Businesses are collecting more data than ever before, and technology is making that process increasingly easier and more affordable. The challenge for business owners is 1) how to quickly turn that raw data into actionable business insights, and 2) how to give more people within an organization access to those insights on a self-serve basis.
Organizations must have insight into how their operations are performing in order to stay competitive. Companies who successfully manage their big data assets are more profitable than companies not making this investment, says Jason Baick, Senior Product Marketing Manager at Microsoft. Simply put, “[business intelligence] is the eyes and ears of your business,” Baick says.
Release data from the IT department
Data analysis started off as a highly specialized process. “It was always a barrier to self-service information … the treasure trove of the data was locked up in the IT department,” Baick points out. Today there are easy-to-use data visualization tools that offer anyone within an organization access to real-time business insights.
Take the Microsoft Power BI suite, for example, which gives both businesses and the individual an easy-to-use platform to visualize their data. Given that many businesses already have the infrastructure that Power BI is built on (e.g. Microsoft SharePoint) and a familiarity with its feature set, integration and adoption is simplified. Your users don’t have an intimidation factor because they already know how to use Excel, explains Baick. By equipping your employees with these types of tools, you can enable team members to unearth real-time insights, ranging from targeting a prospect at the exact right time to make the sale, to determining where the company can cut costs, to revealing where they should invest more.
Here’s a rundown of specific Power BI tools and what they can offer your business:
How are people using Power BI?
Companies like MCH Strategic Data are already employing the Power BI suite to get more out of their data. MCH collects an enormous amount of education and healthcare marketing data for their clients. After 85 years in the business, they’re now able to deliver new and unique insights to clients like never before. One application has been to create videos using tools like Power Map to create data visualizations showing the geographic range of socioeconomic status across various school districts. They’ve also made subsets of their data available and searchable by Power BI users, including datasets on hospitals, school systems, and emergency preparedness services throughout the US
Building a data-driven organization
Everyone at your company can contribute to uncovering business insights, and it’s important to give them the tools to do so. Using your data in a smart and strategic way enables you to turn it into actionable business insights and to stay ahead of the competition.