A 2019 Harvard Business Review survey found that almost 90% of professionals anticipate that analytics proficiency will become the key differentiator between successful market leaders and companies that cease to progress over the next two years. Microsoft Power BI and Azure Analytics help businesses build a data-driven culture and drive new levels of analytic proficiency.
A recent study, “The Total Economic Impact of Microsoft Azure Analytics with Power BI,” by Forrester specifies that Power BI and Azure Analytics achieve a 270% ROI and a 60% increase in customer satisfaction.
Tangible Benefits include increased revenues, decreased operating and supply chain costs, and faster entry into new markets. The total risk-adjusted benefit over three years is $2.9 million. The article covers three key areas in business that were generally impacted:
Total Cost of Ownership - Power BI and Azure Analytics lowers TCO by 25.7%. Power BI’s economic model drives a data culture by putting BI in the hands of everyone. Authors can use Power BI Desktop completely for free, and end-users for just $10 per user, per month.
Time to Insights - In the tech industry, it is crucial to retrieve information as fast as possible. With Microsoft Power BI, Time to Insights was 27% faster. The Power BI machine learning algorithms made unlocking insights from qualitative feedback quick, efficient, and meaningful, parsing millions of records with a speed and level of analysis that our human efforts simply could not achieve.
Productivity - Self-service tools and automation through Power BI and Azure Analytics saved around 1.75 hours per week for business users. End-user empowerment is key. Power BI enables end-users to gain timely access to more information to make decisions. They also benefited from increased usability and system performance.
Data Empowers Decision-Making
Companies and individuals that have access to digestible data are empowered to make better decisions and have greater user satisfaction.
Over the last few months, data visualization has had an immeasurable impact on the world as the spread of COVID-19 was tracked through several public online dashboards and reports. For example, The Johns Hopkins COVID-19 map on the university’s website received “1.2 billion daily requests in early March.”
16% of the world was accessing data that directly impacted their lives and used it to make decisions on how, where, and who to help – and that was only one dashboard. Like Johns Hopkins’ COVID-19 Dashboard, Power BI empowers users to make better decisions by exhibiting data in a way that is digestible, interactive, and applicable.
We would likely never hike a treacherous mountain at night without a source of light or a knowledgeable guide, but we’re often content to lead our companies through the pitch black with a penlight and a hunch, searching for some sort of indication of a trail. Using Power BI as a centralized tool throughout an organization creates a focused, unified source of information for all users, decreases the amount of space wasted in replicating data for every report request, and allows more users to quickly access reports and insights they previously waited months to receive, only to declare as no longer relevant. It’s the difference between wandering with a penlight and a vague objective to hiking a well-known path in the day.
Using Microsoft Power BI to “democratize data” within an organization encourages users to make more clearly informed decisions. When data is digestible and available to everyone in a company, executives hone corporate strategy, managers use resources more efficiently, and analysts discover powerful insights. “Data is Power” and Power BI is the most economical way to empower your organization.
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