Adept Dynamics’ VP of Business Intelligence writes on the importance of organizational leaders seizing the moment to implement their data strategies, and why Microsoft Power BI is the right tool for the job.
In today’s modern business landscape, effective business strategy is increasingly data dependent. An organization’s ability to collect and analyze relevant data are no longer nice-to-have capabilities. Any business leaders that hope to grow their businesses and meet their organizational objectives must have readily available data-backed insights to drive strategy and influence day-to-day decision-making. Organizations will succeed or fail based on their ability to gather, analyze, and act on their data.
For businesses that are behind the data-utilization curve and have yet to implement an effective data strategy, I’m happy to report that it’s not too late. In fact, we’re currently living amidst a golden age of business data generation – the vast majority of which is untapped.
The amount of annually created data continues to grow exponentially; industry analysts predict that by 2025, the amount of global data will reach 175ZB - four times the 2020 amount. However, less than 30% of this data is being analyzed or utilized in any way. Adding to this underutilization is the simple fact that most organizations that claim to have sound data strategies in-pace are often reliant on outdated and inadequate data-utilization tools that require manual inputs and updates, like spreadsheets.
The practice of collecting and making sense of business data is known as Business Intelligence (BI). BI professionals use data-interpretation solutions to help organizations make sense of their raw data by transforming it into actionable insights that are then used for strategic decision-making, at all levels. By visualizing and giving context to data, BI solutions empower their users to make smarter, more strategic business decisions.
Effective BI practices can also help organizations identify cost savings opportunities. By analyzing expense data, businesses can pinpoint areas where they can cut costs and improve their bottom lines. This is especially important during times of economic uncertainty. Furthermore, data analytics can also help businesses identify new growth opportunities. By analyzing data on customer interactions and feedback, companies can identify untapped customer needs and new market segments. This is a highly effective method for businesses to identify new revenue streams, even in difficult economic environments.
At Adept Dynamics, our Business Intelligence practice utilizes Microsoft Power BI to deliver transformational business intelligence solutions to our clients. Power BI’s cutting-edge data visualization and utilization features enable our clients to make sense of their data and uncover actionable insights.
Power BI puts raw data to work by visualizing and analyzing inputs from a wide range of data sources. This means that users can easily connect to and analyze data from the places where their data is already stored, like CRMs, Excel files, and even web-based services like Google Analytics. This interoperability allows organizations to gain a comprehensive view of their existing data sets, without having to overhaul how they’re currently storing and organizing their data.
Another benefit of Power BI is its intuitive and user-friendly interface options. Power BI is designed to be easy to use, even for users who are not experienced in data analysis or business intelligence. This means that teams can quickly get up and running with Power BI and start gaining insights from their data without a steep BI learning curve.
Power BI also offers a range of powerful features that can help users uncover insights from their data. For example, the tool includes a range of pre-built visualizations and dashboards that can be used to explore data, quickly and easily. It also offers advanced features such as natural language querying, which allows users to ask data interpretation questions using common language.
Overall, Microsoft Power BI is a powerful business analytics tool that offers a wide range of benefits to organizations of all types and sizes. Its ability to integrate with a variety of data sources, its user-friendly interface, and its intuitive features make it an indispensable tool for any organization looking to gain insights and establish data-driven decision-making capabilities.
Over the coming months, I’ll be writing more frequently about the cutting-edge capabilities that Power BI provides and the strategic breakthroughs that Adept Dynamics’ Business Intelligence practice is unlocking for our clients. I’ll be diving into relevant business intelligence topics like:
- Data discovery techniques to uncover hidden insights and patterns in operational data
- How to establish proper data integrity to maintain the accuracy and consistency of data
- Custom visual development techniques to create tailored visualizations for specific business needs
- Process mining techniques to analyze and optimize processes
- Predictive analytics strategies to forecast future trends and outcomes
- Applying Power Query to easily connect and manipulate data from various sources
By partnering with Adept Dynamics’ Business Intelligence practice, business teams can begin a rewarding and transformative journey towards establishing their own data strategies and data-reliant cultures.
Finally, I want to underscore that I’m conscious of the economic hardships that many organizations are facing in the present macroeconomic environment. As a provider of business intelligence solutions, I cannot stress enough the importance of establishing effective data strategies as early as possible. The potential negative impacts from economic downturns are significantly more manageable for organization that properly leverage data; businesses that take advantage can gain a competitive edge and come out on top.
If you’re interested in learning more about how Adept Dynamics can help your organization meet its data-utilization goals, I invite you to setup a no-fee exploratory chat with our team.