Data is growing at a rate faster than ever before.
Up to 90% of the world’s data was generated in the last couple of years ~ Domo
And the volume of data only doubles in size every 2 years ~ Mckinsey
Yet, the sheer bounty of data is overwhelming to start with.
Don’t you agree?
Not surprisingly, much of the data can’t be easily accessed or coupled with other data, for 2 reasons –
- It exists in different systems
- It exists in raw format
This is where the need for data visualization and business intelligence tools arises.
Are you thinking of investing in a robust BI tool to make the most appropriate use of your data?
Microsoft Power BI may have your vote!
Thinking about “Why must I choose Power BI data visualization when there are tons of BI tools in the market?”
Your question holds merit.
The market is flooded with BI tools. And most of them promise to empower your business operations.
However, Power BI has Microsoft in the driving seat. Other than that, it –
- Has advanced AI capabilities
- Provides robust security features
- Offers better accessibility and flexibility
- Ensures easy collaboration and sharing
- Features customizable dashboards and reports, plus more
Power BI is not just another data visualization tool, mind you!
In 2023, Gartner Magic Quadrant for Business Intelligence and Analytics Platforms positioned Microsoft as a leader for the 16th year straight.
There’s a lot more to know about Power BI and its data visualization capabilities that than you think.
Curious to know more?
Today you’ll read about –
- Why is data visualization important for a business?
- How does PowerBI data visualization solve your BI challenges?
- How does partnering with a Power BI consulting partner help?
Why is data visualization important for a business?
IT leaders, CEOs, CIOs, and decision-makers, answer this —
Amidst a busy day or an important meeting, when confronted with a complex piece of information, what would you prefer?
- Decoding reports filled with endless words OR
- Gaining insights briefly through self-explanatory visualization.
You, being a progressive leader, of course you have chosen option ‘B’.
There you have your answer to — “Why Data Visualization is important in the fast-paced business world?”
Simply put — Data Visualization matters because of 3 components-
- Clarity
- Efficiency
- Impact
You can leverage data visualization to –
- Connect the dots
- Spot trends
- Form data-backed opinions
- And build data stories to draw firm conclusions.
“But what are data stories? Do you need to master storytelling to present your data effectively?”
It’s time to realize that, without storytelling, your data is just a heap of numbers.
Without storytelling, you are at a risk of poor decision making with unclear insights.
This brings us to the realm of how to tell an impactful data story using Power BI data visualization.
Let’s dig deeper.
Creating Effective Data Stories with Power BI
How to find a good story with Power BI data visualizations, and more importantly, how to tell it better?
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There are 4 elements of a good data story:
Step 1: Origin of the Data Story
The first task is to find the core message. And the next is to establish relationships within the data to build a compelling origin of the story.
Step 2: Know the Audience
Secondly, get a better understanding of the audience to ensure the maximum impact and relevance of the story.
Step 3: Crafting a Narrative
Thirdly, craft an actionable narrative in a logical sequence.
Starting with the background, crucial data points, and important discoveries, and finishing with actionable insights, just like your favorite movie, but with less popcorn and more pivot tables.
Step 4: Visualize Data Effectively
Next, leverage different Power BI data visualization types such as charts, bars, graphs, infographics, etc. This provides good support for the story and displays data in an engaging and easier-to-understand manner, considering the non-technical audience.
It is important to note that the end goal is to boost understanding and complement the story without confusing the audience.
So that’s the right way to tell a compelling data story with data visualization Power BI.
Are you now thinking — “Whether Power BI data visualization is the answer to most of your data analysis woes?”
It sure is!
Keep reading to discover why we say so.
Are you now thinking of analyzing and visualizing data with Power BI independently, without a well-targeted agenda?
If yes, you’re making a classic mistake of “Ready, Fire, Aim”.
Both time and resources will go in vain while you dig around the junkyard trying to do everything everywhere all at once.
While data visualization with Power BI is no rocket science and is easily accessible, many advanced features would need the expertise of Power BI experts to unearth their absolute potential.
Fret not!
The expertise of Power BI consultants offers you an additional edge to make the most of data visualization in Power BI.
Now with those anecdotes, we’re confident that you are enlightened about how Microsoft Power BI data visualizations can be used to tell a good story.
And how Power BI consultants contribute to making you the hero of the story.
Moving on, it’s time to dive deeper and explore how exactly you can leverage Microsoft Power BI for your data visualization needs.
How Does Power BI Data Visualization Solve Your Data Challenges?
Every day your business generates data.
Data on customer interactions, staff record, returns, marketing metrics, expenses, and other KPIs.
With so much data to filter through, it may be challenging for you to see the data story it weaves.
When used correctly — analyzing and visualizing data with Power BI helps you turn the raw data into understandable, visually appealing dashboards.
Thinking about — “How?”
Power BI data visualization simply unifies the data, creates visuals, and employs AI-driven analytics to uncover the relationships between the data sets, current market trends, and the business world.
Now, let’s look at the real-world use cases of Power BI for data visualization.
1. Anomaly Detection in Credit Card Transactions
For banks financial organizations nothing can be more frustrating than the customers defaulting on their payments!
Defaulted credits mean
- Disturbed cash flow
- Administrative burdens
- And an axe on your bank’s financial health
Are you a CTO of a banking organization looking for a solution to smartly recognize and manage defaulting transactions?
Power BI data visualization has got you covered.
Thinking about — “How?”
Leveraging the power of Power BI data visualization tools, you are enabled to
- Connect transaction data from diverse sources
- Prepare a foundation to identify anomalies displaying potential defaults in the future.
Through interactive and self-explanatory visualizations, Power BI empowers you to –
- Proactively manage defaulting creditors
- Enable early default detection
- Improve risk management
- Mitigate financial risk
The result?
You now have a prominent data-backed solution to:
- Identify credit defaulters beforehand
- Maintain your bank’s financial health
- And keep your customers’ trust intact
2. Customer Churn Prediction for Retail
High churn rates are a concern for retail businesses relying on repeat customers for profitability.
A high churn rate leads to
- Declining ROI
- Lost recurring business opportunities
- Shooting customer acquisition costs
- And a negative impact on profitability
Are you a retail business owner seeking a solution to maintain existing customers and minimize the churn rate?
Data visualization in Power BI has got your back.
Thinking about — “How?”
Power BI data visualization empowers you to –
- Gauge customer data to obtain insights into churn patterns
- Analyse customer behavior and signify possible churn risks
- Analyze key metrics such as purchase frequency, customer engagement, and product preferences
The result?
Leveraging customized data visualizations with Power BI, you are empowered to
- Devise promising customer retention strategies
- Offer better customer experience resulting in reduced customer churn rate
- And increased profitability
3. Healthcare Sales Analysis
In the healthcare industry, sales are more than just revenue generation.
They are more about adept patient care, resources, and the efficiency of the entire system.
Poor healthcare sales performance means
- Inadequate patient care
- Organizational ineffectiveness
- And other serious consequences
Are you a healthcare leader, seeking to boost patient care, organizational effectiveness, and ultimately enhance your organization’s sales performance?
Power BI Data Visualization is here for you.
Thinking about — “How?”
Leveraging Power BI data visualization tools, you are enabled to –
- Analyze service utilization patterns
- Get insights into patient demographics
- Track revenue streams from diverse data sources
- Assess the operational efficiency
- Measure patient satisfaction
The result?
By integrating these insights into your decision-making process, you are empowered to
- Spot the areas for improvement
- Predict customer demand
- Personalize patient care
- And improve your business’s revenue cycle management
Whether you are an IT manager of a retail business or a Chief Executive Officer of a healthcare establishment, Power BI data visualization proves to be instrumental in translating most of your business challenges into solutions.
But your Power BI data visualizations journey is incomplete without a Power BI consulting company.
Why?
Power BI consultants are experts in optimizing your use of the tool.
Skeptical about how a consultant can add value?
Next up — let’s uncover why engaging with a Power BI data visualization services company makes better sense.
What is the purpose of Roping in a Power BI Consultant for Data Visualization to improve Sense?
Exploring the world of Power BI alone can feel like trying to solve a complex jigsaw puzzle.
You can see how the pieces fit together but struggle to see the full picture.
That’s where Power BI consultancy comes into the picture.
Read on to explore why partnering with a trusted Power BI partner makes sense.
360-Degree Assessment
No one performs a better system assessment than Power BI experts.
They dive deep into your business setup and understand your challenges, needs, and goals.
They give you a clear picture of where you stand and what you can achieve with 360-degree Power BI Consulting Services.
Planning and Strategy
Based on the assessment, the consultants map out a custom plan and strategy for maximizing your Power BI investments.
The strategy includes steps of execution, Power BI visualizations best practices, resources required, timelines, and tried and trusted approaches to achieve BI success.
Power BI Data Integration
Power BI consulting services providers don’t stop after defining your BI strategy.
They further connect and integrate scattered data sources to Power BI and ensure a seamless and consistent data flow.
They also help you validate the data to trust what you see.
In short, they ensure your data is clean, flawless, and ready for Power BI visualization and analysis.
Report Design and Dashboard Development
Power BI report design and dashboard development may seem like a no-brainer but only experts can bring out its full potential.
The Power BI consulting professionals work closely with your stakeholders to gauge your expectations and goals.
Then they develop customized reports and ensure they drive the desired results. Their touch ensures your reports and dashboards leave a strong impact.
Power BI Training
Your team’s journey to actionable insights can be unnecessarily long without Power BI training.
The PBI specialists provide hands-on training to the end-users on how to best use Power BI and save them from a cumbersome trial-and-error approach.
Power BI Support Services
Often underestimated, Power BI support is an inevitable part of your data visualization journey.
When things go south, the consultants ensure the sound performance of Power BI visualization, resolving problems quickly and efficiently.
Top-Notch Performance
A dedicated Power BI consultant regularly monitors and optimizes your BI solution using best practices for faster performance and effortless visualization.
This allows you to focus on deriving actionable insights and what’s more important.
Scalability and Future Growth
Power BI Consultancy offers solutions that grow with your business.
As your business needs evolve, these flexible solutions adapt and expand as required. This ensures you never skip a beat and can keep your operations running smoothly.
Steady Improvement
Power BI consulting is all about endless progress.
They don’t stop at the basics; they constantly update and refine your Power BI.
This ensures that your BI solution keeps up with the changing needs, keeping your data visualization game sharp and strong.
A reliable Power BI consulting company walks in with strategy consultants, implementers, trainers, Power BI developers, and BI analysts to help you with the end-to-end Power BI lifecycle.
Wondering when is the best time to invest in Power BI consulting?
The best time to engage with Power BI consultancy is when you are aware of the business challenge that needs attention but either cannot find answers or lack the resources to get the answers.
Looking for the best Power BI Consulting Services provider in the USA?
Look no further than Integrative Systems.
Integrative Systems — Your Trusted Power BI Data Visualization Partner
To turn data into impact has 2 prerequisites –
- Robust business intelligence tool i.e. Microsoft Power BI
- A trusted BI partner i.e. Power BI Consulting Partner
As a visionary business leader, we’re confident that you will settle for nothing less than the best for your business when it comes to choosing a Microsoft Power BI partner.
With proven expertise and over 10+ years of helping businesses, we, at Integrative Systems, would be happy to become a Power BI consulting partner of your choice and make your Power BI investments worthwhile.
Have a strong feeling that we are the match you’ve been looking for?
Drop us a line at contact@integrativesystems.com and our team of experts shall get back to you in 2 business days.
