How to avoid mistakes when developing a company with the help of Power BI?

The statistics are merciless. Approximately 80% of companies close within the first two years of their operation. That is why it is worth learning about the most common mistakes made by start-up entrepreneurs and trying to avoid them.

Critical decisions for companies

Building a company is a long-term process, more like a marathon than a sprint. Achieving success is in no small extent, a matter of proper development and consistent implementation of a business strategy, supported by a reliable analysis of market data. Learning from someone else’s mistakes is far less costly than experiencing the effects of wrong decisions on your own.

Much has been written about bad decisions by entrepreneurs, both beginners and more advanced ones. However, we would like to focus on a specific category of errors, which is the lack of guidance from hard data and indicators when making key decisions for the development of a company.

Practical analysis of data with Power BI

In this context, it is worth pointing out, above all, the frequent lack of objectivity on the part of managers and relying only on their own opinion. Yes, faith in success is essential to achieving it. However, a significant launch of a new product or service on the market is also a reliable and useful data analysis, allowing for a precise presentation of the expectations and preferences of potential customers.

The lack of analyses supported by hard data is usually connected with the loss of a specific action strategy and the belief that the right product will sell itself. This approach has led to the bankruptcy of many companies. Writing down all measurable goals and possible ways of achieving them will also enable us to work out a precise direction of development and to set the next steps to be completed. Part of a good strategy is also a back-up plan if our product does not sell as we expect. It is worth identifying possible scenarios, including the worst-case ones, and how to respond to them. A modern data analysis system can be of invaluable help here.

How does Power BI help to develop the company?

Advanced information technologies, especially modern systems for data analysis, can significantly help in making the right decisions to increase sales effectiveness. They enable advanced aggregation and processing of data from many sources (including Facebook and Google Analytics), their accurate analysis and clear visualization of the results together with their automatic updating. Tools such as Microsoft Power BI offer much broader possibilities than the popular Excel while being relatively easy to use and not requiring high costs at the start.

Precise insight into the data at each stage of sales enables a better understanding of customers’ needs, and thus the selection of the most optimal strategies and promotion channels.

The Power BI system is available both in the classic desktop version, in the cloud (as part of the Office 365 service) and in the form of a mobile application for smartphones and tablets. The possibility of accessing key data from any place, as well as easy sharing of reports with co-workers and contractors, facilitates trouble-free operation in the situation of increasingly popular remote work.

If you are interested in Power BI training or implementation of BI systems in your company, please contact us!