In the past, crucial business decisions were not easily made because of the lack of supporting facts and data. However, as technology grew more, access to digital information became almost limitless. The issue now is to organize these massive volumes of digital data and make the most sense of it.
Power BI is widely prevalent among business owners and key decision-makers as it enables them to make crucial business decisions that are based on established trends and facts. This advantage makes it easier for businesses to invest in the tool itself and Power BI Training for their key employees.
Business Intelligence and What does it mean to businesses
All of the processes in the company can be streamlined and optimized. These can both be done while generating profit and improving productivity. To do this, access to the data generated by these processes is essential.
Business Intelligence (BI) allows analyses of production-related information. After that, BI allows the cross-referencing of data with other system-generated reviews. Since entrepreneurship language is mostly in numbers, it is essential to make sense of these numbers. If these tasks are automated, it means precise reports will always be available to business leaders. Through these, they can implement business changes with less chance of committing a mistake.
How can BI help your business?
Here are some ways BI can help your business:
- Foresee trends: Tools like Power BI can monitor the processes of the company. Because of the data gathered during monitoring, it can easily spot trends. These trends are reliable because these are the outputs of the analyses of market data and other relevant information collection. The information at hand can even help forecast sales. As such, businesses can foresee whether there is a need to hire more employees, change a specific process, or invest in technology.
- Set realistic goals: To be able to set efficient targets, tools like Power BI generate reports that consider the real business scenario. This feature allows business leaders to prepare for the current market scene.
- Generate transparent data: If you have reliable data, you can ensure the solidity of your company. Solidity, in turn, builds company credibility. And if your company is credible, it can easily attract investors.
Power BI Workspace and Workforce Collaboration
Power BI’s workspaces are places where datasets, workbooks, reports, and dashboards are stored. There are two workplaces supported by Power BI — App Workspace and My Workspace.
App Workspace is where collaboration and content sharing with colleagues occur. In every Power BI training, this process is taught to participants to share internal and external reports efficiently.
App Workspace is also where users design, publish and manage their organization’s apps. This workspace can be likened to a staging area or a container for contents that make up your own Power BI app. You can invite colleagues to the app workspace to initiate collaboration on datasets, workbooks, reports, and dashboards. For users to access this workspace, they need a Pro license. However, consumers don’t need these licenses to be granted access.
My Workspace, on the other hand, is a personal area for any customer of Power BI to work and manage their content. Only the user has access to his own My Workspace. If they want to share their content, they can do so by any of the following:
- Make a separate app workspace to bundle their content into apps
- Make a different app workspace and allow colleagues to access the same so they can collaborate and share
The many benefits of Business Intelligence and tools like Power BI are enough reasons why you should invest in it. The money that you initially shell out to purchase the said business solution can generate income for your business by leaps and bounds.