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Data Analytics Tools and How They Can Help with Operational Strategy and Decisioning?

Posted on by Rolly Riego
Data Analytics Tools
06
May

There are a variety of data tools available on the market today.  Here are a few worth mentioning when exploring what tools may fit your company’s needs. | Data Analytics Tools

Performance Management Software

  • What is performance management software?

Performance management software is used to create and measure KPIs, or key performance indicators. This helps you track, measure, and monitor business operations. It can be used by all departments, including operations management.

  • How does it impact operations management?

This kind of software can impact operational decisions. It can also help you improve your KPIs and increase production

Data Visualization Tools

  • Data visualization makes it easy to explore the data and find any trends.
  • Data visualization helps you make forecasts and predictions.
  • Data visualization allows you to make decisions based on real-time information.
  • Data visualization helps you understand your data better, especially if it is big data.
  • Data visualization makes it easy to share results with people who are interested in the details of your analysis project but do not have a technical background in big data analytics.
  • It is easier to explain results through visual representation rather than pure text or numbers. The more complex the analysis result, the more important it is to use

Data visualization tools that can assist you in making an impact with your analysis charts and graphs.

Spreadsheet Software

Spreadsheet software is a tool that can be used to build simple or complex calculations. They are also useful for creating charts and graphs, managing large amounts of data, and presenting information with many variables in an organized way. Spreadsheet software programs include Microsoft Excel, Google Sheets, Smartsheets, Apple Sheets, Airtable, WPS, and more.

Statistical Analysis Software

Statistical analysis software is used to perform data analysis. It is a set of tools that are used to collect, manage and analyze data. These tools can be used to understand large amounts of data in order to make better decisions. Statistical analysis software is also known as statistical software or statistics package.

Statistical analysis software is used in many industries, including manufacturing, healthcare, and finance. Common uses for statistical analysis software include analyzing data from experiments or surveys, forecasting future trends, and making predictions based on past performance.

Data Mining Software

What is Data Mining?

Data mining, also known as Knowledge Discovery in Databases (KDD), is the practice of automatically searching large stores of data to discover patterns and trends that go beyond simple analysis as it can help enterprises to make confident decisions. It is a multidisciplinary skill that uses machine learning, statistics, AI, and database technology. The growing adoption of big data and the need for real-time analysis are driving the growth of the global data mining market. Data mining software helps users to extrapolate key information from large chunks of raw data. It is one out of three methods used to extract knowledge from these sets that also include machine learning and statistics. This method examines large amounts of data in an attempt to uncover hidden patterns or correlations that can lead enterprises or business owners to make more informed business decisions by analyzing the collected data comprehensively. Data mining consists of various techniques like decision tree building, clustering, association rule learning, etc., each having its own unique way of solving different problems based on specific needs.

Enterprise Reporting Tools

Enterprise reporting tools can help your business in a variety of ways, including tracking metrics and KPIs, displaying dashboards and visualizations, analyzing data for decision making, and with customer data and employee data, and financial data.

Data Analytics can help in KPI, production, and operations management, as well as impacting decision making.

In order to understand how data analytics can help operations, let’s first define what data analytics is. Data analytics is the process of analyzing raw data in order to uncover trends and patterns within that data. It is often used to improve business decisions and operations.

Data analysis can be used to inform KPI (key performance indicator) setting, which helps with tracking and measuring the performance of a business as well as impacting decision making by providing ample information. For example, if your business has a goal of improving customer satisfaction by 5% over the next year, you’ll need a way to track your progress towards that goal. Using data analytics on your customer satisfaction surveys will give you the ability to see if you’ve met that goal after one year or not, along with an understanding of other factors that might have impacted your customers’ responses over time (new product rollouts, increased marketing efforts for example). Knowing whether or not you met this KPI will allow you to make better-informed decisions moving forward about how best to impact this metric in either direction.

Data analytics can also be used when it comes to production management and operational management as well. By using historical data from previous years combined with current metrics and industry trends, businesses are able to forecast supply chain needs more accurately than ever before. This allows them to create plans around inventory purchases while also maintaining flexibility in case their forecasts are incorrect based on new information learned in real-time throughout the forecasting period.

Conclusion

There are a variety of tools that are available on the market, each providing its own purpose while providing unique benefits.  However, there are tools that are available on the market that incorporate multiple types of tools under one platform.  Explore your companies and operations needs to figure out if you need separate industry unique tools or a platform that can tie in multiple capabilities in one.  There’s added value in each tool but it’s clear that data analytics tools can optimize the way you operate your department/business and make decisions routed in your data. The challenge is to find one that is right for you.

Data Analytics Tools

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