Effective organizational decision-making is reacting to what’s currently happening in your business utilizing data analytics. For clarity, data analytics refers to modifying raw data into a usable format. But, as any business leader can attest, having easily accessible, insightful data from disparate sources often seems like a pipe dream.
James Bradshaw of Ernst & Young states, “To be truly successful, organizational leadership must agree that data is an asset worth investing in. From the boardroom to the C-suite, this focus on data and analytics driving decision making is crucial.”
So, how do you untangle your data into the meaningful information you need to make informed, strategic business decisions? The answer: with Power BI.
Business Intelligence with Power BI
Power BI is Microsoft’s unified, scalable platform for self-service and enterprise business intelligence. An AI-powered program, Power BI connects to your various systems, allowing you to model and visualize your information into actionable, data-driven decisions. In other words, your raw data is modified into a usable format that informs effective strategic actions. Most importantly, with Power BI’s ease of use, employees at all levels can be empowered to utilize analytics in their reporting, planning, and decision-making processes.
One Version of Truth is Critical – Data Validated Across All Sources
To have total confidence in your business decisions, you need data that is validated across all your platforms. Data validation helps to weed out the outliers caused by issues such as manual data entry errors, which can be as high as 4%. Even with a leading analytics tool like Power BI, validating data across multiple sources is essential to be successful. Paring Power BI with a governed data model drives analytic efficiencies throughout the enterprise. Drawing from one version of truth enables a leaner approach to analytics and improves the consistency of information shared throughout your organization.
Compelling Visualizations Foster Actionable Insights
Brian Hopkins, VP, Principal Analyst at Forrester shared, “In this emerging world of too much data, what matters most is how you discover and implement digital insight in the fabric of your business.” With machine learning, Power BI analyzes information and draws conclusions. This AI forecasting, coupled with the compelling data visualization Power BI provides, enables companies to identify trends and anticipate challenges. Having easily accessible actionable insights means your organization can spot opportunities for improvement and transformation that lead to increased efficiency, reduced labor costs, and greater profitability and competitiveness.
Real-Time Solutions Require Actionable Data
Receiving a report on Thursday afternoon that you didn’t make a crucial delivery that morning only allows for reactive damage control. If you cannot identify and resolve problems before they happen, there is no strategic decision-making, only strategic apologizing. Having all the information you need at your fingertips in near real-time enables your team to pivot intelligently. Data visualization illuminates potential issues allowing organizations to adapt to fast-changing market conditions, uncertainties, and disruptions.
Data Transformation for Profitability and Competitiveness
We are in the decision-making business. If your organization is ready to invest in a true data transformation, our QuickLaunch Information Engine for Power BI will untangle all your data. Don’t fall within the 70 to 80 percent of companies whose business intelligence initiatives fail. Preferred Strategies clients’ have a 96% success rate.
In today’s environment, business truly moves at the speed of light. Your access to your data needs to be as well in order to make actionable and timely decisions.