Knowledge is power… ?
With data becoming ever more important and sizeable, it can be a game-changer if you know how to wield it and yield fruitful insights into the heart of your business. BI (Business Intelligence) is the procedure of taking a vast amount of data, and using it to provide forecasts and analysis on a variety of subjects within your business: from sales, all the way through to employee satisfaction.
Tools such as Microsoft’s PowerBI provide an intuitive way to dilute your data into understandable results. Natural language queries allow you to ask simple questions such as “How many users are from this location?” and see visible results within moments. This ease of use makes it a breeze to leap into your data pool and retrieve actionable points in a pinch. It can seem difficult at first to know what to look for, but BI can influence your mindset and planning for all manner of business items, often for the better.
You may still be wondering what the point is in all this. Well, with Business Intelligence, you can save vast amounts of time researching your data or deliberating on decisions with the aide of Business Intelligence. To be able to have a level of foresight is made easier through BI, and it can help swing your mind when making business critical decisions. “The numbers don’t lie” as they say, and this is just one reason why many enterprises are now investing their time in utilising BI, as often (not always) it will be proven correct in it’s analysis of certain scenarios. In the specific case of PowerBI, it also makes it straightforward to view your analysis. Visuals, such as charts, can again be easily deployed via a simple UI. You can then drill down and refine the results you see as well. Think of your data as an ocean, with your Business Intelligence tools as a ginormous magnifying class that can see all the way down to a single fish – impressive!
Excel could be seen as a basic BI tool, but you will find a more robust set of tools in places like PowerBI, which are better suited to extreme amounts of data. We’re talking thousands upon thousands of rows of data, often spanning 5 or more years (this is generous underestimate). Whilst Excel does allow for plenty of useful analysis, when it comes to gargantuan data sets, it can often struggle to handle requests. PowerBI and the like allow for quick actions, bringing focus to key areas of your data.
PowerBI makes it easy to pick out trends in your data with the use of the aforementioned visuals. This is a great luxury to have when trying to analyse a large dataset, you can take muddy, meaningless rows of data, and re-imagine it as an understandable graphical object.