The benefits of business intelligence (BI) tools and methods are widely known to companies. However, from SMEs to large corporations, only few companies are committed to integrating BI into their reporting and management solutions. Most companies still rely on legacy tools such as Excel and stick to the status quo when preparing reports. They neglect the increasing demand of faster reporting processes as well as the benefits of more flexible data reports.
But why exactly should businesses invest in a BI tool? In this blog post, we will take a look at the benefits the Microsoft Power BI tool brings with it and how exactly it helps businesses.
What is business intelligence (BI)?
BI is a technology-driven process for analyzing data, which is being visualized according to individual needs. It helps executives, managers, and other end users make informed business decisions.
By integrating BI tools such as Microsoft Power BI, users can create smart reports, tables, or other custom visuals. These visualizations easily identify problem areas within an organization. However, data visualization is not the only benefit Microsoft Power BI brings with it.
Top 5 benefits of Microsoft Power BI
Companies are generating more and more data and have the need to sort and process it. With Power BI, extracting and presenting data is simplified. It helps organizations understand what happened in the past and consequently take appropriate countermeasures. There are several challenges along the end-to-end value chain when it comes to a successful implementation of data and analytics.
Power BI enables the efficient collection, analysis, and management of data that is relevant for businesses. It also allows finance experts to create interactive reports made up of graphics, objects, and other visual content. But what are the top 5 benefits Power BI has over other BI tools? Here are the most important ones:
Benefit 1: Low costs – Ideal for all kinds of businesses
As Power BI is part of the Microsoft Office packages, the costs of implementing the BI tool are generally lower compared to other solutions. License costs are decided by a per user/month model, giving companies more flexibility when determining investments. For some companies, the Power BI Pro package does not have to be purchased, as it is included in the overall Microsoft Office packages. Additionally, Power BI Desktop is completely free – So you can get started immediately!
Benefit 2: Big knowledge hub and community – Great for self-learning
Are you worried about lacking guidance on how to implement and use Power BI for your business? Don’t be – Microsoft Power BI provides you with all the lessons you need, completely free of charge. Study how to accomplish common and expert tasks alike by either reading Power BI tips and tricks or viewing tutorial videos. Furthermore, there is a huge community eager to exchange information to help you with all your Power BI needs.
Benefit 3: Ease of use – High user-friendliness
Power BI is easy to use without any specific technological knowledge – if you are familiar with Excel, you will get used to working with Power BI in a short period of time. It won’t take long until you will be able to create innovative reports all by yourself.
Benefit 4: Third-party data integration and automation
To make sure that all your demands for modern reporting are satisfied, Microsoft Power BI is updated monthly. Thanks to these updates, you can make sure that you are always up to date when it comes to the latest trends in the BI community. Additionally, all third-party data you need is uploaded to Power BI automatically, ensuring that you are always working with data that is up to date!
Benefit 5: Mobile or desktop – All the freedom you need
Microsoft Power BI excels with its flexibility. Setting up a dashboard on a desktop and creating an additional customized phone view can be done with just a few clicks. With this, you can access your Power BI report anywhere, anytime.
Power BI and LucaNet combined
Power BI is easily implemented and extracts both financial and non-financial data from source systems. With LucaNet, this process is facilitated even more by collecting all financial data in a single source of truth, allowing you to fully automate your processes to improve efficiency and performance.
With the LucaNet Apps, the LucaNet software connects with the Power BI tool. It opens up the possibility of combining financial performance management with business intelligence, in a fully integrated way.
These are only some of the benefits offered by combining LucaNet and Power BI:
- A perfect combination of LucaNet software accounting expertise with a BI solution
- Ease of generating clear and transparent ad hoc analytics on the LucaNet front end
- Availability of reports globally, without any access restriction in other source systems
- Get data figures from LucaNet in an automated way from external data sources
Why investing into Power BI pays off
Power BI is a highly recommended solution when analyzing business information. It allows companies of all sectors and sizes to flexibly extract data from source systems for later analysis in creative and interactive reports. Its compatibility allows access through desktop or mobile devices, greatly facilitating your daily work.
Do you finally want to analyze your financial data? Read our brochure to find out more about the power duo LucaNet and Power BI:
Implementing Power BI does not have to be hard. In this article, we will explain the 3 steps necessary to implement a successful Power BI project. Read our post to find out more!