Microsoft, the pioneer in software development, introduced specific updates last month like the addition of visual personalization, page refresh efficiency improvements, CDM folder view for Azure Data Lake Storage, DirectQuery support for AI visuals, newly highlighted template apps, and plenty more. But for those who do not know what Power BI is, we will let you know.
What is the Power BI?
As the name suggests, Power Business Intelligence, it means getting business intelligence by analyzing data in such a way never done before in the form of Data Visualisations in graphs never seen or imagined before.
This is one of the Examples of how Data Visualisations can look like; this is just an example and not an End in Itself.
Power BI has 2 parts –
- Query Editor- here, we import the data for various sources, be it the CSV/ Excel file or even directly from the Web, and perform Data cleaning before the Data gets ready for visualization and Analysis.
- Power BI Desktop – here, we perform Data Visualisation and develop a relationship among various Datatable available. An example of a relationship can be linking the Dates with the Days of the week to see which Days My Hotels and Hospitality client has maximum sales; It is so powerful, we analyzed the Sunday sales are least due to the Corporate Offices being closed We introduced Happy Hours Concept on Sunday to Boost Sales. Without visualizations, we miss on these important parameters like the weekday.
Power BI offers its services not only on the desktop but also provides over the cloud where team members can share visuals amongst them and even make dashboards, including those which can be made for the mobile users to see the dashboards.
My work on the recent hospitality client, which enable you to analyze what all one can think of during Data analysis. In the case of Hospitality client, some things which we analyzed were,
- % of restaurant sales & % takeaway sales to Gross Sales.
- Vendor wise purchases and whether payment is made as per credit period allowed.
- % discount on restaurant sales/takeaway sales.
- Which table in the restaurant gives us the most revenue.
- Which day do we see maximum revenue [came out to be Friday, as we know the Friday Nights before the chilling weekend and stressbuster for the work done entire week].
- Which food item has a maximum contribution to the profit for the month and quarter and the same for the least moving food item and tracing the same with customer feedback for performance improvement.
- intercomparison of beverage & % contribution. [These are some of the Analyses we did and designed policies and Menu accordingly].
Yes, this Analysis we were able to perform just on one page of Power BI Desktop, somewhat as it looks in the image shown below.[Not actual data but representation on how the dashboard could look like].
Power BI has got broader acceptability in the industry, especially all consulting firms like Ernst & Young to mention, use to ensure better client consulting and Analysis, which could be for the betterment of Business for the future.
With Data evolving, The Data analysis will increase its scope and demand of people who can analyze too in the future to come. Do you Remember what Mukesh Ambani said??
He did say, “DATA IS THE NEW OIL OF 21st Century”. In my opinion, who so ever mines/analyses the Data will lead in time to come especially after Covid-19 where performance and process improvement will be at Heart of every Business.