The 2021 Gartner Magic Quadrant for Analytics and Business Intelligence Platforms has named Microsoft a leader for the 14th consecutive year. Microsoft’s Business Intelligence platform is Power Business Intelligence or, more popularly known as Power BI. 97% of the Fortune 500 companies use Power BI. This blog looks at how Power BI helps companies get more out of their data and use it for their growth.
In today’s digitized scenario, a business produces large chunks of data. Each department or each location might generate large volumes of data. To utilize this data effectively, it must be easily accessible under one roof. There should be no data silos.
Power BI allows users to import or connect to external datasets using connectors and enables them to shape the data according to their needs without altering the original data source. It ensures that all the business-critical data is available to the decision-makers through a single interface through an in-built tool called “Power Query”.
All the data would be useless if a user cannot convert the data into meaningful reports. Power BI allows users to create reports. A user having very little technical knowledge can create rich and interactive reports using Power BI. The user does not require a data analyst or an IT personnel assistance.
Also, its interface is very similar to Excel. The users familiar with Excel have a very short learning curve. They can easily navigate through various options to create customized reports.
Data Visualization is another critical feature. The users can visualize data by creating customized dashboards. Many times, it is as easy as a drag and drop process to create a dashboard. The dashboards provide a highly interactive way to visualize data and help arrange detailed information quickly.
Power View is the data visualization tool users can use to generate charts, graphs, maps, and other visual tools to aid data analysis. Power BI also contains Power Map, another visualization tool that allows users to create 3D visuals. These tools enable users to create dashboards according to their needs and specifications.
Let’s consider a finance executive who wants to capture financial data and present it. He / She can use Power BI to create a financial dashboard and share it with the stakeholders. Similarly, a project manager can create a Power BI-based project management dashboard to track the project life cycle stages.
Power BI has natural language processing capabilities. Its Power Q&A feature is a question-and-answer engine that understands questions in plain language. A user can ask data-related queries in simple English. A user may ask a simple question like, “What was the total revenue in 2019-2020?” The system will give the exact number based on the available data.
It eliminates the need to write code to process data. It allows users to quickly find the required data from the vast volumes of data accessible.
Power BI uses AI and predictive analytics to analyze the data available and identify patterns. It studies the historical data through advanced statistical models to detect patterns and predict future trends. It acts as a guiding force for the business to determine the future path. The results also provide actionable insights based on the data analysis.
Let us understand this through its application for inventory management. Power BI can analyze the historical data of the inventory and identify the seasonal shifts in the product’s market demand. A business can order inventory as per the demand. During high demand, the stock is ordered such that it is always available. Also, during a low demand period, a company can order less stock, thus using its monetary resources smartly.
All these insights are available in almost real-time, thus providing great flexibility to the stakeholders to take decisions quickly by identifying the changing market trends.
Power BI is compatible with other Microsoft Products like Office 365, Azure, Dynamics 365, etc. It also can be integrated with other popular business tools. The business intelligence inputs provided by Power BI further strengthen the capabilities of these platforms.
Power BI Microsoft Dynamics 365 CRM integration helps sales professionals to forecast and prioritize their sales funnel effectively.
Power BI Azure DevOps integration can provide users with various analytical insights about DevOps activities in reports and dashboards. It also allows users to add widgets to dig deeper into the data and unearth hidden problems.
If you want to know more about Power BI and evaluate its suitability for your business, connect with Power BI experts at CocoonIT. We are a trusted Microsoft Gold partner and help businesses in their digital transformation journey by delivering Microsoft Power BI, Microsoft Azure, Microsoft Business Automation tools, Microsoft Dynamics 365 Business Central, and other technology solutions services and support.