Most of the Business analysts introduces Microsoft Power BI platform in companies of various sizes - from agricultural holdings to retail chains. Why do businesses need to visualize data, what analytics automation problems will solve, and what are the main advantages of Power BI?
In the modern world, information is the most valuable thing. If you are able to understand and use it effectively, the business will be successful. With it, you can quickly analyze data arrays, highlight links and focus on what is really important. The bottom line is making decisions based on facts, not intuition.
Experts from IT Support Derby said that the analyst collects information and pulls out of it the main thing for those who make business decisions. He must communicate with the main customer, whoever he may be - a supply manager or development director, who needs to find the answer to the question. It is important that the analyst correctly understands the goals and objectives of the customer, otherwise a detailed, but useless for the business report.
If you compare the information with a tray of raw eggs, then the analyst is the one who cooks eggs for the customer.
Who needs Power BI
It is well known to all IT Security Services that Microsoft's Power BI tool automates reporting and analytics, combines data from various sources and minimizes manual work in preparing reports.
The tool is useful for:
Analysts - they spend a lot of time on the mechanical assembly of reports, and it’s boring and time-consuming. Power BI helps you set up an algorithm for working with data, and then use it an infinite number of times, without any special time costs.
Middle and top managers - in large companies, teams of economic analysts prepare reports for a very long time, often with errors, and the reports themselves are static.
With Power BI, analytical reports are no longer the exclusive product of the economic department. With it, users can independently extract the necessary information in just a few clicks. This also relieves the economists themselves - they receive fewer inquiries like “Can you make years in this report and months in columns?”
Owners of small companies - they save and cannot hire an economist or analyst - this is expensive, and, most likely, a specialist will not have a full load.
The owner has two choices: hire an analyst for a few hundred pounds or use Power BI to get "analytics without analysts. " In the second case, the consultant will set up a one-time algorithm, and employees will be able to analyze the data on their own, adapting the report to the tasks.
Why BI startup
According to the IT Services Birmingham experts, startups have high-performance dynamics. According to statistics, 20% of them go bankrupt in the first year of existence, and only about half will celebrate three years. In order not to be in the group of drowned, decisions need to be made quickly. Without an analysis of indicators cannot do.
Startups move by trial and error - you choose a direction, you stumble, you fall, you change course. Analytics helps to identify patterns and adjust the course.
When there are many customers, everyone brings in income and total sales are large, it is difficult to understand and concentrate on. In such situations, it is worth remembering the Pareto principle; 20% of customers bring 80% of the profits. The analysis helps to identify the most important customers in order to develop a strategy for working with them.
Power BI is not Excel
Power BI was created as a platform for integrating and visualizing data. To build a planned budgetary business model or count, you need Excel. It just keeps records, but it is inconvenient to analyze it.
In Excel, there used to be a limit of 65 thousand lines, now it is 1 million. In Power BI there can be no such restrictions - there is another system.
In Excel, there is no separation of access rights, for example, when the head of one region does not see information on another region. And Power BI allows it.
Power BI easily configures automatic updates. In addition, Power BI adds new features every month - this is a cloud service.
Aquariums, KPI sensors, and charts in Power BI
There are about 30 classic visualizations in Power BI - linear graphs, pie charts, bar charts, KPI sensors. In addition to the standard, there is also a library of custom user visualizations, which is constantly expanding by the users themselves. In addition, there is a visualization designer for developing individual graphs, but here programmer skills are needed. Your IT Services Derby Partners can assist you with everything regarding setting up Power BI for your business.