How Financial Services Companies are using Power BI to transform their Data Analytics

One of the principle challenges looked by our customers in the budgetary part is the way to rapidly and productively investigate a lot of information and change it into profound business experiences that constantly drive the dynamic procedure to stay in front of the opposition.

While there are a scope of Business Intelligence (BI) apparatuses in the market, we have seen expanding appropriation of Intensity BI inside the money related administrations area in the course of recent years, as Microsoft have incorporated out the item with a market-driving cloud arrangement.

With Power BI, administrators can make intelligent dashboards and reports to envision complex money related information. This settles on it a lot simpler for chiefs to customize the revealing experience dependent on their business needs and cooperate with the information to help uncover key bits of knowledge generally rapidly and drive better business choices over the association.

 

Financial businesses executives can access their personalised Power BI reports in real-time directly from their smartphones and tablets to stay connected to key financial data while on the move. This helps them to effortlessly turn data into opportunity wherever they are.

Power BI also makes it relatively easy to connect your financial reports to many different data sources to create a unified picture of your business data. Financial businesses executives can link to data that’s currently in spreadsheets, SQL databases and even on the Web, and bring it all together to their Power BI dashboards for quick review and analysis that leads to better business intelligence.

At Addend Analytics, we have leveraged Microsoft’s data visualisation solution to help financial services companies gain real-time insights through the use of Power BI dashboards and have found it particularly effective at helping companies break free of the reporting restrictions of legacy systems.

So how do you get started?

If you are thinking about exploring whether a Business Intelligence (BI) tool like Power BI could help your business, below is a list of questions that may help you evaluate the right approach for your organisation:

  • Do you already have a license? As an added benefit with Power BI now included in many Microsoft Office 365 subscriptions, your company may already have Power BI licenses you are not utilising, so it is worth checking this.
  • Do you struggle to locate the necessary metrics to see your entire business picture?
  • Is the data required to give you this full picture stored in multiple systems? If so what connection endpoints do these systems have? If your team is currently compiling spreadsheets to give you this data, walk through with them how they populate this data and from what sources. Power BI is able to pull in data from up to 200+ different sources such as Excel, MySQL, SharePoint and Azure SQL Database.
  • Is your organisation open to storing data in the cloud? If so, you can utilise the cloud based dashboards in the product which open up new opportunities for accessing your interactive reports and collaborating anywhere and at any time. If not, your Power BI also has a set of reporting options that can be rolled out on-premise and within your office network.
  • Is your business looking for a platform that provides powerful analytics capabilities in terms of predictive modelling, optimisation and reporting?

At Addend, we utilised the solution to help organisations gain real-time insights through the use of Power BI dashboards. We are also experienced at connecting multiple data sources together to create real-time dashboards for management that drive unique business insights and can have a transformative effect on strategic decision making.

Thank you for reading our blogs. Addend Analytics is a young and rapidly growing Data Analytics consultancy.  We specialize in the application of Business Intelligence and Data Science tools to solve business challenges. From our office in Mumbai, India, we provide end to end solutions to our global clients. These solutions involve data discovery & integration, data warehousing, analytics, and reporting. You can contact us at kamal.sharma@addendanalytics.com for free consultation!