Businesses today are often operating in a highly competitive environment where information is a noticeably valuable asset. Businesses are therefore in need of powerful tools for extracting actionable business knowledge. Research show that SME companies are lagging behind large companies in the use of data analytics; even though they know the potential benefits. We want to study and compare different tools for data analytics and how they can be used by small companies. Our research questions are therefore: what analytical tools are today available on the market, and what are their possibilities and challenges for small companies? And: how can these analytical tools aid in the development of a business, product or service? We conclude in our research that there are several data analytics tools available for small businesses, that their different usages can be applied successfully and without big cost, and that their relevance, both in business development and innovation, depends on the business objectives and goals of their utilization.