Data analysis – how does Power BI improve the process?
– Power BI enables comprehensive analysis of data from various sources
Today, every company has virtually unlimited access to data. They can come from ERP systems, financial and accounting systems, Excel spreadsheets, email marketing systems, or social media. They also include streaming data or those available in the cloud. With Power BI, all the data you want to analyse can be aggregated in one place, filtered, and modelled as required.
– Intuitive, user-friendly interface
Through its built-in drag-and-drop functionality, Power BI makes creating reports easy, even for those with little technical knowledge. Moreover, the system also allows you to create data visualisations based on queries entered in natural language. As a result, you can make the necessary data summaries and reports within minutes after importing the data, which translates into significant time savings. Data analysis carried out in this way is effective and efficient.
– Data analysis in a single panel
Data analysis in Microsoft Power BI guarantees constant access to all critical business data from a single dashboard. Importantly, they are available 24/7 on both mobile devices and computers. So whether you are on the road for business or working stationary, it takes a few clicks to get an insight into your business data.
Data analyses performed with the help of business intelligence tools, such as Microsoft Power BI, guide work, help identify trends or catch weak links. This ensures that business decisions made by managers and the company’s management are accurate and based on solid pillars.
– Power BI enables consistent business analyses
Power BI is an entire set of analytical tools that can give you a 360-degree view of your data. This breadth of capabilities means that the information gained can be used in almost any department to make more informed business decisions.
Importantly, each staff member can precisely analyse the needed data without asking other team members to prepare it. Furthermore, different project groups can use different data views and adjust them according to their relevant roles and responsibilities.
Data analysis – working with Power BI
Microsoft Power BI is a programme whose intuitive interface and built-in functionalities allow for in-depth analysis and the development of interactive reports. It streamlines business operations as each department can use it independently. Data analysis takes place in real time, and the results can be shared with those involved in a project. This eliminates downtime or the problem of duplicate data and reports.
Importantly, people working with Microsoft Power BI may have minimal knowledge and skills in operating modern BI systems, as the functionalities built into the tool guide them step-by-step and indicate the necessary tasks to be performed.
Data analysis in Power BI effectively improves the efficiency of companies while fostering their growth and achieving their business goals. This is because the data summaries in reports and charts are much easier to interpret than those in XLS sheets.
Data analysis – how to prepare for it?
To be effective, data analysis in Power BI must be preceded by proper data preparation. So before you set about gathering information, answer the key questions:
1. Do you know the purpose – every data analysis must have a clearly defined purpose. Then the information obtained becomes valuable and facilitates decision-making. However, objectives should be tailored to the actual capabilities of the company and based on the business’s profile. Both short-term and longer-term goals are essential.
2. Assess the reliability of your data – your data set may be incomplete or have duplicate records. As a result, any correlations detected in them may be erroneous. Analysing the data in this way will not add value to your business.
3. Compare analogous data sets – One fundamental principle prevails in analytics: what’s the input, and what is the value of the data analysis on the output. So ensure your data analysis is conducted conscientiously, understanding its purpose and appropriate data matching.
4. Analyse data in relation to the context of the situation – seemingly worthless data may acquire a completely different meaning concerning the case of a given company or the specifics of the market in which we operate. Therefore, data analysis should be carried out on a real problem or objective, and its effects should be measurable.
5. Ensure that the results of the analysis are transparent – the outcome of the business analysis should be information that can be used to develop the business or correct existing activities further. Focusing on answering the questions “how”, “where”, “when”, “why” and “why” instead of showing as many calculations, tables, or charts as possible is crucial here. Data analysis this way positively influences the entire team’s work, motivating them to solve problems and adapt to market trends.
Data analysis – what areas of company operations does it support?
Analysis of company data with the help of modern business intelligence class systems, such as Power BI, can improve the work of almost every department in the organisation. Finance, marketing, logistics, orders, sales – each of these departments aggregates a lot of essential data daily, adding value with proper verification.
Each of the company’s departments should therefore carry out an analysis of company data to improve their functioning and minimise costs, as well as to allocate resources more efficiently and make improvements.
In this respect, the Power BI system has much to offer. Data analysis from various sources becomes simple and quick to perform, even for people who have yet to develop technical competence. Moreover, critical data is always at hand, eliminating downtime and facilitating predictive analyses.
Data analysis in Power BI is most recommended to those representatives of the business world who operate in a dynamic and highly competitive environment. Analysis performed with the help of Microsoft Power BI reduces the risk of failures in their case and gives the possibility of an almost immediate reaction to market turbulences.
Business data analysis – do you need specialised studies?
Working as a business analyst requires management skills and an understanding of the business. In addition, knowledge of statistics, aggregating important information, mathematics, and the ability to draw practical conclusions are also helpful.
Therefore, a business analyst is a multidisciplinary profession that requires an orientation to all aspects of a business. This includes finance, sales, logistics, marketing, and much more. Among the tasks required of people in this position may be analysing sales, market, politics, sports, or even modern data-driven journalism or so-called targeting.
To acquire competencies for the business analyst position, choose a course of study to develop analytical and statistical competencies. The knowledge gained during the study, together with courses on data analysis, will, in this case, allow you to quickly find your place in the labour market and demonstrate your skills in data analysis.
Power BI implementation
If you have any questions about how Microsoft Power BI can be used in your company, please do not hesitate to contact us. We have already performed many system implementations and are familiar with its capabilities.
