One hundred sixty-three zettabytes is the predicted amount of digital data that will be created worldwide by the year 2025. Data analytics is one of the fastest-growing sectors. Yet, according to a survey, only 16% of the companies currently share company data and analytics with more than 75% of their employees.
We can clearly see a mismatch in the projections of growth and adoption. One of the reasons for it is the fact that companies do not yet understand the impact of using Power BI as a business intelligence Solution. This is what we intend to uncover with this post –
#1. Impact on client acquisition
According to this extensive study done by Mckinsey Global Institute, Data-driven Organizations are more likely to acquire customers by a factor of 23. Yes, you heard that right, 23 times is the impact of Data analytics for every business.
Microsoft Power BI is currently the market leader of all the data analysis and Business Intelligence software. There are endless possibilities with the features and capabilities of Microsoft Power BI. This is equally true in terms of marketing, as you can generate meaningful marketing data to convert high-quality leads. Power BI basically gives you the tools and direction to focus your energy on areas that can generate the highest revenue.
#2. Impact on revenue and sales
Forrester, one of the biggest market research companies globally, published a report and stated that data-driven companies are growing at an average of 30% every year. These companies are predicted to take an extra $1.8 Trillion from their competitors yearly.
This is solely because of the increased efficiency in internal operations and the constant improvements in all sectors. Power BI gives you insights from your company, which will help you make informed decisions about changing processes to increase results.
#3. Increased Collaboration
With proper and adequate Power BI training, this tool gives you unlimited options to collaborate and share your data findings with every member of your team with a click of a button. You can generate any type of data, and constant iterations help to increase efficiency in every sector.
Some of the noteworthy features are –
- You can share data insights and data using mobile apps
- Sharing can also be done using the desktop application along with screen sharing
- Teams can be allotted tasks, and the results can be evaluated further
- Reports can also be printed and shared in the form of PowerPoint presentations
- You can also share the reports directly to your website
#4. Cost Benefits
Power BI has a free version that will fulfill most of your data analysis requirements. Depending on the number of users, they offer various plans. The basic plan starts from $10 a month, which is quite affordable for every small business.
You cannot compare the ROI that you can generate with a small investment in this revolutionary tool.
One of the most significant impacts is the capabilities of visualization. You can visualize your data for insights and no longer have to read and analyze lengthy excel sheets to look for insights.
Comparing excel to Power BI, you can very well imagine your marketing and operations team’s increased efficiency who will be able to estimate trends at the very beginning.
#6. Reduction in errors
Tracking and preventing errors in any kind of production is way more comfortable with Power BI. You can visualize the sections that generate the maximum errors and the effect of each iteration. The impact of every change is imagined, and you can even predict the outcomes to improve the process of thinking further and making decisions.
#7. Predicting the future
Power BI supports all major coding languages, and you can integrate any algorithms to generate Power BI reports and predictions. It becomes easier for companies to plan for the future when you can visualize the market trends and track your sector’s demand and supply.
#8. Identifying the patterns
What differentiates a large corporation from a small business is the ability to identify patterns and adopt changes accordingly. The world of business is changing rapidly, and we witness significant changes happening every day in almost every sector.
Constant and automated reporting in Power BI helps you to predict them just as large corporations and the first one to lead your niche.
#9. Improved communication and testing
Power BI will help to improve communication within your company as every piece of advice and innovations can be tested using relevant data. Testing of hypothesis and specific changes can also be predicted when you use data of your industry. This directly results in increased chances of success in each of your endeavors!