Power BI benefits for business decision making
December 14, 2022
What is Power BI
Developed by Microsoft, Power BI is a business intelligence tool whose goal is to organize, analyze and project valuable information from a company. Through the synchronization of various data sources, Power BI allows you to transform raw data into meaningful information and present it in a simple way via interactive dashboards through a strong component in automation, capable of ensuring stakeholders an important support in decision making.
How can a Business Intelligence solution be a support in management?
Our brains are better able to understand and absorb messages through images and other visual content than through large volumes of information, such as numbers. In practice, it takes additional effort and time to interpret values in tables, for example. In contrast, when presented graphically, not only the information is integrated and understood more quickly, but there is a clear tendency to find patterns, which has meant that, in general, business intelligence solutions have gained a predominant place in all sectors of activity.
What Power BI can provide your business
Increasingly sophisticated, Power BI offers companies three main types of analysis. The descriptive analysis is responsible for uncovering what happened in the past and what happens in the present. The management of this area does not suffer from highly technical professionals to generate a dashboard capable of presenting a summary on a certain topic.
On the other hand, with predictive analytics it is possible to extract large volumes of raw data, transforming it into useful information, able to be observed to establish predictions about what may happen in the future, considering trends and patterns.
In turn, using prescriptive analysis there is a junction of the two analyses using technologies such as AI and Machine Learning to determine the best courses to take from the point of view of business management, from an already segmented data set.
In this way, considering that teams will now have access to valuable information based on real data to complete analyses relevant to their areas, it will be possible to act more quickly, reducing risks and maximizing opportunities.
What are the benefits of power BI for decision making
Integration with multiple data sources
This is one of the great benefits of using a business intelligence platform. In a single place, you can synchronize and import data from multiple sources from web pages, publishers, cloud, CRM systems, automation, among others. In practice, the great advantage is to view and manage data from different channels for viewing and understanding in a single medium.
Having the possibility to obtain business data in real time means receiving concrete and objective information about what is happening now in your company. Otherwise, this analysis would be conditioned by human intervention that could delay a possible decision making when faced in an event.
A reliable source for analyzing insights for the future
One way to outline and objectify strategies for the future is to analyze and understand the events that have already occurred. Power BI tool is essential for collecting and analyzing data obtained in past strategies to identify and predict patterns that may happen in the future.
Ease of report creation
Microsoft's data tool has come to simplify the management of large volumes of data. With its business intelligence platform, you can analyze data and create interactive reports so that your observation, understanding and decision-making are more effective.
Before the existence of a solution like Power BI, data sharing was done by technical professionals in the IT area, which made the areas responsible for management and business strategy dependent on third parties to have access to operational information, otherwise, with a wrong handling the integrity of the information could be compromised. Currently, Power BI allows not only the creation of several users with access to information, as well as the ability to perform various operations with the collected data, being able to monitor the past, propose improvements for the future and even share these strategies with other employees. In practice, management teams will have simpler access and, in a brief time, start obtaining viable data about a certain action and monitor its effects.
Enables collaborative work
Power BI tool takes collaborative work to another level. Through features that allow collaborative work, employees from different areas can develop a complete report from scratch. The creation of workspaces on the platform enables interaction between departments, through an access management system and their participation levels.
Information protection and security
Increasingly, information security is a priority in organizations and a point of discussion when adhering to new methodologies, processes and work tools. Through various degrees of internal and external security, the platform allows user management so that access to information is simple for work teams but prevented to users outside the organization.
Improves company efficiency
Once access to information within a company is democratized, the entire structure can experience new levels of efficiency through a business intelligence system. For the operation, this means that all teams will have access to the data they need to perform their work more efficiently and make faster, more assertive decisions with less waiting times, when compared to companies where access to information is still extremely limited and only restricted to a privileged group.
Competitive advantage for the business
Apart from the technical features and from a global point of view, using an analysis solution like Power BI means benefiting from a competitive advantage based on technology. Data analysis using this type of statistical tool allows companies to obtain a clear and objective view of what is happening not only with their business, but also with their competitors and the sector in general. It means that decisions now have a new reasoning based on concrete information supported by analytics from the development of the business. In the same way, a company that is armed with real-time information will be more predisposed to respond effectively to adverse scenarios or those that may require special attention from its managers and, in general, predict and anticipate risk.