In today’s data-driven world, understanding and analyzing information has become a critical component of business success. Also known as business intelligence, the strategic collection, and analysis of data can provide actionable insights for companies of all sizes.
Why is business intelligence important?
By itself, data is just information. In order to be useful, it needs to be put into context. With the sheer amount of data most businesses are able to collect via technology, it’s essential to have good systems for managing and analyzing that data. Business intelligence systems offer solutions that allow businesses to better manage and understand the available data, which is important for gaining the most useful insights from that data. Given that data can be one of a company’s most valuable assets, it makes sense for businesses to invest in systems and software to help utilize that asset in the most efficient and profitable ways possible.
What is Microsoft Power BI?
Microsoft Power BI is a business intelligence software solution that is built on the familiar Microsoft Office 365 platform. It offers businesses a variety of user-friendly features and can be used to collect, manage and analyze data from both internal and external sources. It offers built-in visual displays and creates opportunities for collaboration across your organization and beyond. Microsoft Power BI has been recognized as a leader in the business intelligence market for the last 12 years.
How can Microsoft Power BI benefit your business?
An enterprise-level software that is available to any business, Microsoft Power BI is one of the most versatile business intelligence solutions available. The base version of the software is available to download and use for free. Even at the free level, Microsoft Power BI offers powerful features to help your business quickly analyze data and gain important insights.
Here are a few of the ways that Microsoft’s Power BI can benefit your business:
Microsoft Power BI allows you to aggregate all of your business’ data in one place. You can collect information from multiple data sources, both internal and external, and analyze it all within the Microsoft Power BI framework. With the capabilities to analyze both large and small data pools, Microsoft Power BI can help you find patterns and trends in a single department or across an entire industry.
Facilitating communication between departments is a pain point in many organizations, especially if your teams operate in different locations. Microsoft Power BI is designed to encourage collaboration and data sharing across your entire organization. Since the software can be accessed from anywhere with the proper authorizations, teams can check insights and make changes in real-time.
Data security is a critical component of information technology and Microsoft Power BI includes the features you need to ensure your data is properly protected. With Microsoft Power BI, you can manage how data accessed in your system, determine who is allowed access to what information, and share relevant data outside your organization. It also includes tools for monitoring data usage and detecting anomalies, and you can manage your data either on your own servers or in a secure Microsoft cloud-hosted solution. Microsoft Power BI also offers tools to help you with compliance-related data management requirements.
Implementing and training on new software systems can be costly in terms of both time and money. Since Microsoft Power BI is part of the Office 365 family, many of its features will already be familiar to most of the workforce, given the popularity of Office 365 products. That familiarity will drastically reduce the time required for onboarding and deployment since teams will require much less training on a Microsoft-based solution. In addition, Microsoft Power BI integrates easily with systems you are likely already using, such as Excel, Teams, and Sharepoint. Reducing the time spent learning new software will allow teams to jump in and begin collaborating and generating insights much more quickly.
As a business operating in today’s data-driven marketplace, it’s essential that you have a system for analyzing your available data and finding insights into your business and your market. Microsoft Power BI consultants can offer a quality solution that can easily and affordably integrate into your existing systems while allowing you to gain the insights you need to remain competitive. With the importance of data-driven insights becoming more apparent every day, Microsoft Power BI provides businesses of all sizes with the one-stop solution they need for data analysis.