The formula for success isn’t a simple one, which is why we see more failures than success when it comes to businesses in the market. But, no matter what, the road to sustainable success goes through data. Data forms the backbone of organizations, which helps in several tasks including decision making, estimating the return on investment along with preparing for the competition.
Generating Data in the Modern World
In other words, data is what keeps businesses running in the contemporary market scenario. Right from helping organizations in creating visualizations as per the needs of various departments to creating new strategies considering the current trends in mind, there is seldom anything that data cannot do.
For example, if you have been in the market for some time, it is sure that you are gathering data from various sources. If you are an ecommerce business or stepping into the world of omni-channel, you must have the data coming in from the following sources-
- Social media marketplaces like Instagram Social, Facebook Marketplace, etc.
- Marketplaces like Amazon, Flipkart and other such platforms
- Your own website
- Any retail software you might have for capturing data
All these sources provide more than enough opportunities for organizations to make the most of their data. But, doing all of this manually can seem like one of the biggest hassles ever. For example, if you have an employee doing the job, they will have to gather the data from multiple sources, prepare the relevant fields and compile from multiple sources.
In addition to this, they will also need to break down the reports into the ons that are required by specific departments. In other words, there is a possibility that your sales team will not want to know about your marketing efforts or the investments you have made for advertising on each channel. Instead they will want to know about the sales efforts.
Utilizing Microsoft Excel
The entire process of manual tasks will take more than a lot of time. And since the efforts are human, errors will crawl up in the process. Therefore, it will become fundamental for you to look at other methods of processing and analyzing your data.
Most organizations leverage Microsoft Excel. For the longest amount of time, Excel has been the key to analyzing and interpreting data as per the needs of departments. It is also the go to tool for any of the business tasks including computing formulas and forming pivot tables for any task. The flexibility and extensibility of Microsoft Excel is what draws people towards it. And to an extent it also helps automate the eprocess. For example, if you have data in the same format coming into your business, you can just copy paste the values and receive the computed results, without applying formulas daily.
The analytical playground of Excel has more than a few perks. But, it also has its limitations that constraints the businesses from achieving a lot of things. Clubbed together with Excel’s potential, Power BI has functionalities that businesses need in their day to day operations.
Leveraging Power BI
Power Bi consultants offers the best of data analytics so that it can ease the manual repetitive tasks of employees and leave space for higher cognitive tasks such as decision making. It is imperative to remember that while Excel is a great tool for data storing and analytics, it doesn’t compensate for business intelligence. Business intelligence comes with agility in processing, simplifying the data pipeline as well finding patterns in the data that were not visible from the common perspective.
Power BI comes with the Power Platform suite of business tools that are designed to bring automation to the day to day operations of the organizations. This helps you build your organizational data types and leverage the best of technology for the organization.
With Power BI you can create featured tables from the datasets. All you need to do is select a table and make it your featured table as per your requirement. The first step is to start by giving it a description, a label to the row as well as the key column that can be used as a unique ID. in fact, you can also use Power BI as an initial data hub. And in everyday business, it can be used to preprocess data before you finally leverage Excel for a deeper analysis.
Most contemporary organizations use collaborative data types that aim to simplify the operations. This is also the case with multiple sub fields that include the name and addresses of customers. All of this data can be brought to the Excel table, including the data from various sources. Moreover, if you want to explore it using any familiar tools for producing insight and applying algorithms you can do so easily.
When you connect both the Excel and Power BI, your organizational efforts are amplified. You can create a spreadsheet, make its content in a table as well as select the fields that can be chosen to convert the datatype from any of the departments of your organization. In addition to this, you can fire Power queries in Power BI to make the most its underlying capabilities. Since breaking down the silos of data analytics is fundamental to interpreting data, the perfect combination of excel and Power BI give you the ultimate business success formula.