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Table of Contents

• What is Data Analysis Software?
• The benefits of Data Analysis Software
• Typical features of Data Analysis Software
• The cost of Data Analysis Software
• Considerations when purchasing Data Analysis Software
• Relevant Data Analysis Software Trends

What is Data Analysis Software?

Data Analysis Software provides insights from complex swaths of data pulled from disparate sources. This software is used by data analysts to organize data sets, identify relationships between complex data points, and generate reports to enable trend analysis.

Data analysis software facilitates data preparation and aids quantitative and qualitative research. It encompasses the entire process of gathering data and making it useful for businesses, while maintaining the highest level of data protection.

The benefits of Data Analysis Software

• Maintain a database of important metrics: Data analysis tools keep track of important metrics and store data from multiple sources, which can be used to understand customer behavior, optimize customer experience, monitor website traffic, and understand the overall health of your business.
• Create and share reports: Create powerful reports that are readable and actionable using data from multiple sources. Cross-functional reports can be leveraged to gain key business insights, and reports can be shared with relevant stakeholders.
• Conduct trend analysis: Predict risks, market trends, and patterns. This helps businesses derive useful and actionable insights from a particular set of data and optimize their return on investment. It also facilitates self-service predictive analytics.

Typical features of Data Analysis Software

• Data discovery: Enables collection, evaluation, and storage of data from multiple sources.
• Data visualization: Represent data in different formats for a better understanding of trends and patterns.
• Customizable dashboards: Build interactive dashboards to display data, uniquely customized to meet your business requirements/KPIs.
• Predictive analytics: Identify possible challenges and determine your future course of action based on current data.
• Self-service analytics: Individual users can view and manipulate data in user-friendly ways without technical help.

The cost of Data Analysis Software

Most products in the market are priced on a per user, per month basis and can be divided into three pricing tiers based on their starting price.

Price ranges*:

• $6 - $10
• $10 - $25
• $25+

*The pricing included is for the entry-level/lowest-priced offering found on vendor websites on October 14, 2021. These ranges correspond to the 25th, 75th, and 100th percentiles of pricing information gathered from vendor websites of sample products.

The above list summarizes pricing for the base plans of most products. An enterprise or premium product that is priced higher may include additional features.

Considerations when purchasing Data Analysis Software

• Business requirements: As with any IT investment, the data analysis software you select should meet both present and future business requirements. Consider your business' core objectives and the desired outcome of your investment, then choose a data analysis tool that will meet those needs.
• Scalability: Data analysis tools are designed to start small and grow with a business. Look for a tool with a comprehensive feature set that will support your business at every stage.
• Integration with existing business tools: Before purchasing your data analysis tool, research how it connects to your existing systems and third-party data sources. Software that seamlessly integrates with other business tools (such as your CRM or accounting software) allows easy data sharing.
• Mobile accessibility: The ability to access your data analysis software solution via mobile helps you collaborate and share information with stakeholders and colleagues. Mobility as a feature is essential for businesses that operate globally and need to make data-driven decisions on the go.

Relevant Data Analysis Software Trends

• Data storytelling to take the market by storm: Presenting data as a narrative to highlight a series of changes or trends over a period of time is known as data storytelling. Increasingly, businesses are using data stories to illustrate key concepts, challenges, and insights. Pairing interactive dashboards with a data storytelling approach makes it easy for any audience to comprehend complex data sets. Going forward, more and more software providers are expected to make this format available so that the decision-makers can understand their data and leverage insights for intelligent decision-making.