Today’s businesses have an abundance of data. Even though data has always been a key component of the businesses, the business opportunities today provide even more ways to harness data. Every little technology or gadget today we have tried to capture data in one form or the other. This helps boost the technology as well as customize the experience according to the needs of the users.
Think about the devices around you. If you take a look around you, you will find that everything that you use tries to collect the data in one form or the other. For example, your mobile phone has multiple features like Bluetooth, location, wi-fi among others. When you turn these on, your data is collected by the service provider.
Most people when they look up for something on the search engine, begin their journeys with Google. They type certain keywords and hope for the answer to come up. But, what makes their search efforts more fruitful is when they get the answer to what they are looking for in their area.
For example, if someone is looking for restaurants, it is natural they would want to seek answers closer in their area. One way of this is to type your address or zip code in Google. But obviously this is a time taking task. What Google does in these situations is to ask for your location address from your network and automatically displays the results near you.
All you have to do is type restaurants near me and Google would automatically display the search results in your area. While this is one of the biggest opportunities for businesses to capitalize on since it is easy to lure target customers and reach out to them. It clearly shows how data has been one of the biggest factors redefining modern businesses.
Similarly, when it comes to other forms of businesses, data is always the driving factor in it. So, this means that the entire foundation of businesses is laid down in data itself. While those who learn to capitalize on it are the ones to profit, understand their customer and take the experience to the next level.
On the other hand, when it comes to companies that do nothing with their data, not only suffer a lot but also put their businesses on the back front. Traditionally, when one has data they are able to see multiple facets of their business. This includes the information for their different departments such as sales, marketing along with how they are performing in relation to their competition.
The idea is that data not only makes you more aware about your business but also enhances our caches at competing in the market. Today, with the disruption in the technologies and favorable policies in the market, many new entrants are coming up. The government stimulus is making it far easier for startups to come up with a good business idea.
Therefore, the burden of responsibility shifts to organizations that are medium in size and already prevailing in the market. They have to compete with these new businesses and make sure that their customers are not swayed away by them. While your pricing plays a key factor in this, another factor responsible for the growth of your business is data.
Business Intelligence
If you have been in the market for a while, you are already generating data. Be it from sources like social media, your website or any marketplace. If you are paying attention to the analytics, you’ll find more than enough data for your organization. The only job remaining is to make sure you utilize the data to the fullest.
This is where the need for external tools emerge. Power BI is one of the most front running tools in the market that can help you unleash the power of your data to the fullest. Especially with the latest release you are in a feast of goodness with Power Bi development. While business intelligence might sound a fancy term, it has become one of the most sought after tools in the modern times.
Every other business is utilizing business intelligence because it is the stepping stone to progress in the market. With plenty of data pouring in from multiple sources, it becomes fundamental to utilize it. And that can only happen once the data is in presentable format. Most businesses struggle with making spreadsheets and finding the best presentation for the data.
Moreover, even if this is centralized, or a person is assigned to prepare the daily data, there are other issues. For example, once the business report comes in and reaches every department, the heads have to break it down and make it in a format that is relevant to their department. A marketing department of your organization for example, would take the data and find out how much investment into the marketing efforts has gained how much returns. In other words, the sales that are coming in from different channels.
Imagine how cumbersome this task will become over a long period of time. Therefore, to save you the pain of all this, leveraging business intelligence tools becomes fundamental. Not only does it help you make the most of your data but also create visualizations as per the needs of your individual departments.
Latest Version of Power BI
The latest version of Power BI especially focuses on easing the reporting tasks that are a day to activity in most businesses. This would mean:
New field list
New model list
Zoom slider
Data point rectangle selection to map visuals
Apply all filters generally
Anomaly detection in analytics
Q & A support for partial matching values in the data
The entire experience is created to help your business focus more on the decision making aspects rather than just reporting. Once your data pipeline is sorted out, you will be able to focus on their interpretation, ultimately leading to superior decision making.