Top 9 Predictive analytics Software (Jun 2024)

Predictive analytics Buyer's Guide

Overview

Business Intelligence (BI) and Analytics software are tools that help businesses collect, analyze, and visualize their data to make informed decisions. These solutions provide valuable insights into various aspects of a companys operations, helping them improve efficiency, identify trends, and drive growth.

Why Businesses Need It

BI and Analytics software are essential for businesses looking to leverage their data effectively. By using these tools, organizations can gain a competitive edge by understanding customer behavior, optimizing processes, and predicting future trends. This software enables data-driven decision-making, leading to improved performance and profitability.

Main Features

The main features of BI and Analytics software include data visualization, reporting, dashboards, ad-hoc analysis, predictive analytics, and data mining. These tools often integrate with various data sources, such as databases, spreadsheets, and cloud services, to provide a comprehensive view of the organizations data.

Main Business Processes

BI and Analytics software can help businesses with various processes, including sales forecasting, inventory management, marketing analysis, customer segmentation, financial planning, and risk management. These tools enable organizations to track key performance indicators (KPIs) and monitor their progress towards business goals.

Steps to Buy

When buying BI and Analytics software, businesses should first assess their data needs and objectives. They should then evaluate different software options based on factors such as scalability, ease of use, integration capabilities, and pricing. It is essential to involve key stakeholders in the selection process and consider factors like training and support services.

Things to Consider

When choosing BI and Analytics software, businesses should consider factors such as data security, compliance with industry regulations, scalability to handle growing data volumes, ease of customization, and compatibility with existing systems. It is also crucial to assess the vendors reputation, customer reviews, and track record of innovation.

Popular Vendors and Market Share

Some of the most popular vendors in the BI and Analytics software category include Microsoft Power BI, Tableau, Qlik, IBM Cognos, SAP BusinessObjects, and MicroStrategy. According to recent market research, Microsoft Power BI holds a significant market share, followed by Tableau and Qlik.

Trends and Future

The BI and Analytics software category is witnessing trends such as the adoption of artificial intelligence and machine learning for advanced analytics, the rise of self-service BI tools for business users, and the increasing demand for cloud-based solutions. The future of this category lies in augmented analytics, natural language processing, and real-time data processing capabilities.

10 Questions to Ask Software Vendors

1. How does your software handle data integration from multiple sources?
2. Can your tool support real-time analytics and data processing?
3. What security measures are in place to protect sensitive data?
4. How easy is it to create custom reports and dashboards in your software?
5. Does your solution offer predictive analytics capabilities?
6. What level of training and support do you provide to customers?
7. Can your software scale to accommodate our growing data needs?
8. Is your platform compatible with our existing systems and software?
9. What sets your solution apart from competitors in the market?
10. How do you ensure compliance with industry regulations and standards?

Head to head Predictive analytics software leaders comparisons:

List of Predictive analytics Software:

Business Intelligence Tools Price Range

For business intelligence software, the price sits around $3,000 per year for a user. However, it is worth noting that this price range is associated with the medium offering or package from each software vendor; in essence, it is suitable for small & medium-sized businesses. More robust offerings have volatile pricings that are adjusted to suit large businesses.

Users are expected to pay between $10 to $75 for a single user account, depending on the offering level. Examples are Prisync pricing is priced at $60 per month, ClearView InFocus, which costs $25 monthly, and SEMRush pricing sit around $100 monthly. However, SAP Business Objects costs $14,000 per year but includes 10 user accounts.

Additionally, business intelligence software can be targeted at SMBs or large-sized businesses. However, there are others that are meant for any business size. The software that is apt for each business size and their prices are as follows:

• Small Businesses can expect to pay between $10–$50 monthly for a single account business intelligence software. For BI software that includes multiple accounts, they can expect to pay between $300–$500 per month. However, some other vendors like Britix24, Manage Engine Analytics Plus, and BI360 offer their low-end package free for small businesses, although with limited features. Some BI software for small businesses are Competitors App, which costs around $7 per month, KlipFolio $50 monthly, and AnswerDock $20 per month.
• Medium Businesses can expect to pay between $50–$500 for a business intelligence software, depending on the number of accounts on each offering. For instance, Tableau pricing costs $70 for a single account, while Funnel and CYS cost around $500 and $300 respectively for pre-set multiple accounts.
• Large Businesses can expect to pay $500–$10,000 for BI software packages that include a large workforce and around $60 for a single account. For instance, Prisync ultimate package costs around $300 monthly per user but allows only a minimum of 10 accounts, which amount to $3,000. Also, ArcGIS costs $1,500, and IBI is priced around $150 per month.

The price range for BI best of breed are as follows:

• Reporting Software This subcategory of BI software has a price that ranges from $10 and $45, depending on the offering level. For example, Agent360 Marketing Reporting pricing starts from $80 per month for 5 users, Syncfusion Bold Reports costs $200 per month for 5 users, Germain APM cost up to $30 per day based on APM unit.
• Data Visualization Software The price for software in this category ranges from $10 to $50 per user monthly. On the other hand, some others are completely free to use. Google Charts, for example, comes at no fee. However, software like Qlik Sense costs $15 per month per user, while Power BI costs more than $10 monthly per user.
• Dashboard Software Dashboard software pricing is usually divided into three tiers, which range from $9 to $12, $12 to $27, and above $30, respectively; the price is usually set based on the number of dashboards made available in a month. Some dashboard software with this similar price are Cluvio, which costs $280 for 50 dashboards monthly, Microsoft Dynamics 365, which costs $190 monthly per user for a number of dashboards. Others are iClassPro = $130 and ThortSpace = around $10 monthly per user.
• Risk Management Software Many products in this category are priced on a yearly basis, which, in many cases, may be per user. They can also be divided into three categories, of which the lowest offering range from $70 to $400, medium offering from $400 to $10,000, and the ultimate package from $10,000 upwards. Some products have monthly pricing regardless; for example, Goat Risk, which costs $15 per user, and OneSoft Connect, which costs around $6 per user. An example of a product with yearly pricing is Analytic Solver, which costs $250 per user. Lastly, some risk management software have one-time fees, like IsoMetrix, which costs $34,000 for a buyout.
• Embedded Analytics Software The pricing for embedded analytics software is often divided into three tiers, usually to suit small businesses, medium businesses, and large businesses. The price ranges from $10 to $15, $15 to $325, and above $325 for each respective tire. Stratifyd is an embedded analytics software with yearly pricing of $1,000 per user. Others are GoodData, which costs $2,400 per year, INFRAGISTIC Reveal, which costs around $10 per user per month.