The importance of data in the modern corporate world cannot be overstated. Today, every business generates a ton of data from various sources. But it is not important how much data you generate or collect, it is all about how you use it. Power BI, a component of the Microsoft Power Platform line of applications, is a data visualization and analysis tool that can help you get more from your data. In this blog post we will see the “10 things you can do with Power BI.”
Let us look at some of the ways in which Power BI can help your business extract meaningful insights from your data and help your business grow.
Simply put, data visualization is the process of representing the data in the form of charts, graphs, or any other visuals. This helps you to have an effective overview of the data and make better sense of it.
Power BI comes with a wide range of data visualization options like charts, graphs, tables, and more. This helps you to understand complex data sets, draw correlations between discrete data and therefore identify patterns and trends quickly and with greater accuracy.
With Power BI, you can slice and dice your data, drill down into specific details, and apply filters to focus only on the relevant pieces of information.
Power BI also allows you to create interactive data queries with its Query Editor. You can transform and shape data from various sources. It gives you the option to clean, filter, merge and combine data to create a unified and accurate view for analysis. This helps you to find useful data from a vast array of sources.
Today, the markets change within days. So, your analysis should be based on the latest data to gain relevant insights. Power BI allows you to connect to real-time data sources and display dynamic visualizations, enabling you to monitor key metrics and performance and indicators in real-time. This means that you will have a live view of your business data, making your analysis more relevant to your current challenges.
Power BI also sends you alerts and notifications based on specific data thresholds or conditions. You can get email notifications or on mobile devices when the thresholds are crossed or when certain events occur, thereby allowing to proactively respond to significant changes or issues in real-time.
With Power BI, you can create a unified data model by establishing relationships between different data tables. You will be able to combine data from various sources and create comprehensive data sets.
You also get a centralized platform for reporting and analysis. With the consolidated data, you can create interactive dashboards, reports, and visualizations using consolidated data. Thereby, you get a holistic view of your business and derive better insights.
Power BI allows you to create calculated columns and measures using DAX (Data Analysis Expressions) language. This gives you the flexibility to define custom calculations, aggregations, and business logic based on your specific requirements. This supports better decision-making.
You can also create hierarchies within your data model. With this, you can organize data into logical levels, such as year, quarter, month, day, providing users with the ability to drill down into the details for deeper analysis and uncover insights at various levels of granularity.
Collaboration is one of the key features of Power BI, that keeps it apart from most other data analytic tools. Multiple users can work simultaneously on the same report or dashboard. Users can also comment, ask questions, or share insights with others. You can also share entire dashboards and reports for better collaboration.
Power BI Service also offers additional collaboration features, such as content packs, workspaces and data driven alerts. With content packs, you get pre-packaged dashboards and reports. On the other hand, workspaces provide you with a centralized hub for team collaboration. With better collaboration, you utilize the individual experience to make better decisions based on the data.
Power BI has a mobile app that is available for Android and iOS devices. It comes with an intuitive and seamless interface specifically designed for mobile usage. It also comes with offline access, which means that you can download and save data visualizations on your mobile devices thereby allowing you to interact with data even when offline or in areas with limited connectivity. This way you will get uninterrupted access to data and enable decision making even in remote or offline scenarios.
With Natural Language Queries (NLQ), you can go beyond static responses. You can engage in interactive conversations with the system, refining and iterating their queries in real-time. The system understands the context and even follows up with clarifying questions or suggestions to help users narrow down their focus and uncover deeper insights.
This also plays a part in increasing adoption. You do not need to learn complex query languages to process queries. This ensures that even non-technical team members can access the system and use it to the fullest potential.
Power BI offers advanced forecasting techniques that allow you to analyze historical data and predict future trends. This way, you can identify patterns, seasonality, and trends in your data. You can anticipate customer behavior, demand fluctuations and sales projections with a high degree of accuracy.
You can also perform what-if analysis by creating scenarios and simulating the impact of different variables on your business metrics. By adjusting parameters like pricing, costs, or marketing conditions. This would help you understand the potential outcomes and make informed decisions, eliminating any kind of guesswork.
Power BI takes various measures to ensure complete security of your sensitive data. You can manage user roles and allow access accordingly. This way you can ensure that only allow access to data to authorized personnel only.
The data is also encrypted both at rest and in transit. This includes encryption of data connection, data storage and data transfers, protecting your data from external security threats.
Power BI also scores high on the data governance front. You have features like data lineages, data classification and data sensitivity labels which make it easy for you as a business to implement data governance policies and ensure compliance with regulatory requirements.
At Evolvous, we help you do all that and much more by helping you set up a Power BI ecosystem that is tailored to your business. Our solutions help you make better decisions based on data and achieve your business goals. To discover more about our services, visit evolvous.com/power-bi-consulting-services/