7 Best AI Tools for Data Analysis in 2024 and How to Use Them

Data analysis is one of the key aspects of a data driven company. It helps organizations to convert their raw data into structured and readable format for improved decision making. With the advancement of AI, processing and analysis bulk datasets have become extremely easy.

There are multiple AI tools for data analysis that can help in visualizing, processing, and analyzing your data to save time and resources. Let’s look at some of the most prominent and reliable data analysis tools to meet your data processing requirements.

How to Use AI for Data Analysis?

AI can be used in data analysis for multiple purposes such as predictive analysis, automating repetitive tasks, identifying data trends, etc. With AI analytics tools, you can create and train your models to perform predictive analysis.

It will help you to forecast future outcomes, anticipate trends, and take data-driven decisions. Here are some other ways to use artificial intelligence in data analysis procedures.

• Automated Repetitive Tasks: AI can help in automating various mundane tasks like data cleansing, data formatting, data importing, etc. By automating these tasks, you can focus on interpreting data results and generating meaningful insights.
• Identify Data Trends: AI based algorithms can help in identifying and recognizing complicated patterns and correlations within a big data set. By implementing AI and ML techniques, data analysis tools can help identify data trends that may have been missed by human analysts.
• Deploy and Monitor Data Models: These tools let you deploy data models that can help you analyze data sets, make predictions, and gather insights in real time. With AI tools for data analysis, you can also monitor model performance and update it to maintain data accuracy.
• Explore Data and Visualize It: By utilizing AI-powered visualization tools, you can also visualize your data and gain insights from it. These tools make it easier to interact with your data to recognize patterns and detect anomalies.

List of 7 Best Free AI Tools for Data Analysis

• Microsoft Power BI
• Looker Studio by Google Cloud
• Polymer
• Tableau
• MS Excel
• Akkio
• Qlik

Let’s look at the best AI Tools for Data Analysis based on their features and pricing. The information provided on these tools will help you choose the right data analysis software out of best data analysis tools.

1. Microsoft Power BI: Best for Generating Insightful Reports

Power BI business intelligence tool helps data analysists in visualizing and analyzing data from multiple sources. It comes with interactive dashboards and data visualization functionalities to generate compelling data visuals and share the insights with others in real time.

It is one of the most popular AI tools that you can use for data filtering, data modeling, transforming raw data, and so on.

Features of Microsoft Power BI

• Publishes and shares data reports
• Generates interactive reports for data visualization
• Generates datasets from different data sources
• Detects patterns in datasets powered by AI
• Ensures that the data meets regulatory compliance requirements

How to Use Microsoft Power BI?

Sign up in the Power BI and import relevant data to generate reports. Create a chart of your choice in the report. Next, choose from multiple visualization options available to visualize data. Next, adjust the dashboard’s layout and generate reports.

Microsoft Power BI Pricing

Free plan available | Paid plan starts from INR 830.12/month

2. Looker Studio by Google Cloud: Best for Generating Reports from Multiple Datasets

Looker Studio is a data visualization and exploration platform used for AI based analytics. This platform empowers users to effortlessly create custom dashboards, reports, and visualizations to analyze data from diverse sources.

With its intuitive drag-and-drop interface, users can easily manipulate data fields to generate charts, graphs, and other visual representations without requiring advanced technical knowledge. This free AI platform can also help you to customize data sheets and insert clickable content in reports.

Looker Studio Features

• Supports real-time collaboration for data sharing
• Offers data blending to create a unified dataset
• Provides interactive dashboards to gain valuable insights
• Annotates reports with brand’s logo and images
• Imports data from BigQuery, MySQL, PostgreSQL, etc.

How to Use Looker Studio?

Start creating reports by importing data into them. Next, add charts or graphs to visualize the report’s data. After that, click on submit and the report will be created. If satisfied, then your report is ready to be shared for further analysis.

Looker Studio Pricing

Free plan available | Paid plan starts from INR 747.16/project/month

3. Polymer AI: Best for Creating Interactive Dashboards

Polymer AI analytics tool helps in transforming raw data into accessible and refined databases without any need for coding. It enhances data comprehension via AI-based analysis and transforms spreadsheet’s data into interactive dashboards to gain actionable insights.

With its real-time collaboration feature, you can easily share the data dashboard link or embed it into presentations for collaboration with team members. It is also used for data sorting, filtering, and organizing it in a readable format.

Features of Polymer

• Offers data connectors to consolidate data
• Creates stunning dashboards and analyzes data with AI
• Provides pre-built templates to create reports quickly
• Offers different chart types like heatmap and line plot to visualize data
• Supports conditional formatting to highlight patterns in reports

How to Use Polymer?

Define your data analysis goals. Next, import, cleanse and reformat your data. Then, select the suitable data analysis techniques such as regression analysis and clustering analysis to analyze the data.

After that, interpret your data and visualize it via different options like bar charts or pie charts. Once done, the data is ready to be shared with other team members.

Polymer Sheet Price

No free plan available | Paid plan starts from INR 4,150.84//month

4. Tableau: Best for Uncovering Data Insights Faster

Tableau is another analytics and data visualization platform that you can use to interact with your data. With its interactive dashboard and rich data visualization tools, analyzing and visualizing data is extremely simple.

The data reports created via this tool can be easily shared with other individuals over the desktop and mobile app. Its Level of Detail (LOD) expressions can also be used to perform complex queries.

Tableau Features

• Supports complicated computations and data blending
• Groups data sets to simplify data analysis
• Supports forecasting and predictive modeling
• Supports geospatial analytics
• Converts raw data into refined one
• Provides in-memory data engine for faster analysis

How to Use Tableau?

Import data from multiple data connectors. Next, use drag and drop option to visualize your data. After that, use AI algorithms to process and analyze your data. Then, generate reports based on data analysis that you can easily share and publish.

Pricing of Tableau

Paid plan starts from INR 996.13/month

5. MS Excel: Best for Calculating Data in a Spreadsheet

Microsoft Excel is one of the most popular AI tools that you can consider for data analysis. It can be used to analyze and process big datasets and visualize them via multiple graphs and charts. Excel can help in quickly filtering data via pivot tables and search boxes.

With it, you can also develop machine learning models and use formulas to perform complex calculations. It also provides Data Analysis Tool Pak for regression analysis, sampling, hypothesis testing, etc.

MS Excel Features

• Creates multiple spreadsheets in a single workbook
• Offers multiple formulas to perform calculations
• Provides different graphs and chart types to visualize data
• Offers Pivot Tables to summarize and analyze big data sets
• Supports data validation rules for data accuracy

How to Use MS Excel?

Import and organize your data in a tabular format. Next, cleanse your data and visualize it via several visualization and formatting options. After that, deploy machine learning models to analyze the data and gain valuable insights from it.

MS Excel Pricing

Free plan available | Paid plan under Microsoft 365 starts from INR 497.29/month

6. Akkio: Best for Predictive Analysis

Akkio business analytics and forecasting software helps users to analyze their datasets and predict outcomes based on data insights. This no coding platform comes with the lead scoring opting to qualify and segment the lead lists and prioritize hot leads.

This AI tool lets you upload any dataset and choose the variable they wish to predict that helps to create a neural network, which is extremely useful for predictive analysis.

Akkio Features

• Builds and shares live reports
• Extracts and merges data into a single sheet
• Supports regression and classification modeling for data analysis
• Creates a chatbot to interact with datasets
• Performs predictive analysis and shares insights with clients

How to Use Akkio?

Decide what you want to predict with your model. Next, fill up the relevant data in datasheets. After that, create and train your model to perform analyses for you. At the end, deploy this model and perform analysis with the created model.

Akkio Pricing

Free plan available | Paid plan starts from INR 4,071.38/month

7. Qlik Sense: Best for Transforming and Cleansing Data

Qlik Sense helps organizations to consolidate their data from multiple sources into a single datasheet. You can use this AI for data analysis and to embed visual analytics within your existing applications.

Qlik can help you with creating ML models for data analysis, building data pipelines and reports, getting AI-based data insights, building automated workflows, and so on.

Features of Qlik

• Connects and combines data from multiple sources
• Prepares and cleanses data with AI
• Offers predictive analytics to identify data trends
• Provides an associative engine to explore data relationships
• Generates relevant analytics as per the search-based visual discovery

How to Use Qlik?

Import data from multiple sources with built-in connectors. Next, clean, manipulate, and transform your data into a format suitable for analysis. Next, visualize your data with various layouts, charts, formatting options, etc. After that, interact and explore your data for analysis.

Pricing of Qlik

Paid plan starts from INR 1,660.10/month for its Analytics Plan

Relation Between AI and Data Analysis

AI and machine learning can help a lot in automating most of the data analysis procedures, thereby allowing you to process bulk data quickly and more accurately than humans. AI can recognize complicated data patterns and offer insights that cannot be identified by human analysts.

In traditional data analysis, it is difficult to process big datasets due to lower processing speed and limited storage capacity. However, AI data analytics can easily process big datasets at high speed, making it an appropriate approach for real-time data analysis.

In addition to that, traditional analytics dealt primarily with structured data like organized in a spreadsheet. On the other hand, AI-based analytics can process both structured and unstructured data such as audio and video for a more comprehensive analysis.

Why is AI Important in Data Analysis?

With AI tools, you can easily identify inconsistencies in datasets, in case it is missed out by human analysts. Similarly, you can perform complicated data calculations quickly that saves your valuable time. In addition to that, AI tools for data analysis are important for the following reasons.

• Speed and Scalability: AI algorithms can process massive datasets significantly faster than humans, making them ideal for analyzing big data. This allows for quicker insights and real-time decision making.
• Automates Tasks: AI automates repetitive tasks like data cleaning and preparation. This frees up data analysts and lets them focus on higher-level activities like problem-solving, interpretation, and strategic analysis.
• Perform Complex Calculations: AI and machine learning algorithms perform complex calculations and uncover hidden patterns that traditional methods might miss. This leads to deeper insights and more accurate predictions.
• Perform Predictive Analysis: AI algorithms can learn from historical data to predict future data trends and outcomes for improved decision-making and risk mitigation.
• Improved Data Cleaning: AI algorithms can clean and prepare data more effectively, ensuring the quality and reliability of analysis.
• Automated Report Generation: By using AI tools, you can quickly generate automated reports. Rather than generating reports manually, AI tools can extract relevant data from data sheets and generate reports for the same.

Conclusion

AI-based data analysis tools play a vital role in extracting valuable insights from complex datasets, enabling informed decision-making and driving business success. These tools empower users to uncover patterns, trends, and correlations between information that would otherwise remain undetected.

You can choose from the above-mentioned AI-powered data analysis tools for your organization. However, consider your budget and features requirements before selecting any of them.

FAQs Related to AI Tools for Data Analysis