Power BI: Business Intelligence in the financial sector
According to Cloud Computing and Business Intelligence Study Market published by Dresner Advisory Services, nearly 48% of companies claim that business intelligence and business analysis are critical to their business. In an era when data is at the heart of every business strategy and decision-making process, it's no wonder that the financial services sector is also trying to gain more control and understanding of data. Fortunately, advanced data analysis systems, such as Power BI, are helpful. How can they support companies in the financial industry?
Why is data analysis so important?
As every company grows, it isn't easy to manage the amount of data generated. Then a situation may occur in which a company loses access to useful information, which may determine its further, stable development. As a result, not having all the necessary data in one central place hinders the flow of information in individual departments of the company, which in turn harms efficiency and productivity. These situations can be avoided by implementing modern systems for data analysis, such as Microsoft Power BI.
5 benefits that Power BI guarantees for the financial sector
Power BI is a user-friendly analytical tool dedicated to the data analysis and result's presentation in the form of easy-to-read and interactive reports. Thanks to the possibility of aggregating data from various sources, it offers virtually unlimited options of use. What benefits can Power BI provide to the financial sector?
1. Access to data and its simple storage thanks to Power BI
With document compression capabilities, Power BI allows organisations to access, analyse, visualise and store vast amounts of data. This benefits financial companies that generate vast amounts of information every day - from trend forecasts to customer information. What's more, Microsoft Power BI can add new datasets as they are discovered, which is key to integrating real-time transaction and investment information.
2. Quickly detecting trends in data
BI and business analysis have one goal: to find trends and actively learn from them. This is particularly important for financial organisations that are continually struggling with changing numbers, trends and customer needs. Power BI has intelligent features that allow users to view large amounts of data in just seconds. This data can be filtered according to different attributes, referring to other business elements such as revenue or sales, allowing easy and accurate typing of trends and making comparisons.
3. Ease of use and functionality of Microsoft Power BI
The intuitive UX Power BI features allow you to create visualisations of data that are easy-to-interpret and visually attractive. Drag-and-drop functionality, on the other hand, increases the comfort of data analysis even for those who do not have advanced technical knowledge and makes users feel comfortable while creating charts and reports.
4. Constant data availability in the cloud
Power BI guarantees access to data and created desktops and reports to all people who are involved in a given project. Thanks to this, companies gain access to data regardless of time and place 24h/7. In the case of financial institutions, this is particularly important. A network of offices located in different cities or even countries can simultaneously have access to the necessary data and analyse them in real-time.
5. Data protection in Power BI
Data processed in financial institutions are confidential - customers' data, bank account numbers, amount of funds held. Thanks to Power BI, you can quickly and easily add access filters such as Row Level Security (RLS). Thanks to this, employees can see only the data relevant to them. These roles can be easily configured in Power BI, defining and controlling access to them.
In a data-driven industry, business intelligence and analysis are essential to stay ahead of the competition and attract customers. Power BI offers a range of benefits for the financial sector, from ease-of-use to intuitive features and automation. Based on advanced data analytics algorithms, Power BI eliminates the risk of errors, streamlines processes and supports financial institutions in stable growth.