“Business Intelligence” or BI means a set of applications or technologies for collection, integration, analysis and visualisation of business data. BI helps in making better decisions for organisational growth.
Power BI is a Microsoft tool for Business Intelligence which can consolidate data for forecasting and decision making. Power BI has a friendly interface that can integrate Microsoft Excel and other solutions to filter out useful data that can assist various business management tools.
Parts of Power BI:
1. Windows desktop application is known as Power BI desktop.
2. SaaS (Software as a Service) – an online tool known as Power BI service.
3. Power BI mobile app for Android, Windows and iOS devices.
All the above-mentioned elements are designed to create, share and absorb business insights.
Uses of Power BI:
1. Power BI assists in analysing, transforming and collating diverse data into a clear model. It can create graphs and charts to provide visuals that can be used by other BI users within the organisation.
2. BI data models can be used to analyse various scenarios, ‘What If’ predictions, real-time requirements and various prospects to bring changes within the organisation.
3. BI can also provide a deep understanding of the working status and performance of departments within an organisation.
Business Intelligence tools such as Alteryx, Power BI and Tableau help in deploying Artificial Intelligence strategy and facilitate the digital transformation of a business. Insights derived from Power BI enables planning for various scenarios, and reports can be shared with all stakeholders. Power BI can be integrated with almost any business management tool to get a better visualisation and analysis of data. Self-service analytics at the enterprise level and protection of data are the added advantages of Power BI.
An online business management solution that’s able to interact with Power BI and facilitates the easy upload of business data through spreadsheets and CSV files truly enhances efficiency; because it brings the business data, BI insights and critical information together on one dashboard.