As technology continues to advance at an exponential rate, it’s often difficult to stay up-to-date on the many trends, including all the data-related terms being thrown around. In other words, vague concepts like “big data” or power business reporting might seem unclear at first.
However, implementing new software, such as Power BI Reporting, is vital for success in today’s high-tech world. In this light, let’s take a moment and look at some of these new tech concepts and the value of delivering clean, actionable data for better success in the real world.
What is Power BI Reporting?
Power BI reporting, in and of itself, is broadly defined as the process of preparing and analyzing data to find valuable insights in different industries. This type of data sharing helps businesses and their investors improve the decision-making process to deliver better performance along with higher profit margins.
Once data from multiple sources is merged and presented, it can be broken down further into different categories. Let’s look at how these sub-categories work on their own and together in these deeper definitions:
ACTUAL DATA: This is the actual process of gathering data and presenting it in a form that’s easily understood and digestible. Often referred to as “raw data”, this type of information includes numbers and textual references that are applicable.
DATA REPORT: After collection, the data report serves as a timely record of the current dynamics and/or state of affairs. Although a report might seem to be simply a lengthy reiteration of information in the form of words and numbers, reports may also include graphs, charts, tables, and other presentation tools.
DATA ANALYSIS: The data analysis step ensures that evaluations are made to make better, more informed decisions based on the facts and available data points. These presentations give viewers the opportunity to take actionable steps toward a better future for their firms.
In the past, this type of power BI reporting took a great deal of time to gather. Often, with a need for lengthy, manual calculations to be performed. Fortunately, today’s more modern methods use tools that automate the process of delivering data. A process that is not only more cost-effective, but can be delivered in a more timely fashion.
Why is Power BI Reporting so Important?
As the popular quote, once spoken by Winston Churchill states, “those who fail to learn from history are doomed to repeat it“. While this statement usually has a negative connotation attached to it, positive aspects from the past are also relevant. In other words, using power BI reporting ensures businesses are learning from their past mistakes and looking to repeat practices that were proven successful.
What are the Ways Power BI Reporting Delivers at its Best?
While the advantages of using these more modern methods may seem clear and beneficial at first glance, there will still be some struggles for those who may seem to be “analytically illiterate.” For example, statistics share analyses that are too lengthy, confusing, or not presented in an optimal manner may fall on deaf ears. Towards Data Science provides some statistics on the issue:
- 74% of employees feel unhappy or overwhelmed when working with data.
- Another 14% will avoid these types of tasks altogether.
- Nearly 60% of workers report experiencing burnout or stress when dealing with data in general.
In short, reports that are too lengthy take an inordinate amount of time to prepare and might do more harm than good or cost more than they’re ultimately worth. Red flags include the need to explore old-fashioned methods like leafing through dozens (or perhaps hundreds) of PDF pages or scrolling through thousands of rows inside of a spreadsheet.
This is why more profitable methods of power BI reporting burn through the antiquated methods and get straight to the point in less time. They are also more widely accepted by both staff and shareholders alike. With a decrease in boredom and diminished procrastination, better presentations will avoid blank stares and dozing during the presentation of information.
Are There More Benefits of Power BI Reporting?
Absolutely! After deleting the antiquated examples and presentations as highlighted above, using more power in BI reporting offers significant results for business growth and success. Outside of some of the more obvious rewards, other benefits include:
INVOLVEMENT & UNDERSTANDING: An increase in viewership of different data sets with more involvement and understanding from the audiences digesting these reports will reap many rewards.
FASTER & MORE ACCURATE: Again, given today’s technology, the power behind BI reporting is even more rewarding, considering the increase in speed and accuracy that current delivery methods can bring to a global scale. After all, time is money.
UNUSUAL & REWARDING RESOURCES: Once more, better delivery of data will meet different eyes, ears, and years leading to options that may have been overlooked. Let’s say a younger viewer sees something that an older reader may have overlooked (or vice-versa) which could lead to valuable insight depending on the situation(s).
REVAMPS & RE-EVALUATIONS: There’s plenty of room to look at re-evaluating different circumstances and revamping these records to incorporate ways of changes looking forward to the future. Simple tweaks often offer results that are worthy of consideration and further review today and in the future.
In short, clarity within data inspires action, and problems will arise when this information isn’t delivered to shareholders in a timely and accurate manner. Irrelevant, unactionable data and too much or too little information slow down multiple processes, ultimately costing money with dissatisfied customers or lost opportunities.
We recognize the benefits and power of BI reporting since it’s the backbone of our business. When it comes right down to it, our success is your success, and we’re looking forward to hearing from you soon. Whether you have simple or complicated questions, we have the answers and solutions to your dilemmas.