Data has become the new currency in this digital age. Every organization around the world is amassing a mountain of digital information or data to thrive in this era. But only to amass data can’t solve the purpose. Organizations must possess the ability to get actionable insights from this data.
But exactly how they will achieve this? Here comes the role of Power BI comes into existence. Provided by Microsoft, it is a business intelligence tool to analyze, manage, and visualize the data from multiple sources through a user-friendly interface.
It collects data from basic Excel spreadsheets to databases and both cloud-based and on-premise apps. For data-driven organizations, it is a must to meet future market demand and other key metrics
As per Statista survey, “The global big data and business analytics market was valued at 169 billion U.S. dollars in 2018 and is expected to grow to 274 billion U.S. dollars in 2022.
Now it is time to explore its benefits in a nutshell:
- It can seamlessly integrate with the existing applications so you don’t have to make any primary changes to your existing infrastructure
- It comes with rich personalized informative dashboards that can be customized as per the requirement to deliver a unified user experience
- Power BI enables organizations to perform real-time stream analytics. It collects data from multiple social media sources to make empower businesses to make informed decisions
- It possesses interactive UI/UX features to make data visually appealing. Additionally, it has integrated an easy drag and drop feature that allows copying all formatting across similar visualizations.
- Power BI has exceptional excel integration to gather, analyze and publish and share Excel data. Anyone with the acquaintance of Office365 can easily report to Power BI Dashboards.
BI has four stages to achieve this:
- Information gathering centralizes all the database results;
- Integration provides a required consistency and structure to make analysis easier
- Reporting classifies the data to make this easily understandable to data analyst
- The return makes the data easier to share
Power BI Use Cases across Industries
Power BI comes with a very flexible and user-friendly interface. It implies that it can be used by any employee, regardless of his data skills, for simple data reporting.
But to harness it on a larger scale, organizations have to rely on certified Microsoft Power BI partners, business intelligence experts to harness it on an expert level. It can cater to complex data requirements and helps to migrate existing data systems to the cloud.
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Here are the attributes of Power BI in different sectors.
Retail and E-commerce
Retail and e-commerce organizations always have a large inflow of data. From customer behavior, supplier data, selling patterns, inventories, and more. It retail, mighty Power BI can make the process of data management streamlined and help the retailers to analyze complex data in an easier format to act on actionable marketing and sales insights.
It also helps to consolidate all the data streams to make the supply chain efficient and improves enterprise reporting.
Energy
Power BI can help companies to get actionable insights on energy efficiency by analyzing and tracking energy consumption for specific periods. These insights empower organizations to make strategies that work the best as per the consumption required in a specific period of time.
Furthermore, organizations can harness the tool of BI to predict risk with power outages in real-time. Amazingly, Power BI analytics also ensure a smooth transition to clean and sustainable energy consumption.
Agriculture
Power BI comes with the ability of predictive data analytics to industries whose processes depend on market forecasting. Here, agriculture is one such industry. Companies involved with agriculture use next-gen tech like IoT devices, Power BI gives them complete data such as weather forecasts, moisture levels, temperature, floods, wind direction, and more. Power BI provides a clear view of dashboards and reports to make better decisions on irrigation. These actionable insights empower agricultural organizations to cope with unfavorable conditions.
For small and mid-size companies, Power BI provides reporting tools and provides large-scale data storage for grown-ups.
Banking
The prosperity of banking services majorly relies on the ability to track performance metrics and how actively the particular organization caters to the individual customer needs.
By integrating Power BI into their data management workflows, banking institutions can comprehend the pain points of customers, figure out new digital opportunities, and integrate more efficient systems. It helps banks to make their balance sheets error-free and provides a tool to make the user experience more engaging.
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Manufacturing
Power BI has been helping manufacturing units to achieve better customer engagement and improve efficiency in production sites. It empowers businesses to get marketable actionable insights for sales, marketing, security, and revenue. It enables better decision-making, eliminating bottlenecks, and making sales strategy more workable in specific regions.
Furthermore, better data analytics and visualization of data from sensors in production facilities can prevent production downtime and disruptions.
Conclusion
Adopting data analytics has always been a tough task for companies that want to get ahead in this digital age with data-driven decisions making and risk forecasting. With Microsoft Power BI, organizations can re-arrange their data strategies in an easier manner. They can make market-ready strategies to make decisions in no time, and their resources gain streamlined access to the data to automate their tasks.
At Mobcoder, we have been providing data analytics services for over 7years and making organizations digitally empowered. Our data experts can deliver a customized Power BI solution to streamline your data and make your organization ready to be digitally transformed.
