How to improve your 2Es (Efficiency & Effectiveness) with Power BI?

In this era where every single minute charges you a cost, why spend 9-5 hours working over something which can be done more effectively by a tool? Well here, the tool plays a great role and if chosen randomly, it will not only make you lose money but can also put your business into a disastrous position.

Business people today who know the worth of their time and money are establishing wonderful examples of their sense of decision-making. Although, the right of decision-making is in the control of the master the knowledge power associated with it always comes with your backed-up analysis. From here, we realize that not all businessmen at some point in time become business legends of their industry but only those who mind about the little things that matter. From a successful businessman's point of view, the bird in hand principle with your company’s existing data should be the first consistent ride in this journey towards your company’s success.

In order to work coherently together with efficiency has been the route to success for all professionals, whether they are business analysts or professional developers. For the purposes of coherent efficiency, in 2016, Microsoft Power Business Intelligence tool came into existence and within just 3 years it has become one favorite choice of many market leaders. Power BI led the hearts of multinationals with its astounding visuals in remarkably less time. Microsoft Power BI is recognized as a leader in the Gartner Magic Quadrant for Analytics.

This is an ideal opportunity to push the limits of current business practices by concentrating on empowerment, customization, and innovations through a community approach. This is your chance as a Citizen Developer, Technical, Business, or New User to step far from your desk and focus on finding best practices for boosting productivity and adequacy inside your Power BI.

Ease of Access

Power BI enable humans to solve problems by visualizing with intuitive tools that don’t require code. It works faster with a platform that enables data integration and distribution and extend the platform with building blocks for professional developers. Power BI does not only help with increasing financial efficiency but also helps in business transformation.

Accessing data has gotten so much better now with cloud computing, APIs, open source data initiatives, that the bottleneck has moved from accessing data to understanding it. The 3 primary things to be considered while examining your information is the context, changing trends and getting through the right visuals.

The key takeaway from large organizations about data is to be able to,

•          Access it

•          Understand it

•          Act from it

Improved Business Outcomes

Overall service quality gets better through standardized forms and warranty claim become less. Through Power BI you can share reports quicker with your salespeople about customer self-service. It eventually results in better customer service and happier customers. Power BI enables you to respond to critical out-of-stock occasions. This makes your clients more joyful, and they would feel that you care about their requirements.

Better Decision Making

Many ventures that organizations attempt with Power BI are tied in with gathering data from the field and sending it back to the corporate. This gives managers more information and more timely access to make better and faster decisions.

Power BI helps managers understand what is going on in stores. They could pinpoint the locations and prices and explain what is going on. You can now deliver hard metrics to end customers, which can improve your relationships. Power BI now give managers data in new ways and at a faster rate than ever before. This saves time and money. They can take preventative actions quicker because all the information is in a single decision support tool.

Increased Employee Satisfaction

Power BI provides you with new electronic solutions to tedious tasks and employees enjoy working. A research shared the view that representatives from various jobs were reported for as being more joyful on the grounds that they felt progressively enabled and could work more proficiently.  

Having the capacity to do this kind of development work is very engaging for the IT division. An exceptionally positive feedback was gotten from mobile workers since they have better access to organization data.

Additional Value Realization

Power BI helps to get a higher ROI on IT investment. Office 365 has been able to leverage your work in Power BI to drive a lot of your improvements. As a result of using Power BI, companies have gone a long way and they save a large deal of time in data movement and data replication.

Enhanced Application Security

Power BI can improve security in several ways. Firstly, it uses the permissions within Active Directory to limit access to data and systems. It is also tied into the same authentication mechanisms as other Microsoft solutions.

Lastly, IT departments are using Power BI to eliminate shadow IT and take control of managing applications developed by end users.  We are leveraging these tools to take shadow IT out of the shadows.  If we did mobile apps the traditional way, we wouldn’t have been as integrated. Power BI helps us with mobile device management (MDM).  We can do more with these apps because we have security through Azure AD.

Flexibility

The value of flexibility is clearly unique to each customer, and the measure of its value varies from organization to organization. There are multiple scenarios in which a customer might choose to implement Power BI and later realize additional uses and business opportunities.

Development Costs

The nice thing about making a clean start with Power BI is a common interface across everything. There is the same user experience across phone and laptop. You as a manager can role applications out to a broad user community without training. Some companies completed all development work in-house, and some used professional services.

Power BI as a Predictor

Power BI is an amazing tool if you want to predict what may happen in the future or alternatively see what could have happened in the past based on certain variables changing in your data.

To run scenario analysis, first, you must get to know more about the 'What If' feature. This is what this first tutorial is all about; how you can find and utilize the 'What If' feature inside of your Power BI reports.

Once you understand how to utilize this feature, then you can leverage it to create some advanced and interesting insights around scenarios which could occur based on changes in your data. The next approach is what I call Multi-Layered scenario analysis. This is where we can incorporate numerous different variables, or factors, into our analysis so we can see how our results change based on how the variables could also change.

There are many different variables that could determine your ultimate results or performance. These may include changes in demand, price, import costs, and exchange rates. These are all variables that could change and that's where this Multi-Layered approach comes in. It enables you to solve for all these adjustments and scenarios that could play out in the future.

These are one of the best analytical techniques in Power BI mainly because they were so difficult to complete historically. 

The value that you can generate from running multiple scenarios and understanding what might happen in the future is just powerful stuff and will definitely add value to the consumers of your reports.