LUTZ BUSINESS INSIGHTS
how power bi helps your business harness key insights
STEVE NEBBIA, consulting director
There is no doubt that the business world is growing increasingly competitive every day. Data is a critical component for organizations to maintain a competitive edge; however, they must be able to turn that data into meaningful, actionable insights.
Power BI, one of the most well-known products in the data visualization space, is the best remedy to this common dilemma for business leaders. A great tool for organizations of all kinds, Power BI synthesizes data from various sources. It allows users to build interactive, comprehensive dashboards, reports, and other products that help leaders visualize key data and drive positive business results. Moreover, as a part of the Microsoft portfolio, it is easy to integrate with many existing business tools and provides a user-friendly experience.
For business leaders focused on performance, Power BI is the clear industry leader. However, you may be asking yourself, “what it is that makes this tool so powerful?” Today, we will share an overview of the attributes that this product will bring your business and why it is a critical enabler to your data-driven business goals.
1. Transformation of Data into Useful Insights
While data is immensely valuable when used appropriately, many organizations, unfortunately, do not know where to start. Data collection is merely the first step, while visualization is the basis of leveraging data towards key results. Once organizations can clearly and concisely navigate their data via dashboards and reports, the value is revealed.
Power BI has led in this field for years and maintains a formative lead over competitors like Tableau. In fact, it was just recently named the clear industry leader by Gartner for the 14th consecutive year. If the software does not speak for itself, the ratings certainly do.
2. Comprehensive Connection of Previously Disparate Data Sources
To identify meaningful insights, it is crucial to synthesize necessary data from different locations. For years, many organizations struggled with the fusion of siloed data due to a lack of integration from the wide variety of existing data sources. However, Power BI has solved this problem, allowing for connection to other facets of the Microsoft stack as well as external sources.
This allows organizations to build more holistic views of their data, enabling them to unleash more compelling insights. Furthermore, with the capability to connect to a multitude of sources from Google Analytics to MySQL to Salesforce, businesses will be hard-pressed to find data sources outside of Power BI’s reach.
3. Delivery of Real-Time Information
Many data visualization tools do not operate in real-time. However, Power BI provides a solution with its real-time streaming service. This service pushes live updates to any visual within the program from factory sensors, social media sources, service usage metrics, and many other time-sensitive data collectors or transmitters. With this capability, business leaders have access to the most current data, enabling them to harness critical insights to make quick strategic decisions.
4. Measures Progress Towards Organizational Goals
Another facet of Power BI’s appeal is its ability to measure progress towards organizational goals or KPIs. Power BI Goals allows teams to build scorecards, collaborate, delegate tasks, and track progress, among other things. This is a great for productivity and gives organizations a clear opportunity to identify areas for improvement.
5. Enables Mobile Delivery of Data Insights
Lastly, one of Power BI’s outstanding features is its ability to deliver insights via desktop or mobile. Power BI Mobile is an application that will allow you to access necessary data on your mobile device, helping leaders make well-informed decisions from anywhere at any time. With an increasingly fast-paced and mobile-facing world, this is a crucial capability for business leaders on the go.
While we touched on the primary advantages of Power BI, the software has a great deal more to offer. This robust tool puts the power in the hands of the business to disassemble pre-existing data silos, create a holistic picture of key business metrics, and do so in a real-time environment. If you’re interested in learning more about how data visualization or Power BI can benefit your business, contact us or visit our website for more information. You can also read more on related topics here.
ABOUT THE AUTHOR
STEVE NEBBIA + CONSULTING DIRECTOR
Steve Nebbia is a Consulting Director at Lutz with over eight years of related experience. He is responsible for providing business and analytics consulting as well as tax consulting and compliance.
AREAS OF FOCUS
- Business Analytics Consulting
- Tax Consulting & Compliance
- Individual & Business Income Tax
- Trust & Estate Planning
AFFILIATIONS AND CREDENTIALS
- American Institute of Certified Public Accountants, Member
- Nebraska Society of Certified Public Accountants, Member
- Certified Public Accountant
- Master's in Science of Accountancy, University of Notre Dame, Notre Dame, IN
- BSBA in Finance and Accounting, University of Nebraska, Lincoln, NE
- Jesuit Academy, Finance Committee Member
- Omaha Parks Foundation, Board Member
SIGN UP FOR OUR NEWSLETTERS!
We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.