As businesses advance and expand in the 21st century, managing data on a daily basis becomes more challenging. For this reason, many companies deal with issues and obstacles, as they cannot make informed business decisions due to the inability to perform comprehensive data analysis. With the advent of MS Power BI, your company can now make meaningful and direct actions from your data. By using this Microsoft business analytics service, your organisation will have agile methods today and ready for the future. Read on to find more about the benefits of the innovative platform.
1. Consolidation of Datasets in a Single Dashboard
In a company, not all employees have the same level of business aptitude and intelligence. For example, you may have a data analyst who tracks figures and sales performance of various firms and simultaneously monitors other metrics. But you know that other employees in the company do not have this kind of information.
Also, various departments in your organisation would prefer having a platform wherein they can have a consolidated view of business data. With Microsoft Power BI, you can have data visualisations that everyone can see and understand easily. These visualisations are simple, interactive, and customisable. This allows you to present your business data in a unified and creative manner.
Both advanced users and beginners can use Power BI to quickly view or explain data charts with its graphical fluctuations. Also, with the use of machine learning algorithms, they can see automated smart analysis on specific data.
2. Access to More Advanced Business Analytics Using Excel Functions and Features
By using Microsoft Power BI, users are able to find patterns and dig deeper into data with DAX formula language in Power Query using familiar features of Excel. For example, grouping, forecasting, and clustering etc. This Power Query tool makes it easy for you to integrate and ingest business data in the MS Power BI platform.
You can also integrate Power BI with Excel, eliminating the need to export multitudes of files. Power BI comes with the feature “Analyse in Excel”, and it will display an interface that is the same as Excel. If you want to attract your employees, particularly those who are not open to using new tools, start your introduction with the Excel integration in Power BI.
In short, users of MS Excel in your company can pick up the powerful toolset of Power BI, allowing your organisation to transition their expertise into the new tool with ease.
3. Allows for Predictions of Trends and Performances
The Microsoft Power BI can help predict future results and trends with the use of advanced data modelling. Using this tool in your company can give you data analytics of potential outcomes in the future. Also, you can run various what-if scenarios and make comparisons with the use of the forecasting and analytics tools of the MS Power BI without even including complex coding. For example, add a prediction to the line chart to see financial forecasts on the market.
Power BI utilises the integrated predictive models to determine the next schedule of reporting, such as weekly, monthly, or annually. The forecasting models use statistical algorithms of historical data to get potential outcomes and present them with graphical visualisations.
Applications like MS Power BI equip your business with a dynamic platform to keep track and analyse your datasets. This helps make your business more efficient in creating strategic analysis to increase accessibility, consolidate data, acquire smart insights, and so on.
Author: Alison Lurie