Is Power BI propelling growth and worth investing in? In short, the answer is “yes.” When we take look a closer look at the findings from Forrester’s Total Economic Impact (TEI) study on Power BI. In this study, Forrester set out to understand the potential ROI companies can expect with an adoption of Microsoft Power BI. The goal of this TEI study was to help leaders evaluate the possible impact the Power BI tool could have on their organizations.
To develop the report, Forrester aggregated the results from four customers and surveyed an additional 59 people, of which some were also using other products from the Microsoft Power Platform (i.e. Power Apps, Power Automate). However, this study’s focus was geared to the impact of using just Power BI versus integration of other Power Platform tools too.
In summary, the study found that organizations using Power BI were able to improve outcomes in the business and improve financial performance due to the improved data insights coming from the business when using Power BI.
Forrester’s Power BI Findings:
- 42% were able to reduce the centrality of analytics teams efforts
- 2.5% increase in operating income due to improved data insights
- 125 hours were saved annually due to Power BI’s self-serving capabilities
You can check out the full report HERE or keep reading below for further summary of the findings.
What is Microsoft Power BI Used For?
Power BI is best thought of a package of software services, apps, and connectors that are designed to deliver timely business reports to help decision makers stay on top of activities in the business and quickly respond.
The parts of Power BI include:
- Power BI Desktop
- Power BI service
- Power BI mobile apps
Together, these three parts of the Power BI platform mean that custom reporting can be designed specifically for the business with data insights delivered to a computer or the on-the-go mobile app. With the Power BI tool in-hand (literally) decision makers can access data insights and respond to changing factors in the business.
The reality for many organizations is that their traditional reporting model is designed to be a centralized effort. This type of reporting practice can limit the timeliness of information and the ability to respond quickly to changes in the market or business. Organizations that are taking the time to organize their data and design effective reports that are in turn creating a competitive advantage with Power BI and propelling growth for the business.
Is Power BI Propelling Growth & Worth Investing In?
This study’s findings highlighted a 366% Return on Investment (ROI) alongside a variety of other compelling findings in the report:
- Better analytics led to better decision making which helped improve revenues, decrease costs, and helped with the pace of moving into new markets.
- With reports easily and quickly accessible to a broader group, organizations were able to become more efficient and able to make better, data-driven decisions that benefited the businesses.
- Satisfaction increased with employees because they felt better equipped in their roles to make an impact from the business insights in their company reports.
Convverge | A Power BI Microsoft Consulting Partner
Building a data-driven and data-democratized culture isn’t an easy journey. Knowledge and expertise gaps quite often exist as organizations start their transition and build their teams’ skillset. We see many companies benefit from working with a Microsoft consulting partner, like ourselves. The Convverge team are experts in Microsoft solutions and offer a range of professional consulting services for the full toolset. Convverge is a certified Microsoft Partner that is committed to connecting people and technology in a remarkable way. We love helping our clients uncover the opportunities to build successful digital business solutions. If you’re interested talking more about our capabilities, let’s connect.