The benefits of business intelligence (BI) tools and methods are well known to companies. However, few companies, from SMEs to large enterprises, really want to integrate BI into their reporting and management solutions. Most companies still rely on outdated tools like Excel and stick to the status quo when preparing reports. They are ignoring the increasing demand for faster reporting processes and the benefits of more flexible data BI reporting.
But why exactly should companies invest in a BI tool? In this blog post, we’ll discuss the benefits of the Microsoft Power BI tool and how it helps businesses.
Wat is business intelligence (BI)?
BI is a technology-driven process for analyzing data, which is visualized according to individual needs. It helps executives, managers and other end users to make well-informed business decisions.
By integrating BI tools such as Microsoft Power BI, users can create intelligent reports, tables or other custom visual elements. These visualizations easily identify problem areas in an organization. But visualizing data isn’t the only benefit of Microsoft BI reporting.
The 5 key benefits of Microsoft Power BI
Businesses are generating more and more data and need to sort and process it. Power BI simplifies data extraction and proposals. It helps organizations understand what happened in the past. Appropriate measures can then be taken on the basis of that insight. There are several challenges in the end-to-end value chain for the successful implementation of data and analytics.
Power BI enables efficient collection, analysis, and management of business-relevant data. It also allows financial experts to create interactive reports that consist of charts, objects, and other visual elements. But what are the 5 main advantages of Power BI compared to other BI tools? Here’s an overview of the most important:
Benefit 1: Low cost – ideal for all types of businesses
Since Power BI is part of the Microsoft Office suites, the cost of implementing the BI tool is generally lower compared to other solutions. License fees are determined on a per user/month model, giving companies more flexibility in determining investments. For some companies, the Power BI Pro package does not need to be purchased separately, as it is included with the common Microsoft Office packages. Plus, Power BI Desktop is completely free – so you can get started right away!
Benefit 2: Large knowledge hub and community – ideal for self-learning
Worried about a lack of guidance on how to implement and use Power BI for your business? You don’t need to – Microsoft Power BI gives you all the lessons you need, all for free. Learn how to perform common and specialized tasks by reading Power BI tips and tricks or watching tutorial videos. In addition, there is a large community ready to exchange information and help you with any questions you may have about Power BI.
Advantage 3: Easy to use – high user-friendliness
Power BI is easy to use without specific technological knowledge. If you are familiar with Excel, it will not take long before you can also work with Power BI. You will soon be able to create innovative reports yourself.
Benefit 4: Third Party Data Integration and Automation
To ensure that all your modern reporting needs are met, Power BI is updated monthly. Thanks to these updates, you are always up-to-date with the latest trends in the BI community. Plus, any third-party data you need is automatically uploaded to Power BI, ensuring you’re always working with data that’s up-to-date!
Benefit 5: Mobile or desktop – all the freedom you need
Microsoft Power BI distinguishes itself by its flexibility. Configuring a dashboard on a desktop and creating an additional custom phone view is possible with just a few clicks. This way you can access your Power BI report anytime, anywhere.
The combination of Power BI and Lucent
Power BI is easy to implement and extracts both financial and non-financial data from source systems. LucaNet further simplifies this process by collecting all financial data from a single Single Point of Truth, allowing you to fully automate processes to improve efficiency and performance.
With the LucaNet Apps, the LucaNet software connects to the Power BI tool. It provides opportunities to combine financial performance management with business intelligence, in a fully integrated way.
These are just some of the benefits of combining Lucent and Power BI:
- A perfect combination of Lucent software accounting expertise with a BI solution
- Easily generate clear and transparent analytics in the LucaNet front-end
- Report availability worldwide, with no access restrictions in other source systems
- Receive LucaNet grade data in an automated way from external data sources