Key Business Benefits of Power BI
With the volume of data growing every day and the speed in which business needs change, it’s nearly impossible for an organization to compete today without a solid baseline of reporting and analytical capabilities. Although there are many good Business Intelligence reporting tools out on the market, many organizations still don’t see the clear benefits of these tools and choose to struggle with manual, time-consuming efforts to cut and paste data together in Excel spreadsheets.
Microsoft’s Power BI tool is a powerful and versatile business intelligence tool that provides many benefits to an organization. At its core, it enables users to make data-driven decisions quickly and efficiently, leading to improved business outcomes. It can support self-service BI, provide advanced data visualization, allow for data discovery, and aid data storytelling. It can also make some business processes more efficient, foster collaborations across teams, and improve the organization's overall knowledge base. As you can see, there are many benefits to using Power BI.
Let’s have a closer look at a few of the key benefits and features:
Enhanced Performance Tracking
Power BI provides detailed analytics and KPI tracking, which will allow you to monitor performance and quickly identify issues or discover potential business opportunities. By analyzing customer data, organizations can gain insights into customer behavior, preferences, and needs, enabling them to tailor their products and services to better serve and support them. A key feature of Power BI to help with performance tracking is called DAX (Data Analysis Expressions). DAX is a formula language that is used to create custom calculations and aggregations for data analysis and reporting. DAX can perform tasks such as filtering data, creating calculated columns and tables, aggregating data, and performing time-based calculations.
By providing a centralized platform for data analysis, Power BI can help organizations streamline their data analysis processes, reducing all that manual time and effort gathering, filtering, and formatting data in Excel to create reports. Power BI has the ability to automatically connect to many data sources and systems to pull in critical data and create data models. The key feature used in Power BI to do this is called “Power Query”. Power Query is a powerful and flexible tool that will let you do data
transformation and manipulation. It can create new columns and tables based on specific business requirements and prepare the data by filtering, sorting, merging, pivoting, and aggregating the data.
Power BI allows multiple users to collaborate on a report or dashboard in real-time, making it easy to work together and make changes quickly. Users can see changes made by other collaborators in real-time and can communicate with each other using built-in chat features. Power BI also allows users to leave comments and feedback on specific data points or visualizations, enabling better communication between team members. Finally, Power BI integrates with Microsoft Teams, which allows users to directly access reports and making it easy to share insights and work together on data analysis.
Now that we are aware of Power BI’s ability to provide users with relevant, accurate and timely data, this will allow them to see critical insights into business data, enabling organizations to make data-driven decisions quickly. Having a trusted source of data with easy-to-use interactive dashboards, will help reduce user frustration and confusion, giving them confidence and increasing their overall productivity. Once users begin trusting the data and get comfortable with using Power BI, they will begin to ask for more which will improve adoption thus increasing your return on investment.
Data Governance and Security
Finally, Power BI includes robust data governance and security features that enable organizations to control access to data and ensure compliance with regulatory requirements. This makes it possible to collaborate on data analysis while maintaining data security and privacy. Power BI has role-based security which provides security that allows you to control who has access to specific data, reports, or dashboards. You can assign roles and permissions to users or groups of users, restricting or granting
them access to specific data, visualizations, or features.
Overall, Microsoft’s Power BI can help organizations create business value by enabling them to make better-informed decisions, improve efficiency, foster collaboration, and better understand their customers and operations.