Top 5 AI tools for data analysis | AI in business #84

How does AI transform data analysis into knowledge?

Big Data refers to large and complex datasets that are difficult to manage by humans. This is where AI comes in with solutions that not only handle their volume but also facilitate the extraction, processing, and analysis of information.

For example, an AI data analysis tool such as ChatGPT Plus with an attached document analysis module can analyze customer data and create personalized marketing messages based on that data, helping to improve campaign effectiveness. Platforms like Tableau, on the other hand, use AI to create advanced data visualizations that help identify trends that may be relevant to product or service development.

In the context of converting data into knowledge, AI enables:

• predictive modeling – AI can make predictions, analyze potential scenarios, and determine the most favorable outcomes,
• segmentation analysis – thanks to artificial intelligence, it is possible to precisely identify target groups, which significantly affects the effectiveness of marketing campaigns,
• data cleaning – the best AI tools for data analysis automatically identify and correct data errors, saving the analyst’s time,
• data visualization – tools like Power BI allow for creating interactive charts and reports, making it easier to understand trends.

Using these top AI tools, companies can make better business decisions based on solid data analysis.

Key benefits of using AI in data analysis

Automation and predictive data analysis are the two main benefits of using AI. Automation frees analysts from repetitive tasks, allowing them to focus on strategy. AI has no human bias and can process data at incredible speed, predicting campaign results and providing proactive insights.

The benefits of using AI in data analysis are primarily:

• saving time and resources, which can be used for strategic analysis and taking appropriate action,
• standardization of data analysis, which enables tracking data without the need for acquiring specialized skills in data processing and analysis,
• minimizing errors in data analysis by directly uploading files to the tool, making data analysis more reliable.

Top AI tools for data analysis

Choosing the right AI tool for data analysis can significantly impact the success of a business. Here is an overview of the best AI tools available on the market.

ChatGPT Plus

The best-known powerful AI language model developed by OpenAI, can:

• generate text and images,
• analyze data, and
• answer questions in natural written and spoken language.

In the paid version available in Plus, Team, and Enterprise plans, it can be used for automating reports or creating analytical scripts for data transformation in Python or R, using natural language commands.

Thanks to the ability to attach files to the prompt in ChatGPT, we can easily “talk to data”, which makes it one of the best AI tools. Its precision in following user instructions is a key advantage, while a drawback is the need to prepare data for analysis using other software.

However, ChatGPT is able to handle:

• repeated lines,
• missing data,
• unit inconsistencies,
• identifying outliers,
• error checking, and also
• cleaning, preprocessing, analyzing, and visualizing data.

AI works well with structured data. You can upload Excel or CSV files and instruct ChatGPT to describe, process, analyze, visualize, and interpret the data.

Tableau

Tableau is a platform for data analysis and visualization. It enables easy interpretation of complex datasets. Thanks to its intuitive interface, users can create advanced dashboards without the need for programming skills.

Tableau has an “Ask Data” feature that allows users to formulate queries in natural language and then automatically creates appropriate data visualizations. This feature uses artificial intelligence to interpret a user’s query and provide a data-driven answer. Tableau also offers other AI-based features, such as “Explain Data,” which automatically performs data analysis and provides valuable insights.

Source: Tableau (https://www.tableau.com/)

Power BI

Power BI is a Microsoft product that integrates AI to deliver deep analysis and data visualization. It has AI-based features such as AI Insights that allow users to discover hidden patterns and relationships in data.

Power BI provides a comprehensive set of AI-based tools to efficiently and easily enrich data using pre-built or custom machine learning models. Artificial Intelligence in Microsoft Power BI, known as AI Insights, enables:

• emotion analysis in the text,
• extraction of key words and phrases,
• language identification, and
• recognition of proper nouns.

It is used to analyze customer reviews, automatically detect key themes in product reviews, recognize the language of emails, and identify the names of people, organizations, and places in newspaper articles. Power BI also allows you to work with images, including automatically tagging images and classifying them with labels that describe their content. It is used to categorize product images, tag landscapes or animal photos, recognize faces or logos, and create scene descriptions on images. What’s more, Power BI is integrated with Azure, giving you access to advanced analytical models and cloud capabilities.

Source: Microsoft Power BI (https://powerbi.microsoft.com/)

Microsoft Excel

The second Microsoft tool that is great for data analysis is Excel powered by Microsoft 365 Copilot. This suite is one of the best AI tools available, with capabilities for creating visualizations and data queries using natural language. Excel powered by AI is available to Microsoft 365 subscribers, starting at $99 per year.

Polymer

Polymer is an intelligent data analysis solution (BI) that doesn’t require complex configuration or a steep learning curve. It allows you to create visualizations, build dashboards and present data in minutes. Here are its key features and benefits:

• easy data integration — Polymer allows for easy transfer of datasets to initiate their exploration and visualization. No technical skills are needed.
• insight automation — this great tool uses artificial intelligence to automatically generate insights from data, such as trends, patterns, anomalies and forecasts. Users can also ask questions in natural language and receive answers in the form of charts and tables,

Importantly, if you’re not convinced, Polymer offers a free 14-day trial. Pricing plans start at $9 per month per user. Its developers also made sure that visualizations and dashboards can be easily shared and commented on, as well as exported and embedded in web pages or presentations.

Source: Polymer (https://www.polymersearch.com/)

Which areas of the business benefit most from data analysis

Various business sectors can leverage data analysis to gain a competitive advantage and better understand the market and customers. Here are a few examples:

1. Predicting market trends through AI – tools such as ChatGPT can assist small businesses in forecasting trends, which is crucial for their development and adaptation to changing market conditions.
2. AI in competitive analysis – AI tools can be used to analyze the competitors’ actions, allowing you to optimize your own business strategy.
3. Understanding the customer – segmentation and AI data analytics help analyze large data sets, which is especially useful for small businesses with limited resources. For example, Polymer automatically segments customers based on their online activity.
4. Automatic report generation – saves time and resources by automating the reporting process, which allows businesses to focus on other key areas of the business. For example, Microsoft Excel can automatically generate sales reports based on data from the CRM system.

Summary

By using the best AI tools for data analysis, companies can not only increase efficiency but also discover new business opportunities and better understand their customers. All of this translates into better decisions and a stronger position in the market. Introducing AI into the analytics process is a step that can bring tangible benefits to businesses and help them achieve long-term success.

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