How to analyse data correctly?
Before analysing data, it is essential to define for whom and for what purpose you are carrying out the analysis. This is essential because analytics helps people make decisions. Therefore, carrying out a study to obtain information to support decision-making is an integral part of the process, as is the appropriate presentation of the results.
Data analysis can, therefore, be presented in the form of a process consisting of the following elements:
1. Planning and target setting,
2. Data collection,
3. Downloading data,
4. Segregation of data and preparation for analysis,
5. Data analysis,
6. Reporting,
7. Concluding and distribution.
What should be done to ensure that each stage of data analysis is carried out in an effective way? Use modern systems supporting data analysis, such as Power BI.
What is Power BI used for?
Microsoft Power BI is a powerful business intelligence tool for analysing and visualising data to help businesses make more informed business decisions. Power BI offers users a range of functionality that allows them to easily combine and analyse data from different sources and create interactive reports and visualisations.
Power BI consists of two main components: Power BI Desktop and the Power BI Online service. Power BI Desktop is a tool for creating reports and data visualisations. Users can use it to combine different data sources, such as databases, Excel files, or cloud services, and create interactive visualisations and reports. In addition, power BI Desktop offers a wealth of functionality, such as advanced filters, pivot tables, charts, and maps, which make it easy to analyse data and generate valuable business insights.
On the other hand, the Power BI Online service is a cloud-based platform that enables easy sharing and collaboration in reports and visualisations. Users can easily share their reports and visualisations with others in the organisation and benefit from advanced features such as business process automation, integration with other Microsoft tools, and predictive analytics.
How does Microsoft Power BI improve data analysis?
Advanced analytics is a broad category of queries that can make changes and improvements in business practices. Using systems based on business intelligence (BI) for data analysis, we can take a closer look at historical data and forecast future events and behaviours. This gives you the option to conduct “what-if” analyses to predict the effects of potential changes in business strategies.
The Power BI system streamlines data analysis through its ability to:
– Comparison of data from different sources
ERP systems, financial and accounting systems, Excel spreadsheets, e-mail marketing systems, social media, streaming data, cloud services, and more.
– Compilation of business data 24/7 in one panel
Power BI guarantees access to all business data from one navigation dashboard for computers and mobile devices.
– Preparation of interactive reports
Creating clear reports with interesting layouts takes little time and is immediately available for the entire company.
– Ensuring consistent analysis
Power BI is a set of analytical tools for each department of the organisation that provides a 360-degree view for business users. In addition, transparent data visualisation facilitates data analysis.
5 benefits of implementing a Power BI data analysis system
Modern business intelligence data analysis systems offer companies many benefits. The Power BI service guarantees:
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Easy data visualisations
Power BI lets you visualise data through various graphics and diagrams, such as bar charts, pie charts, and line graphs. These visualisations allow users to quickly understand the data being analysed and use it in their decision-making process.
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Data centralisation
Power BI allows different data sources to be combined and enables them to be stored in one place. This makes managing the data dramatically easier and enables it to be used more effectively in decision-making.
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Online data availability
Power BI allows data to be shared online so that users can access critical information from anywhere. This enhances the quality of communication and collaboration between different users, which increases productivity.
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Real-time data analysis
Power BI enables real-time data analysis, allowing you to react quickly to changes and make decisions based on the most up-to-date indicators. This way, many business risks can be avoided, and opportunities can be exploited.
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Intuitive user interface
Power BI’s intuitive user interface allows you to create reports and data visualisations quickly and easily. In addition, drag-and-drop functionality, or the ability to ask questions in natural language, makes the system easier to use and allows you to achieve your business goals faster.
In summary, Power BI is a powerful data analysis tool. It allows for easy data visualisation, aggregation, online data availability, and real-time analysis, and the intuitive user interface enhances the quality of work. As a result, this tool can help companies make effective business decisions and increase productivity.
Power BI – in which industries does it work?
Power BI is a tool that can be used in a wide range of industries thanks to its versatility and adaptability to different business needs. Here are some examples of sectors where Power BI can be beneficial:
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Finance
Power BI can be used in the finance industry to analyse income and expenditure data, and financial reporting, and monitor market trends and other factors affecting a company’s financial position. According to a study by Microsoft, by 2020, more than 35% of companies in the financial industry will be using Power BI for data analysis.
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Manufacturing
The manufacturing industry’s Power BI data analytics system can analyse production line performance, manage warehouse and inventory, monitor product quality, and plan production. According to a study by Capterra, 26% of companies in the manufacturing industry were using Power BI in 2021.
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Sales and marketing
In the sales and marketing industry, Power BI, on the other hand, is used to analyse sales data, forecast demand, monitor marketing campaign performance, and evaluate promotional activities’ effectiveness. According to a study by Microsoft, by 2020, more than 33% of companies in the sales and marketing industry were using Power BI for data analysis.
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Education
Power BI can analyse student performance data in the education industry, manage human resources, evaluate curriculum effectiveness, and assess training needs. According to a study by Capterra, in 2021, 18% of companies in the education industry were using Power BI for data analysis.
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Healthcare
In the healthcare industry, on the other hand, Power BI can effectively support data analysis on patient outcomes, human resource management, medical resource monitoring, and other factors affecting healthcare quality. According to a study by Microsoft, by 2020, more than 21% of healthcare companies were using Power BI for data analytics.
Why is company data analysis critical?
Company data analysis is essential for several reasons. Firstly, it provides valuable insights that can help inform strategic business decisions. This allows companies to understand their customers better, optimise business processes and increase operational efficiency. Data analysis also allows the detection of trends and behaviours that can affect a company’s future financial performance.
Microsoft Power BI is a data visualisation and analysis tool that can help achieve these goals. With its capabilities, users can easily combine different data sources, create interactive visualisations and reports and share them with others in the organisation. In addition, the tool offers many built-in plug-ins and connections that make it easy to combine data from different sources, such as databases, Excel files, or cloud services.
Power BI offers advanced features like predictive and machine learning analytics and business process automation. This enables companies to react faster and more effectively to changes in the business environment and adapt their strategies to the needs of customers and the market. This way, analysing company data with Microsoft Power BI can contribute to competitiveness and success.
