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What are the critical components of Power BI?Īs we have discussed in the previous section, It is compulsory for businesses to use data for decision-making and strategic initiatives.ĭata can be considered as evidence that tells us about organisations’ past and present status.What purpose does it serve for businesses?.Why is it so popular among data analysts and business intelligence professionals?.What is Power BI?Īs we know that Power BI is the most trendy and demanding skill. Now that you know, what are the key components carried out within the business intelligence process? We will look into Microsoft’s Power BI, a potent tool to perform each step. These can be typically achieved by using dashboards that stakeholders may use to influence and drive business decisions. The BI process includes several steps starting from collecting data from multiple sources, compiling them and identifying the variables to prepare the data for analysis. For example, to improve sales, we may need transaction data like a customer, product, financial, etc. It may include many components starting from collecting data, storing it, and finally analyzing it to get a comprehensive business view to help make actionable data-driven decisions. Now business intelligence doesn’t refer to a specific thing. Here we will understand how we can utilize business intelligence to make good decisions. In the next section, we will understand the exact components of business intelligence like reports, dashboards and analytics. As long as you utilize and analyze data to make decisions and plan strategically to improve your business operations and grow, you may have some form of business intelligence in place. Well, the utility of business intelligence doesn’t end here. We would be better positioned to make more informed decisions if we could track how our businesses compare to competitors. In that case, an organization’s sales and marketing teams can capture these psychographic patterns to attract new customers or retain existing ones.Īnother critical decision is understanding how competitors behave and react to changing scenarios. Suppose there is some pattern to the customer’s behaviour. Studying customer behaviour that how they decide, what to buy and when they buy. Generally, to do this, he needs a deeper understanding of how your customers behave. To achieve this goal, managers must find the best way to attract new customers, increase their customer base or existing customers, and not lose them to competitors. To achieve this, they must constantly find new market growth avenues. For example, Sales managers in a firm are responsible for higher sales or profits.
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To do this, you need to get into the decision-makers. Let us try to understand the specific problems regularly faced by businesses.
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Power BI supports a wide range of visuals, but you can also connect to custom visuals which other users develop from the app source marketplace.įinally, it can perform basic analytics like generating descriptive statistics to advanced analytics.