What is Microsoft Power BI and its Benefits
Data in today’s digital world is one of the most valuable assets since it has massive potential to impact on its long-term success. Therefore, it’s essential to utilize the right analytics tools to fully leverage all gathered data and transform them into actionable insights that will benefit your organization.
There are many different Business Intelligence tools available on the market that you can implement in your company. According to the Gartner Magic Quadrant for Analytics and Business Intelligence Platforms 2022 Report, Microsoft Power BI has been positioned as a major BI platform for the 4th consecutive year. Big companies like EY, Bayer and Rockwell Automation have been using Power BI to analyze all their data and transform them into interactive reports.
In this post, we are going to explain what Power BI is and its benefits.
What is Microsoft Power BI?
Microsoft Power BI is a tech-driven Business Intelligence and Data Visualization tool that enables you to transform raw data from various sources into interactive dashboards and reports. Users get relevant insights and can share them across the organization. All the forms of visualization and reports offered by Power BI help users to understand the current situation of the business and help make better decisions that eventually will lead to increased profitability and efficiency.
What are the key benefits of Power BI?
Data-driven business decisions: Power BI users can analyze and transform the gathered data from multiple data sets to develop effective data visualization form of how a business is currently doing. Having this data in a clear visual format allows businesses to create insightful dashboards. These reports help businesses to make better business decisions based on accurate data.
Interactive dashboards: As more data sources emerge, Power BI allows you to drill down and filter information so data can be presented in different forms such as charts, tables, maps, and other visualization forms. Additionally, business users can track, analyze, and display key business metrics while interacting with data in real-time.
Advanced Security: Business users can use Defender for Cloud Apps where they can protect all reports and prevent unintended leaks or breaches. In addition, Defender for Cloud Apps provides analytics to identify potential cyberattacks and control data access.
Foster Communication and Collaboration: These powerful analytical tools can be easily shared within the organization to keep everyone informed with the latest updates. This will lead to enhanced communication between users while also fostering collaboration and a data-driven culture within the business.
Powerful Predictive Forecasting: Power BI has the ability to forecast future outcomes by analyzing historical and current data to find patterns and trends. Predictive forecasting models automatically detect seasonal trends and other trendlines based on gathered data.
Real-time Information: All dashboards and reports can be updated continuously via data streaming. Microsoft allows users to monitor data in real time, edit new visualizations, and respond to alerts when necessary.
Are you ready to start your journey with Microsoft Power BI? Contact the Digitalics Innovation Team today.
Resources:
https://www.datapine.com/articles/bi-dashboard-best-practices
https://www.snp.com/blog/10-advantages-microsoft-power-bi
https://www.nigelfrank.com/insights/everything-you-ever-wanted-to-know-about-microsoft-power-bi
https://www.sharpcloud.com/blog/how-informed-decision-making-impacts-an-organization
https://docs.microsoft.com/en-us/power-bi/enterprise/service-security-using-defender-for-cloud-apps-controls