Why is data analysis necessary in times of crisis?
During a coronavirus pandemic, maintaining the current pace of development is a dream of many companies. Success or failure may be determined by the ability to make the right business decisions. Thanks to technological progress in data processing, communication, and the ability to analyse large data sets, the chances of being able to react to threats are at a turning point. Tools such as Power BI provide insight into rapidly changing situations and help you respond to threats. Can you also benefit from Power BI in times of crisis?
How does data analysis in Microsoft Power BI support companies in times of crisis?
A time of recession is the perfect time to use business intelligence to gain a competitive advantage. Analytics teams appreciate the benefits of data analysis because of better handling the growing uncertainty and rapid changes in the global economy. There are three main areas of business for which collecting, analysing, and acting on data is essential:
Maximizing revenue with Power BI
Thanks to data analysis in Power BI, you can quickly identify sales drivers, assess the potential of cooperation with your customers, or analyse entire sales processes. This will give you key information on which channels work effectively and which ones need to be improved or eliminated. What is important is that every employee, regardless of his or her department or specialization, has constant insight into the data he or she needs 24h/7, irrespective of where he or she works from. The results obtained during data analysis can be shared with the rest of the team, which facilitates communication even when you work from home.
Increase productivity through data analysis
Data analysis in Power BI also makes it easier to identify poorly functioning processes and helps to determine where to reduce spending. So use your company's data analysis to correlate and compare past activities, manage your business more efficiently or perform more accurate financial analysis. In times of crisis, these issues are fundamental. Often it is necessary to relocate funds quickly to obtain better business results.
Forecasting based on Power BI reports
Power BI data analysis also provides a broader insight into the situation of the entire organization. It thus allows us to look at it globally - even in the context of forecasting supply and demand trends or tracking rapidly changing key indicators. Data analysis can help you protect your business from upcoming threats, and can also identify profitable market niches. In this way, we have a real chance to increase our competitive advantage even during the crisis.