In today’s data-centric business world, it is important to transform your data into meaningful insights. However, many companies don’t realize the potential of their data which can change the business paradigm.
Forrester reports suggest that between 60 and 73% of all data is never used for analytical purposes.
So much unused data, if leveraged correctly, can help organizations to streamline their processes and stay ahead of the competition. There are multiple business intelligence tools available in the market that can help businesses to make insights-driven decisions. Microsoft Power BI is one of the best tools that brings together disparate data for data analytics and interactive visualizations.
Integrating Power BI across various industries, you can address questions like:
- How to use your data to create diverse opportunities in your organization?
- How to leverage data to improve customer satisfaction?
- How to reimagine the way decisions are made based on facts and insights?
Many companies have started realizing the importance of data analysis and visualization. Several have already adopted Power BI in their daily operations. However, there are still many companies that are not aware of the advantages that this tool has to offer. Let’s read further to understand the benefits of Power BI across various sectors.
How retailers are getting a competitive edge with Power BI
With the motto – “Meet tomorrow’s customer demands today”, Power BI helps to transform retail operations by providing real-time insights. This amazing Microsoft tool comes with compelling features like data discovery, custom visualization, data reporting and dynamic data visualization.
The retail industry deals with volumes of data every day – from suppliers to customers to products. Power BI offers the following KPIs to retailers:
- Gain a deeper understanding of consumer behavior, purchase patterns, highest/lowest selling product, pain points and more.
- Deliver the right products at the right time with targeted marketing using real-time insights.
- Keep an eye on stocks to avoid overstocking or understocking.
- Smart inventory management to ensure supplier trust and better collaboration.
H&M leveraged Power BI to identify potential risks in their Power Platform
H&M, one of the biggest retail brands, has adopted several Microsoft tools to streamline its retail operations. With Power BI dashboards, they were able to identify data loss and take proactive measures. Using premium connectors and data, management gained real-time insight into how their products were being used.
Softweb Solutions’ retail dashboard:
How Power BI helps manufacturers to run their operations seamlessly
To keep their machines up and running, manufacturers need data about the health of their equipment. Industry 4.0 enables manufacturing companies to gain real-time insights by leveraging the Internet of Things (IoT). However, they require a robust visualization tool that helps them create interactive dashboards.
Implementing Power BI with real-time data allows manufacturers to measure KPIs related to processes and quality. Businesses can view real-time data from a plethora of sources on a single dashboard from any device. The tool offers manufacturing firms with the following KPIs:
- Monitor Revenue using EBITDA (Earnings before interest, tax, depreciation, and amortization) and division in real-time
- Identify machine failures and take effective measures
- Reduce unplanned downtime
- Track their assets’ health
- Analyze the YoY variation through the headcount and expense categories
Rockwell Automation leveraged data analytics using Power BI
Power BI helped Rockwell Automation to build dynamic reports – on a team or individual level. They were able to share reports with their stakeholders and give their customers local and domain-specific knowledge.
Take a look at Softweb Solutions’ dynamic dashboard that helped a manufacturing company to improve their asset health:
How Power BI saves cost for the finance and insurance industry
It is often difficult for BSFI service providers to curate, analyze and share large accounting data sets. Power BI helps finance companies to address these challenges by offering a 360-degree view of crucial metrics. A few of the important KPIs for Power BI in the finance industry include:
- View key financial metrics of your balance sheet over time to ensure long-term stability.
- Get a profit and loss analysis following the related financial indicators.
- Detect fraudulent transactions including duplicate transactions, falsified numeric values and entry dates.
- Gain insights into liquidity and cash flow over time.
Read more about Power BI for the finance industry.
Willis Towers Watson adopted Power BI to gain robust analytical capabilities
Along with other Microsoft tools, the company utilized data analytics provided by Power BI for faster CRM deployment. They also used data visualization and connected their sales data to the finance team. With sophisticated Power BI reports, WTW can now manage sales pipelines efficiently and forecast revenue accordingly.
How Power BI enhances patient care with real-time insights
With rapidly changing demands, the healthcare industry needs a quicker and better triage process. Moreover, the unforeseen pandemic has pushed healthcare providers to adopt disruptive technologies to offer preemptive and remote care. Power BI helps to improve clinical decision-making by transforming care experiences. Power BI KPIs for the healthcare sector:
- Make faster decisions with real-time patient data.
- Provide timely critical care by providing the required data and insights into emergencies.
- Identify best practices and courses of action to offer necessary care.
- Innovate a treatment approach that works best for your patients by remotely sharing insights with experts.
Cerner Corporation attained responsive data reporting with Power BI
The company used Power BI to get a consolidated view of their disparate data. They wanted to utilize all their data to gain actionable insights. However, their traditional method of reporting restricted them to do so. With Power BI, Cerner can have a better understanding of critical business operations like hardware asset management, capacity management and vulnerability management.
Softweb Solutions enabled a healthcare provider with real-time KPIs to improve patient care:
How Power BI boosts the education sector
The education sector is also in the race to adopt Power BI for real-time data analytics. The education industry might not generate as much data as manufacturing or retail. However, certain areas of operations need data analysis to make insights-driven decisions.
Power BI offers educational institutes dynamic dashboards. It also offer them real-time data on student enrollment, course curriculum, academic progress and more. Types of dashboards that the education sector can leverage:
- Student dashboard
- Enrollment dashboard
- Course dashboard
- Tuition dashboard
- Scoreboard monitoring dashboard
Hillsborough Community College adopted Power BI to improve enrolment
The Community College implemented data analytics offered by Power BI for its Near Graduation Program. The admin can upload data from different departments and showcase information on pre-graduation students that are not currently enrolled. The college representative can then schedule a call with the students and offer them an enrollment opportunity.
Empower your business with Microsoft Power BI
Manual reporting is error-prone and tedious. With Power BI you can ensure data quality and make decisions based on real-time insights. This powerful Microsoft tool provides you with a single interface where you can collate all sorts of data – structured, unstructured and semi-structured – from a variety of sources. With its in-built machine learning capabilities, you can gain predictive insights to streamline your processes.
Our data scientists have hands-on experience and expertise in Power BI. We have conducted multiple “Dashboard in a day” events with Microsoft to train companies to utilize the true potential of this incredible tool. Get a free consultation to understand how our Power BI implementation helps your company to achieve its end goal. Contact our data experts to know more.