Potential Adoption of Power BI by a Small Business

REPORT ON POTENTIAL ADOPTION OF POWER BI BY A RAPIDLY GROWING SMALL BUSINESS.
1. BI PLATFORMS: POWER BI VERSUS EXCEL
I. Introduction to business intelligence
Every industry's market is distinct, with its own issues and difficulties. Their
client is diverse and has well-established plans, budgets, and objectives. As a result, firms use a
variety of selling and marketing strategies to offer a range of services and goods and for firms to
remain competitive, having a clear perspective of all of their data is becoming increasingly
critical, good decisions historically came from knowledge and experience. However, it takes
years to acquire such expertise and knowledge, and some workers might never do so.
Consequently, business intelligence (BI) became popular. The methods, tools, strategies,
framework and technology that companies use to analyze data and business information are
known as business intelligence. In other words, it enables companies to discover any process or
trend influencing the performance of business, the reasons behind it, and what is likely to
happen in the future. Business intelligence (BI) transform raw data into meaningful data that
helps businesses to operate profitably. BI is a computer-based method for decision-making and
its helps management to make decisions based on the information.
II. Introduction to Power BI
Microsoft's new cloud-based business intelligence service, Power BI, is a product of
the company's extensive experience with relational databases, including Access, SQL Server,
and others. It is a business intelligence platform that enables organizations to thoroughly clean
data before turning it into information that is useful. It carefully examines evidence and offers
insightful arguments. Power BI's interface is quite straightforward and user-friendly. Utilizing
Power BI doesn't require any programming knowledge. It features built-in intelligence that
assists you in choosing report qualities by recommending the optimal reporting component.
The beauty of Power BI is that it allows you to consider each component as a whole in order to
make smarter choices. The dashboard's visual depiction enables users to see the information
that's pertinent to the decisions they must make fast.
III. Difference Between Power Bi and Excel
Although they offer differing features, Microsoft's Excel and Power BI are both used for data
processing and analysis.
a) Excel
Excel, which is a part of Office 365, is a program that almost everyone is familiar with. You
have almost likely used Microsoft Excel at some point, whether or not you are an expert in data analysis
and whether or not you work with data. The software includes a spreadsheet-like layout that divides
data into rows and columns and can rapidly and simply conduct computations and mathematical
procedures. Additionally, it is utilized to convert data sets into visual information, much as Power BI.

a) Power Bi
Power BI, on the other hand, is a collection of tools, software services, and business
intelligence applications. In other words, although it may be utilized in various fields, Power BI is a
platform with a more focused goal than Excel: data processing in business environments. Power BI's
ability to interact with a wide range of data sources of various sizes, including Excel spreadsheets,
relational and non-relational databases, cloud services, files in multiple formats, Big Data tools, online
apps, etc., is one of its greatest advantages. Additionally, it provides strong graphic and data
transformation capabilities for customizable, appealing, interactive, and intelligible visualizations in
reports, dashboards, and other formats.
IV. Conclusion
Gathering, preparing, filtering, summarizing, and presenting data are all steps in the process of
creating management reports. As contrast to Excel, Power BI is specifically made to accomplish this.
Therefore, if you prepare your management reports using a huge spreadsheet or many spreadsheets,
like many other accountants, it may be time to take a closer look. Power BI is a more fantastic tool,
making it perfect for enterprises and organizations that need to work collaboratively, analyze massive
amounts of data simply, turn data into insights, frequently update data, and show information
aesthetically. If you need to modify and change data, perform searches, computations, use
mathematical formulas, or create intricate tabular reports, Excel is a superior solution. Working with Big
Data, developing visuals, collaborating in teams, integrating data from many sources, and analyzing data
with the goal of obtaining indicators, coming to conclusions, and making data-driven decisions are all
better suited for Power BI.
2. SOURCES OF DATA IN BUSINESS MANAGEMENT AND FINANCE
Enterprise resource planning (ERP) and customer relationship management (CRM) software were
historically the primary data sources for decision-making. Nowadays, organizations use a growing
number of data sources to help them make better decisions. Some date sources are Your organization's
organizational procedures collect internal data. It may include transactional information about client
purchases or payments made to employees and contractors. 20% of your consumers account for 80% of
your revenue. Do you know which of your clients is most valuable? Would being able to compare those
facts be helpful to you in identifying high-value new business targets?
a) Online data source
All sizes of businesses use online surveys to gather feedback from customers and take appropriate
action
b) Social Media
Data collection on what your audience is saying about your business, your competitors, and the market
as a whole is the key to harnessing the power of social media.
c) Open Data Sources