One hundred sixty-three zettabytes is the projected amount of digital data that will be created worldwide by the year 2025. Data analytics is one of the fastest growing sectors. However, according to a survey, only 16% of companies currently share company data and analytics with more than 75% of their employees.
We can clearly see a discrepancy in growth and adoption projections. One of the reasons for this is the fact that companies have not yet understood the implications of using Power BI as a business intelligence solution. This is what we want to uncover with this article –
#1. Impact on customer acquisition
According to this extensive study by the Mckinsey Global Institute, data-driven companies are 23 times more likely to acquire customers. Yes, you heard that right, 23 times the impact of data analytics is on any business.
Microsoft Power BI is currently the market leader of all data analysis and business intelligence software. With the features and possibilities of Microsoft Power BI, the possibilities are endless. This is also true when it comes to marketing, as you can generate powerful marketing data to convert quality leads. Basically, Power BI gives you the tools and guidance to focus your energy on areas that can generate the most revenue.
#2. Impact on sales and revenue
Forrester, one of the world’s largest market research firms, published a report and found that data-driven companies are growing by an average of 30% each year. It is projected that these companies will earn an additional $1.8 trillion annually from their competitors.
This is solely due to the increased efficiency in internal operations and the constant improvements in all areas. Power BI gives you insights into your business that help you make informed decisions about changing processes to drive results.
#3. Enhanced Cooperation
With the right and proper Power BI training, this tool gives you unlimited opportunities to collaborate and share your data results with anyone on your team with a click of a button. You can generate any type of data, and constant iterations help increase efficiency in each area.
Some of the notable features are –
- You can share data insights and data with mobile apps
- Sharing can also be done through the desktop application along with screen sharing
- Teams can be assigned tasks and the results can be further evaluated
- Reports can also be printed and shared in the form of PowerPoint presentations
- You can also share the reports directly on your website
#4. cost advantages
Power BI has a free version that will cover most of your data analysis needs. Depending on the number of users, they offer different plans. The basic plan starts at $10 per month, which is quite affordable for any small business.
You can’t compare the ROI you can achieve with a small investment in this revolutionary tool.
One of the most important effects are the possibilities of visualization. You can visualize your data for insights rather than reading and analyzing Excel spreadsheets to look for insights.
When you compare Excel to Power BI, you can imagine the increased efficiency of your marketing and operations teams being able to anticipate trends from the start.
#6. Reduction of errors
Tracking and avoiding errors in any kind of production is much more convenient with Power BI. You can visualize the sections that generate the maximum errors and the impact of each iteration. The impact of each change is imagined and you can even predict the outcomes to improve the process of thinking ahead and making decisions.
#7. predict the future
Power BI supports all major programming languages and you can integrate any algorithm to generate Power BI reports and predictions. It becomes easier for businesses to plan for the future when you can visualize market trends and track your industry’s demand and supply.
#8th. Identifying the patterns
What separates a large company from a small one is the ability to recognize patterns and make changes accordingly. The business world is changing rapidly and we witness significant changes in almost every industry every day.
The constant and automated reporting in Power BI helps you predict them just like big companies and the first to lead your niche.
#9. Improved communication and testing
Power BI helps to improve communication in your company because every piece of advice and innovation can be tested against relevant data. Hypothesis testing and specific changes can also be predicted using data from your industry. This translates directly to increased chances of success in any of your endeavors!