Data Analytics and Microsoft Power BI: An Informative Guide
With its outstanding record in the field of technology, Microsoft’s data analytics tool, Power BI, provides tremendous value to businesses. Since its release, it has changed the way that businesses view their enterprises and initiate change within their operations. BI, or business intelligence, can run every single facet of a company’s operations without fail.
If you are thinking of using BI as an analytical tool, there are several things you will need to understand. Read on below to find out all you will ever need to know.
What is BI?
Business intelligence, or BI, is an intelligence-driven technology. Business managers and corporate leaders use it to evaluate data and provide useful information for decision-making.
Essentially, BI is a collection of ideas, tools, and technologies that transform unprocessed data into information. It is a collection of tools and services that aid in converting data into knowledge and information that can be used.
BI has an impact on the strategic decisions you make as well as operational decisions made by an organization. It encourages fact-based decision-making by replacing historical data with speculation and intuition.
Data analysis is carried out using BI tools which produce reports, dashboards, maps, and charts to give users extensive information on the nature of the business.
For the efficient functioning of the business, BI plays a vital role in all of its operations. BI can be used by small or large businesses. No matter the size of the business, BI will do the same job.
What Does Microsoft BI Do?
Power BI is a piece of interactive software for data, that mostly focuses on business intelligence, like an advanced CRM system.
Power BI is essentially a group of software services, applications, and connections that collaborate to transform diverse sources of information and interactive insights. In these instances, data can be imported directly from a database, website, or structured files like spreadsheets.
Microsoft’s Power BI boasts a reasonably simple user interface for those who are familiar with Microsoft Excel. Additionally, because it integrates with other Microsoft applications, it is a flexible self-service tool that requires little initial training.
Power BI is primarily used for transforming data from external sources into interactive analytical reports. Additionally, it provides end users with easy-to-use cloud-based features that enable users to build their own reports and dashboards.
How To Use Data Analytics
If you’re looking for success in business, you need to know how to use data analytics. It is a great tool that will help you find out all you need to know about your business.
Unfortunately, many businesses struggle with data organization and analytics. Sometimes a company doesn’t even know that it has collected data or the data collected sits there, as no one knows how to use it.
Fortunately, data analysis is a skill that anybody can learn. With so many tools available today, data analysis can be done easily and cheaply. The following below will help you master some basic data analytic skills.
Know Your Goals
Before any analysis takes place, you need to define some goals. If you don’t know what you are looking for, you can spend countless hours looking at spreadsheets. Your goals will vary depending on your role in the business and the data that you’ve collected.
These goals will tell you what data to collect, what analytical tools you will use, and what insights you get from the data.
Clean Your Data
The quality of your data analysis depends on the data you start with. The insights you derive from your analysis will be lacking or wrong if the data you have is spotty, imprecise, or inconsistent.
After gathering your data, spend some time cleaning it up by checking that it is consistent and free of duplicate data. Data standardization and cleaning are crucial first steps before data analysis. It increases the likelihood that you will gain valuable insights rather than inaccurate conclusions based on contradictory data.
Build Your Data Analytics Toolkit
There are numerous platforms to choose from to evaluate your data, but many businesses rely on Excel or other spreadsheet applications to store and analyze their data. Your choice of data analysis tool should be influenced by two factors:
- Type of data
- Amount of data
Analyzing these two points will help you select software and tools that will help you get the job done accurately.
Look For Trends
When you know that you have a wide range of tools at your disposal, and your data is clean. You can now begin the data analysis procedure.
Start by scanning your data set for patterns. Plotting patterns on charts and other visualizations is relatively simple if the majority of your data is numerical. However, you could require a different strategy if you have unstructured data, such as emails or support tickets.
False causality is the idea that one thing caused another when there is a correlation between two other things. It is one of the most prevalent errors people make while examining data.
Take the time to gather sufficient evidence and ensure the accuracy of your conclusions because there is frequently another factor at play that has generated the trend you’ve noticed.
Compare Historical Trends
If you’re having trouble spotting trends and patterns in your data, it might be because you’re only considering a single aspect of it. Because all you’re seeing is a single picture of your performance, you can’t see improvements over time. The context—how your present data compares to earlier time periods—is what you’re missing.
To put your findings into perspective, contrast your current data with prior performance. If, however, that isn’t feasible, as it might be if you’re examining usage statistics for a brand-new product feature or you’re just beginning to evaluate your support performance, you might find it useful to look at industry benchmarks.
When your data is presented graphically rather than in a spreadsheet, it’s frequently simpler to grasp and evaluate it. Avoid trying to convey too much information in a single visualization when working with enormous data sets. Simple graphs make it simpler for the audience to comprehend your point and the results of your data analysis.
The Power of Data Analytics
Even though data analysis can take a lot of time, it’s crucial to keep in mind that it’s not the ultimate objective. To be able to make future judgments that are informed, you are evaluating data.
Running a business is about more than balancing books and pleasing customers, and data analytics can even help you with those tasks too!
If you’re looking to expedite your digital transformation for optimum data analysis, then you’re in the right place, contact us now to start your data journey.
TrellisPoint is a Microsoft Dynamics 365 Consulting firm with locations in Cleveland and Cincinnati. As a Microsoft Gold Partner, TrellisPoint is dedicated to helping customers drive digital transformation by implementing and integrating Microsoft Dynamics 365, the Power Platform and related customer experience applications. Additional services include on-premises to cloud migration, software development, and managed services including Dynamics 365 Support.