Businesses the world over use Microsoft Power BI. But leading CIOs, looking to modernize their BI (Business Intelligence) stack, are going beyond visual analysis to make their BI a ‘two-way street’.
“71% of businesses have implemented a BI strategy, with the desire to forecast business, improve customer experience, gain a competitive advantage, speed up data analysis, and make more data-driven decisions.” – According to a survey via CIO.com (conducted by Unsupervised).
71% of businesses have implemented a BI strategy, with the desire to forecast business…
While Power BI does take data analysis to the next level, compared to Excel Spreadsheets, for many Fortune 500 companies, Power BI’s “read-only” capability have many leading organizations seeking ways to modernize and enhance their approach to BI. Processes including Sales Planning and Forecasting top the list of business critical processes organizations are looking to improve in 2022.
The Importance of Collaboration, Planning, and Write-back
With volatility running rampant — be it through market swings or political instability — in order to remain on their feet organizations realize the need to stay ahead of the curve. The pandemic has rapidly changed how business is conducted — forcing leaders to rethink sales strategies and other key decisions.
Giving organizations the ability to perform real-time Operational and Financial Planning and Analysis (FP&A), therefore, is imperative.
Enabling Planning and Write-back features in Power BI is the path many Fortune 500 and other leading orgs have chosen to modernize and catapult their BI strategy forward. With Planning and Write-back features, key decision makers can not only analyze in Power BI, but also input data and modify variables in order to forecast future projections (be it sales, revenue, production units, etc…) while collaborating in real-time with employees across business units and geographies.
94% saw company’s revenues increase, after implementing an appropriate BI strategy
The study (via CIO.com) also reported that “94% saw their company’s revenues increase” after implementing an appropriate BI strategy. Additional benefits, showing organizations’ BI investments paying off, include…
- Increased revenue
- Increased sales volume
- Improved customer service
- Increased productivity
- More new customers
- Better supply chain management
- Increased employee satisfaction
- Increased customer retention
Enhancing Power BI with Planning and Forecasting
Robert Kugel, CFA, SVP & Research Director at Ventana Research also notes that “analysts must have technology that enables them to easily perform key tasks essential to operational and financial planning processes.” Furthermore, while the technology exists, there lies an age-old problem: “ time-consuming spreadsheet issues that keep analysts from doing what they have been trained to do: analyze and plan.”
In turn, the need for not only Sales, but also Demand, Capacity, and Operational Planning and Forecasting is crucial for organizations around the globe.
Unlike spreadsheets, Power BI lets users pool data from multiple sources including Excel and other major databases, thus allowing for collaborative “Analysis.” The utilization of add-ins, however, then takes Power BI beyond the traditional visual analysis enabling the creation of write-back enabled reports, modeling on the-fly, and forecasting what-if scenarios in real-time across your organization.
How you can Go Beyond Visual Analysis with Power BI
Enabling features like Planning and Write-back have a number of advantages over Power BI as a standalone product.
With a Power BI add-in like Power ON’s Visual Planner, you can supercharge your Power BI into a one-stop solution for not just visual analysis, but also Operational and Financial planning or forecasting, data collection, and even collaborative what-if analysis across departments, housed in one all-encompassing place; your BI solution of choice.
Power BI has served you well for analysis, now it’s time to unleash the next level of value with Planning and Write-back that enable real-time data-driven decisions and actions.
To learn how you can go beyond visual analysis in Power BI, check-out the capabilities you get with Power ON Visual Planner toolkit.
Until next time…