90% of Top Firms Use AI: You're Missing Out!
Did you know 90% of industry leaders invest in AI? Yes, you heard right. They're using AI to revolutionize business analysis. From Tableau to IBM Watson, these tech giants are taking data analysis to the next level.
AI isn't just a buzzword anymore. It's a game-changer. It simplifies complex tasks, identifies trends, and makes better predictions. It's all about efficiency, accuracy, and a competitive edge.
Here's the scoop:
- AI-powered tools process large datasets in no time, saving precious resources.
- Automation frees up your time for high-level strategic work.
- Predictive analytics powered by AI helps allocate resources wisely.
In short, AI is the secret weapon for smarter decision-making in Businesses !
Overview: AI tools for Business/Data Analysis
Artificial intelligence has become a crucial component in data analysis, as it offers advanced techniques and AI based algorithms that enable efficient and accurate data analysis, providing businesses with a competitive edge.
AI tools for data analysis augment human capabilities and automate complex processes, enhancing the efficiency and accuracy of data analysis tasks.
AI-powered tools can process large datasets in a fraction of the time it would take a human analyst, saving time and resources.
This allows organizations to derive meaningful insights from their data and make better predictions, ultimately improving decision-making. Automation of repetitive tasks is another significant advantage of AI in data analysis, as it frees up time for analysts to focus on more strategic work.
Predictive analytics is one area where AI tools excel. They can identify trends and patterns in data, which can then be used to allocate resources more wisely. AI-driven business analytics tools offer insights that would otherwise be buried in data, helping organizations prioritize strategic work.
To keep all these things in mind, we can say that AI tools for data analysis are essential for businesses to gain deeper insights, make better predictions, and improve decision-making.
By using AI-powered datasets and algorithms, businesses can improve the speed, accuracy, effectiveness, and consistency of their decision-making processes.
Best AI Tools for Data Analysis 2023
Within the field of data analysis, a variety of AI tools have been developed to assist business analysts in processing and visualizing data more effectively. Well-known AI tools for data analysis include Microsoft Power BI, Tableau, IBM Watson, MonkeyLearn, DataRobot, and more.
These tools encompass a wide range of features and capabilities, empowering analysts to gain deeper insights and make more informed decisions. In the upcoming text, we will examine the specifics of each tool and highlight their distinct offerings.
Foremost to the list of Business Analysts is Microsoft Power BI, a potent business intelligence (BI) and data visualization tool that helps organizations transform raw data into actionable, and deeper insights.
It enables your business to create interactive reports, dashboards, and visualizations from various data sources, including Excel files, SQL databases, cloud data, APIs, and web pages.
Microsoft Power BI has a wide range of crucial features including Copilot, a next-generation AI tool that helps in creating impactful reports faster by analyzing and pulling the proper data into a report based on the user's description.
This business analysis tool promotes a data-driven culture and helps to make confident decisions using up-to-the-minute analytics.
Power BI offers a centralized data hub that allows you to create datasets from any data source and add them to the Power BI data hub, creating a single source of truth for all data. Users can turn raw data into engaging visuals using industry-leading data analysis tools powered by AI and an approachable drag-and-drop report canvas.
Furthermore, Power BI seamlessly integrates with the Microsoft ecosystem, including Microsoft 365, Dynamics 365, Azure, and other apps, to drive innovation across the entire organization.
Microsoft Power BI Pricing
- Power BI Pro: Priced at $9.99 per user/month, this plan is for individual users and includes modern, self-service analytics to visualise data with live dashboards and reports and share insights across the organization. Power BI Pro is also included in Microsoft 365 E5.
- Power BI Premium: Available in both per-user and per-capacity options, this plan is developed for organizations requiring advanced AI, self-service data prep for big data, and simplified data management and access at an enterprise scale. The per-user plan costs $20 per user/month, while the per-capacity plan starts at $4,995 per month. Power BI Premium requires a Power BI Pro license for publishing content into Power BI Premium capacity.
For users with Power BI Pro and Microsoft 365 E5 licenses, a $10 per user/month add-on is available to upgrade to Power BI Premium per user.
Tableau, ranking second to business analytics tools, is a rapidly growing data visualisation tool. It helps the business organization to easily organise, manage, visualise, and understand your data.
It offers a comprehensive suite of products for seamless business processes, including Tableau Desktop, Tableau Prep, Tableau Server, Tableau Online, and Tableau Public.
Main features include the ability to create visually appealing and interactive dashboards, reports, and charts using large datasets which helps you in making informed decisions. Moreover, compatibility with numerous data sources like cloud databases, spreadsheets, machine learning algorithms, and social databases, helps Tableau to stand out from the rest.
Tableau supports connectivity with live and in-memory data, providing you with real-time analytics. Its intuitive drag-and-drop interface helps in exploring data without the need for advanced programming skills.
It also promotes collaboration by enabling users to share their visualizations and insights with others in their organization through Tableau Server, to curate more data-driven decisions. The platform also offers geospatial analysis and mapping capabilities, as well as smart analytics that utilize AI and machine learning for advanced insights and personalized recommendations.
- Tableau Creator plan – An individual user plan that will cost $70/ per month. This plan includes Tableau Desktop, Tableau Prep, and a Creator licence of either Tableau Server or Tableau Online.
- Tableau Viewer, Tableau Explorer, and Tableau Creator plan – Tailored for teams with prices ranging from $12 to $70 per user per month.
It is based on the GPT-3.5 and GPT 4 architecture and uses deep learning techniques, specifically transformer neural networks, to process text and generate text prompts based on the patterns it learns from training data.
Business analysts use ChatGPT for formulating use cases, capturing requirements from their perspective, and creating more accurate and well-defined business insights.
IT professionals can also assist with creating verification criteria, validating and refining use cases and user stories, and providing insights into current state analysis. Additionally, it can be used to automate time-consuming and repetitive tasks, allowing business analysts to focus on more strategic work.
ChatGPT offers both free access and a paid subscription plan called ChatGPT Plus. The ChatGPT Plus subscription is available for $20 per month and provides you with several benefits, including general access to ChatGPT even during peak times, faster response times, and priority access to new features and improvements.
4. IBM Watson
IBM Watson is a powerful AI platform developed for business analysts to enhance the productivity of their business by integrating AI and automation. Watson offers a wide range of advanced APIs, specialized tools, and software-as-a-service applications, making it suitable for complex use cases and seamless processing of everyday business analysis.
The Watson platform comprises several products, including Watsonx.ai, Watsonx.data, and Watsonx.governance.
IBM Watson includes key elements like Watsonx.ai for training, validating, tuning, and deploying machine learning models; Watsonx. data for scaling business analysis tasks and AI workloads; and Watsonx. governance for accelerating responsible, transparent, and explainable data and AI workflows.
It also provides specialized products such as Watson Orchestrate for automating repetitive tasks, Watson Assistant for providing AI-powered chatbot solutions, and Watson Discovery for extracting valuable insights from complex business documents using natural language processing.
You can use this advanced AI business analysis tool to make informed decisions and boost the performance of the organization.
IBM Watson Pricing
- Watson Assistant pricing starts at $140 per month
- Watson Discovery pricing starts as low as $500 per month
For more details, visit the official website of IBM Watson.
Following the list of best AI tools for business analysts is MonkeyLearn, an AI-curated text analytics platform developed to help you analyze and visualize customer feedback of your business, and increase customer satisfaction.
It offers instant data visualization and detailed insights through its all-in-one text analysis. This tool digs deeper to boost your customer service.
The pre-built and custom machine learning models, allow you to choose from a range of pre-trained classifiers and extractors or build and train your models without coding. You can easily create topic classifiers, sentiment analysis, entity extractors, and more, by importing their dataset, defining custom tags, and training your models in a simple user interface.
MonkeyLearn also provides business templates tailored for different scenarios, equipped with pre-made text analysis models and dashboards for making effective business decisions.
The platform offers easy integration with apps and BI tools using native integrations, SQL connections, or APIs.
DataRobot is a comprehensive AI lifecycle platform used for predictive and generative AI software applications. It offers broad ecosystem interoperability for a seamless exchange of information.
This business analyst tool helps your business to experiment with multiple AI problem framings, identify key drivers, and build precise models that drive impact.
High points of DataRobot include AI experimentation for rapid model building, data preparation for automated feature engineering, and AI production for managing and governing AI assets. The interoperable ecosystem to integrate data platforms and APIs, and apply AI expertise.
Datarobot quickly experiments with multiple AI problem framings, automate the discovery and engineering of thousands of new features, and manage, scale, and govern AI assets in a centralized control and command center for your business. With its open ecosystem, It maximizes existing investments by connecting to data warehouses, data lakes, and feature stores, while also guiding a team of AI experts with deep expertise and broad use-case experience.
DataRobot is priced as an annual subscription, allowing organizations to customize their solution to achieve their business goals. To get a quote or more information about the pricing, you can contact DataRobot's sales team or request a demo.
Databricks, an open analytics platform for business analysts, provides the user with comprehensive solutions for data management, analytics, and AI. You can overview your business’s data with easy integration and secure, platform-independent data sharing.
The platform can efficiently handle workloads ranging from simple data pipelines to massive machine-learning models.
Databricks's key components enhance business systems through a collaborative workspace for data sharing and processing, streamlined data ingestion, and management with automated ETL. Furthermore, the storage of data improved performance compared to traditional cloud data warehouses.
The platform also accelerates machine learning across the entire lifecycle, providing a data-native and collaborative solution for the full machine learning process. Additionally, Databricks combines control over data, analytics, and AI, centralizing auditing and tracking usage through automated lineage and monitoring capabilities.
Databricks pricing follows a pay-as-you-go approach with no upfront costs, charging you on the requirement of the products. The platform provides you with committed-use discounts. For more detailed pricing information, you can check out the official website of Databricks.
Moving forward is H2O.ai, an AI and machine learning forum that provides business analysts with a suite of products to accelerate the adoption of machine learning and AI in data analysis.
The platform includes several characteristics such as H2O Driverless AI, an automatic machine learning (AutoML) tool that automates feature engineering, model building, visualization, and interpretability. It is optimized for GPU acceleration, achieving up to 40x speedups for automatic machine learning.
It also provides the H2O AI Cloud, a problem-solving platform that simplifies the process of implementing machine learning solutions into practice. The AI Cloud helps organizations to make, operate, and innovate to boost innovation and push the boundaries of what is possible with artificial intelligence.
The H2O LLM Studio Suite empowers companies to create custom GPTs and provides a no-code fine-tuning framework for state-of-the-art large language models.
Further, it offers you the H2O Feature Store, which streamlines data quality management across all machine learning pipelines, reducing the time spent on repetitive tasks.
Splunk is an AI-based software for business analysis tailored to manage and analyze machine data, providing you with real-time operational intelligence.
The tool collects data from various sources, including metrics, logs, clickstreams, sensors, stream network traffic, web servers, custom applications, and more.
Splunk's key features include data visualization, performance metrics, data collection, real-time search, indexing, KPI tracking, reporting, and monitoring. Splunk Enterprise offers a comprehensive set of features, such as workload management, search processing language, monitoring, alerting, and reporting.
It also provides a monitoring console for on-premises deployments, giving administrators a single interface to view the status, performance, capacity, and interconnectivity of system components.
Splunk's search processing language (SPL) helps business analysts perform simple searches and advanced data exploration.
- Workload Pricing – Pay based on the types of workloads running on the Splunk Platform
- Ingest Pricing – Charges based on the amount of data you bring into the platform
- Entity Pricing – Plan based on the number of hosts using Splunk observability products
- Activity-based Pricing – Pay directly for activities monitored by Splunk observability products
For more pricing information, you can check out the official website of Splunk.
Lastly on the list of AI-powered tools for business analysts is RapidMiner, a data science platform that helps support your business’s entire analytics lifecycle, including data engineering, model building, ML Ops, AI app building, collaboration, governance, trust, and transparency.
RapidMiner offers you an array of features including visual workflow design, you can create end-to-end analytic workflows through a drag-and-drop interface, requiring minimal coding.
Rapidminer supports automated data science, code-based data science, big data, real-time scoring, and hybrid cloud deployment. RapidMiner is known for its flexibility, providing pre-built models, generalized transformations, and evaluation processes.
It also supports more than 1,500 machine learning and data preparation functions and over 40 file types. Its capabilities extend across the full analytics lifecycle, making it a valuable tool for teams and organizations looking to maximize the value of their data.
RapidMiner offers customers with tailored pricing respect to their team's specific needs. To get more information on pricing, you can contact RapidMiner directly through the form provided on their website.
11. Microsoft Excel
Microsoft Excel is a dynamic spreadsheet application crafted by Microsoft Corporation. This multifaceted tool is employed on a range of platforms, including Windows, macOS, Android, iOS, and iPadOS, to manage, scrutinize, and present data effectively. As an integral element of the Microsoft 365 collection of software, Excel has established itself as a vital resource for professionals in diverse industries.
Excel is a versatile spreadsheet application that enables you to arrange data in columns and rows, making it easy to manipulate information using mathematical formulas.
With a wide array of features such as pivot tables, graphical tools, and the powerful macro programming language Visual Basic for Applications (VBA), Excel allows you to carry out complex calculations, design visually appealing charts and graphs, and automate tasks using custom scripts.
One of Excel's main advantages is its ability to streamline decision-making processes in businesses.
The Copilot feature in Excel assists users in analyzing and exploring data, identifying trends, and suggesting what-if scenarios, ultimately providing valuable insights for business improvement.
👉Also Check: 8 Powerful Ai Tools for Microsoft Excel 2023
Excel also incorporates intelligent tools that learn user patterns, organize data, and save time by simplifying the creation of spreadsheets from templates or from scratch. Collaboration is another crucial aspect of Excel.
The application enables you to share your workbooks and spreadsheets with team members, allowing everyone to work on the most recent version using mobile, desktop, or online apps. This real-time collaboration feature ensures faster and more efficient teamwork.
Microsoft Excel's Pricing Plans
Microsoft Excel offers various pricing plans to cater to different user needs.
- For a one-time purchase of $159.99, users can get Excel for 1 PC or Mac, which is compatible with Windows 11, Windows 10, or macOS.
- Microsoft 365 plans start at $6.99/month and include Excel, Word, PowerPoint, Outlook, and 1 TB of cloud storage per person.
Lastly, Sisense is a cutting-edge data analysis and embedded analytics platform that empowers companies to turn their data into practical insights for streamlined business processes.
Designed with a user-friendly interface, it enables individuals with diverse skill levels to effortlessly adopt the tool and craft visually engaging reports.
Sisense offers a comprehensive set of features that help organizations transform data into valuable insights for efficient business operations.
Some of the main aspects of Sisense include AI-powered data exploration and automation, effortless data modelling, self-service business intelligence for both code-first and no-code users, unlimited scalability, customizable and interactive visualizations, integration with source control, embedded analytics, white-label BI capabilities, seamless Git integration, cloud-native deployment options, and machine learning and AI integration.
These features collectively support businesses in making data-driven decisions and incorporating analytics into their products and processes, catering to a wide range of business operations.
Sisense's Pricing Plans
Sisense offers a customized pricing model tailored to meet the specific needs and budget of each organization, ensuring a ‘no-surprise' pricing experience.
To receive a quote, you need to provide info about your business needs on the Sisense website, and they will offer a pricing plans based on your requirements.
So, have you considered how AI tools can change your business analysis process? We've explored the top 12 AI tools for business analysts, gone into their benefits, and discussed how they can enhance your data analysis capabilities. Now, it's your turn to take action and use these powerful tools to make informed decisions and drive your business forward.
Don't let the opportunity to improve your business analysis slip away. Start exploring these AI tools today and witness the transformation they can bring to your organization.
Remember, the future of business analysis lies in effectively using the power of AI, and the sooner you adopt these tools, the better positioned you'll be to stay ahead of the competition.
Ready to take the plunge? Begin your journey towards smarter, data-driven decision-making by trying out one of the AI tools we've discussed in this article. Adopt the future of business analysis and open your organization's full potential.