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Feb
11

8 Must-Know Data Analytics Tools For MBA Students

What exactly hits your mind when someone questions you about “Data Analytics Tool”? Obviously, the very first thing that comes in your mind is Excel spreadsheet. One of the crucial part of MS-Office suite that introduces us all with pivot tables, graphing tools, and formulas and if you are ready to go extra step then modelling too. Microsoft Excel is a very basic yet powerful data analytics tool that normally every institution and business make use of. But, day-by-day increasing demand for valuable data has radically transformed the outlook of business intelligence and analytic tools.


Nowadays, finely filtered data sets that can be used to drive better business results and performance is the primary requirement of every business out there. Be it leading internet giants or passionate entrepreneurs, every single entity of the market is looking forward to tying hands with lucrative transformative technologies. Maybe that’s the reason even B-schools are actively dividing their focus into traditional management courses as well as business intelligence and data analytics courses.

How FIIB Curriculum is helping students?

FIIB through its intensive engagement with recruiters understood that the leader managers are not to be just aware of excel, but shall be like data snipers; skilled in working on excel. Our talks have resulted in focused requirements of business and FIIB has given it a due place in its curricula. The curricula drive its students to work on excel and other Business Intelligence tools like Tableau.

Why Businesses Are Leaning Towards Advanced Tools?

The businesses have confronted a paradigm shift – from product-based marketing strategies to data-driven approaches – to evaluate and target only those results which provide them timely growth. That’s the reason why businesses are potentially seeking analytic tools to extract meaningful and actionable oil of the digital era, i.e. data. Businesses are widely utilizing advanced analytics tools to find commercially valuable sets of data that pave the path of increased sales, better ROI and societal advancements. Such analytics tools help businesses to improve their way of acting on a particular set of data by providing real-time insights and market behavior.

Fortunately, the market is full of analytics tools that ease the process of analyzing and visualizing valuable data for businesses. Whether you are from the category of those business owners who don’t mind paying off a hefty chunk of money or, you are one that belongs to ‘just-started my dream business’ crowd, there are good numbers of data analytics tools available in the market. Let’s shed light on these five analytics tools that are free and easy-to-understand.

1.Spreadsheet

Operating System: Microsoft Windows

Supported by: Microsoft Corporation

Probably the most underrated and basic data analytics tool, Excel is free software and is developed by Microsoft. It is commonly known as Excel spreadsheet and is a part of MS-Office suite. Normally, students learn to work on a spreadsheet in their school time and therefore, it is widely used by entrepreneurs and small business owners. No matter how small or big your business is, Excel is a software that almost every business needs to use at some point in their career.

2.Google Sheets

Written In: JavaScript

Developed by: Google

Google Sheets is a web-based spreadsheet program powered by Google and comes under the Google Drive service. It is free to use and compatible with Microsoft Excel file formats. Students can call it web-based Excel spreadsheet as it contains all the features including some advanced ones such as Explore, which provide answers based on natural language questions.

3.R Programming

Typing discipline: Dynamic

Supported by: R Foundation

Talking about free software environment, R is one of the most renowned analytics tool available in the industry. The programming language is widely used by data miners and statisticians to fulfil their data analysis and modelling needs. The tool is open source by nature, which makes it a productive asset for most of the businesses. Even it is quite easy for users to handle bugs and software updates on their own by simply altering the code set.

4.Tableau Desktop

Type: Public

Founded by: Mountain View

Another free software is Tableau Desktop, which is a highly recommended analytics software and business intelligence tool used to get real-time data reports. The tool is majorly known for its easy-to-connect feature. It efficiently connects various kinds of data sources including Corporate-based Data, Excel-based Data or, Web-based Data to generate effective dashboards, maps, and other important data visualizations. Businesses can also share the output visualizations on their social media handles and with clients.

5.Google Analytics

Type: Web Analytics

Founded by: Google

Renowned as Google marketing platform, Google Analytics is a web-based analytics platform that gives real-time insights of website traffic. Businesses are widely using this online tool to understand their market worth and to plan future strategies. Businesses can track poorly performing pages using Google Analytics tool analysis and work on them via its funnel visualization technique.

6.Visual Basic

Typing discipline: Static, Strong

Designed by: Microsoft Corporation

Similar to Excel spreadsheets, Visual Basic is also widely used to do the analysis and gather commercially useful data. Initially, Microsoft intended VB to be a tool which is easy to learn and use. But, nowadays businesses are utilizing its features and functionalities to do market analysis and get better data outputs.

7.AI-enabled Apps

To ease the process of data analysis, many businesses making use of Google suite that provides add-ons to further extend the market reach. The presence of Artificial Intelligence in data analytics tool helps businesses to make assumptions, test the market on the basis of those assumptions, and at last learn from the output. The overall process turns out to be autonomous, and thus – it saves time and other efforts.

In conclusion, every business should shift their focus to smart data analytics tools and grasp competitive advantage by extracting commercially useful insights.