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How Is Power BI Propelling Growth?
– Article Updated: June 2022 –
Is Power BI propelling growth and worth investing in? In short, the answer is “yes” when we 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 the 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 were able to improve outcomes in the business and financial performance, resulting in a 366% return on investment with business intelligence through Microsoft Power BI.
Other findings include:
- 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
- A 2.5 percent increase in operating income
- 22.6 percent faster solutions quoting
- A reduction in time-to-market from (18 months to 10 months) for new products and services
“Insights-driven business (IDB) capabilities rest on technologies that turn data into actionable business insights. This is partially the realm of enterprise business intelligence (BI) platforms — but organizations that only deploy BI applications based on legacy technology and approaches won’t reap all potential benefits. Legacy BI technology is dead.” –
What is Microsoft Power BI Used For?
Power BI is the best thought of as 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 the 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 Microsoft Power BI 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 business intelligence consultant, like ourselves. The Convverge team are experts in Microsoft Power BI consulting and offer a range of professional services to ensure you’re getting the most from the toolset. Convverge is a Gold Microsoft Partner that is committed to connecting people and technology in a remarkable way. We love helping our clients uncover opportunities to build successful digital business solutions. If you’re interested in talking more about our capabilities, let’s connect.
