey together, and craft a future where every decision is informed, every strategy is data-driven, and every success is measurable.
Unsure about which data analytics tool fits your unique needs? Or maybe you need to tune it exactly to your specific business case? Contact our data experts now for a free consultation on choosing the best data toolkit for your team. Additionally, explore how our data analytics services can enhance your business strategy even further.
FAQ
What is the best data analytics tool for beginners?
One of the most straightforward tools is Excel. It’s renowned for its spreadsheet functionality but also offers impressive calculations, graphing functions, and pivot tables- it is ideal for data analysis. While it’s invaluable for tasks like sorting and totaling data, it runs slowly with large datasets and can be quite inaccurate in its calculations of large numbers. Despite its limitations, Excel remains an important and powerful data analysis tool.
How much does a good data analytics tool cost?
One of the most popular data analysis tools on the market, Tableau, is priced at $75 per user per month.
Can I use multiple data analytics tools together?
Yes, using multiple data analytics tools together can be beneficial for data blending, collaborative data analysis, tool integration, and cloud-based collaboration. However, while this approach can provide comprehensive insights, it may require more resources for management and integration. Therefore, the decision should be based on the specific needs and capabilities of your business.
How long does it take to learn a data analytics tool?
The time it takes to learn a data analytics tool can vary based on the tool and the individual’s familiarity with data concepts. However, these tools are generally designed to be user-friendly and intuitive. Therefore, with some dedicated time each week, a non-technical user could become proficient in a matter of weeks to a few months.
What are the most important features to look for in a data analytics tool?
When choosing a data analytics tool, consider features like embeddable results for real-time analytics and reporting, data wrangling and preparation, data exploration, support for different types of analytics, scalability, version control, simple data integration, and data management. Additionally, look for features that can help you with tasks like data blending, data cleansing, and collaborative data analysis. The right choice highly depends on your specific needs and circumstances.
How do I know if a data analytics tool is suitable for my business size/type?
You need to weigh your needs and objectives. Larger enterprises often demand powerful and adaptable tools, whereas smaller businesses tend to emphasize cost-effectiveness and user-friendliness. Additionally, the nature of the business plays a role in tool selection. For instance, marketing firms may favor tools with robust visualization capabilities, while financial institutions might seek out features related to advanced predictive analytics.
Is it better to choose a tool with a steep learning curve but more features, or a simpler one?
When choosing between a tool with a steep learning curve and more features versus a simpler one, consider your specific context. Tools with rich functionality and complexity offer scalability and competitive advantages but require time to learn. Simpler tools are efficient and quick to adopt, but they may lack advanced features. Assess your project scope, user base, and resource constraints to make an informed decision.
What common mistakes should I avoid when integrating a data analytics tool?
Try to sidestep the most typical pitfalls, like lacking clear objectives and requirements, overlooking aspects of compatibility and scalability, disregarding usability and support, bypassing functionality and performance assessments, failing to conduct a cost-benefit analysis, and not considering the difficulties of integrating data sources. By engaging in careful planning and assessment, you can make well-informed choices throughout the integration process.
How can I convince my team to adopt a new data analytics tool?
To convince your team to adopt a new data analytics tool, you need a strategic approach. Start by identifying the need and demonstrating the benefits of the tool, including how it can ease tasks, improve decision-making, and boost productivity. Provide training and address any concerns about the learning curve, system compatibility, or data security. Implement the tool in phases, starting small and expanding as the team gets comfortable. Regularly share the positive results from using the tool, such as time savings, increased data accuracy, or better insights. Remember, change can be challenging, but with clear communication and support, your team can successfully transition to the new tool. Good luck!
What resources are available for learning more about data analytics tools?
There’s a variety of educational materials for understanding data analytics on the web. Springboard presents detailed guides and educational programs. Coursera delivers a range of articles about different data analysis tools. Noble Desktop maintains a blog with educational content, Machine Learning Mastery suggests complimentary resources for mastering data analysis and data science, and Elite Data Science provides a wealth of free materials for novices. These educational tools, blending conceptual understanding with hands-on expertise, are ideal for those new to the field of data analytics.