The Role of Business Intelligence in BFSI

Banking, financial services, and insurance (BFSI) are more complicated than ever. They also have ongoing compliance requirements and generate massive volumes of data. Business intelligence (BI) professionals in the financial services industry are responding to these challenges with technology and a systemic approach to operations. That includes risk management, regulatory compliance and reporting—three things at the core of BI.

For most of these firms, the business intelligence process is: Invest once, build once, provide for many. That addresses many of the industry’s most common requirements. Here’s a quick rundown of those requirements, and the benefits of using BI for BFSI firms.

BFSI Business Intelligence Reporting Must-Haves

BFSI demands

  • Handle heterogeneous data sources at all latencies
  • Data in any format, with any hierarchy
  • Data that is available to service-oriented architecture (SOA) solutions in real time
  • Data that can be acquired, updated, and pushed to real-time systems
  • The operational intelligence gained from analysis and modeling

Data provisioning is the first step in meeting these needs. It’s deep-rooted data architecture work that ensures strong data governance and management. The architecture may be developed and run as an enterprise data utility.

BI for Risk Management and Regulatory Compliance

Here’s how BI is being used for risk management and regulatory compliance:

  • Increase efficiency of fundamental business processes like call centre management, loan processing, etc.
  • Better risk management in investments, credit cards, loans and consumer bankruptcies.
  • Detect and prevent illegal activity such as money laundering and theft.
  • Comply with industry and government regulations
  • Retain and increase the client base, improvise cross-selling opportunities and upsurge customer profitability via a better understanding of behaviour, requirements, and preferences.
  • Use industry standards for a real-time, precise, and single source of the truth.

What’s In It for Your Organization?

Our BI solutions help companies achieve significant ROI and strategic value by safeguarding, handling, and repurposing all forms of structured and unstructured data. These solutions can help business leaders streamline and automate the processes to provide reliable information to employees, customers and partners which results in:

  • Improved customer service levels, enhanced customer service offerings and stabilize online and in-person delivery channels.
  • Sharing and accessing information across the business, units are streamlined.
  • Integrate processes and the data flow across front, and back office operations.
  • Increase in performance with BI solution – increased productivity while reducing costs and enhancing bottom-line results.
  • 360-degree view of the customer can be achieved.
  • Lower the cost of meeting regulatory compliance mandates while improving risk management.
  • Scale enterprise solutions to meet the changing demands of customers, partners and employees.

Author: Shashank Reddy Tummala.

Shashank is the COO of Tek Leaders inc.He helps SMB’s to achieve their goals in their journey of Digital Transformation.

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Power BI Merge Queries vs Merge Queries as New

Microsoft’s Power BI is more than just a data visualization platform. You can also use it to perform deeper analysis and organize your data. One of its most useful analytics and organization options is the Power BI merge query. This tool enables you to merge multiple queries (or tables) to find connections between different data sets and reduce the number of tables you have to manage. You can look at your data from new perspectives.

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Power BI for Finance Executives

Proposing a brilliant new financial strategy takes a lot of work. Finance executives have to assess everything from company-wide objectives to financial performance metrics. The process takes time—something that most financial executives don’t have in abundance.

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Dashboard vs. Report in Power BI

Dashboards and reports in Power BI are very similar tools in appearance, and they both perform many of the same visualization and data analytics tasks. Even users that have years of experience with Power BI may be unsure whether to build a dashboard or report for a given project. 

However, if you want to generate the most accurate insights, you need to understand the differences between dashboard vs report in Power BI. This guide will help you decide which tool is right for you. 

The Differences Between a Dashboard vs. Report in Power BI 

A dashboard in Power BI is a single page that displays the most important information from one or multiple detailed reports. You can think of Power BI dashboards like headlines in a newspaper—they’re designed to show you the most important information and insights so that you can make decisions quickly. 

This is also why Power BI makes these dashboards shareable. They’re perfect for presenting complex information in its simplest form so you can share insights with upper management or your teams. 

By comparison, a Power BI report is much more detailed—and harder to share. These reports consist of many visuals like pie charts, heat maps, and tables. You can slice data, dice it, filter it, or compare multiple data points to reveal hidden patterns. 

Going back to the newspaper analogy, if a dashboard is the headline, then a report is the news story underneath it. While these reports take longer to read, they also provide you with more information than dashboards. 

In addition to these basic differences, there are a few more subtle differences between dashboards vs. reports in Power BI: 

Sharing options availableNo sharing options (but users can subscribe to report pages instead) 
One pageCan contain multiple pages 
Displays information from multiple reports or data sets Only displays information from one data set at a time (but looks at it from multiple angles)
Hides data set fields from the pageUsers can click on data set fields for a more detailed view 
Limited visuals available (displayed as widgets) Users can include any Power BI visual or create their own custom visuals 
Data is read-onlyData can be changed 
Automatically refreshes when data changesHas to be manually refreshed 
Users can program email alerts based on the dataNo alerts are available 

These aren’t the only differences, but they are some of the most important. To help you decide, consider what you would like to do with your data and select the tool that best supports those goals.

When Should You Use a Dashboard vs. Report in Power BI? 

Deciding whether to use a dashboard vs. report in Power BI is easy once you know what each tool does.

You should use a dashboard if:

  • You are a C-suite executive who needs to look at the bigger picture;
  • You want to share information in a meeting;
  • Upper management wants to know how the company is performing overall;
  • You and your team don’t have time to generate or read multiple reports;
  • You’d like to summarize a particularly complicated report or data set;
  • You want to track daily key performance indicators (KPIs);
  • You don’t want to refresh your data manually;
  • Project managers or sales managers need to receive alerts based on the data (like an email alert when a sales goal is reached);
  • You and your team want to quickly track progress toward certain goals from a mobile device (by making it a featured dashboard, it will be the first dashboard displayed in the Power BI app).

Many users default to using a dashboard because it’s the easiest to build and doesn’t require any computer science or data science knowledge.

However, if one or more of the statements below is true, then you should use a Power BI report:

  • You need to interact with your data to find hidden patterns or trends;
  • You aren’t sure what the next step is and you want to use data to drive the decision (reports are ideal for coming up with new business strategies);
  • You have time to drill down through the data;
  • Your job requires you to examine the data (e.g. an accountant, data scientist, or marketing strategist).

Even the simplest dashboards rely on more detailed reports to function properly. A dashboard can only display the information it’s given, and the information comes from complex data sets and reports. It’s not a question of whether you need a dashboard vs. report in Power BI—it’s a question of which tool is right for each individual task you have to perform. That’s why virtually all businesses use a combination of dashboards and reports to achieve their goals and operate efficiently.

What’s the Best Way to Generate Reliable Insights? 

The main reason people use Power BI is to leverage data and make better business decisions. Some businesses use multiple dashboards to ensure everyone stays on the right page. Others create more reports to discover new insights.

However, even if you use the perfect combination of dashboards vs. reports in Power BI, this approach still has limitations. For example, if you’re not collecting the right type of data or the quality of your data is poor, then it doesn’t matter how many dashboards or reports you create. Your insights will be flawed.

This is why it’s important to create an effective system for collecting, storing, normalizing, and governing your data. Third-party data analytics firms specialize in this type of work. They can also build custom Power BI dashboards and reports for you based on your staff’s workflow and your business strategy. These firms can also set up predictive analytics models that you can export to Power BI, so you can think ahead and make better decisions about your company’s future.

Generating accurate insights is a complex process that involves looking at historical data, real-time data, and projections to identify the best possible path to success. When you combine the robust visuals of Power BI dashboards and reports with powerful predictive modeling and tight data governance, you’ll come up with novel solutions and strategies to drive your business.

To make the most of your Power BI dashboards and reports, contact Tek Leaders today. We specialize in comprehensive data analysis systems. We offer secure storage, automatic normalization, custom Power BI dashboards and reports, and predictive modeling using innovative machine learning technology. If you’d like a free business strategy audit, you can reach us by email directly.

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Power BI Accounting Dashboard Best Practices

What’s the best way to keep track of where your company’s money is going? Many accountants would probably say that spreadsheets are the fastest and easiest tools for the job. However, there is another that is even simpler and more reliable: Custom Power BI accounting dashboards. 

This powerful visualization software gives you complete control over all company financials, from inventory and sales revenue to vendor invoices and detailed bank statements. Power BI’s accounting dashboards keep it all in one place so you don’t have to track it down. 

To leverage this software, use Power BI accounting dashboard best practices. This guide will help you build an efficient and sleek-looking dashboard to help you run a lean business. 

Why Use a Power BI Accounting Dashboard?

Microsoft’s Power BI is one of the best accounting tools because it helps users see financial information in complex new ways that standard spreadsheets don’t support. 

You can manually enter sales revenue data into an Excel spreadsheet and display them in one of the basic charts or graphs available in Excel. However, these visuals aren’t as compelling, detailed, or customizable as Power BI’s visuals. They’re also harder to share, as you have to save and upload the graphics into separate slideshows or reports. You also can’t edit them on the fly without accessing the original spreadsheet, manually changing the data, and creating a brand new graphic containing the updated information. 

With a Power BI accounting dashboard, you can generate engaging visuals to help you understand your company’s sales, like:

  • Colorful pie charts showing opportunity count by region;
  • Detailed bar charts showing total revenue by sales stage;
  • Heat maps showing total revenue per branch;
  • Line graphs comparing projected sales to actual sales; and more. 

There are more visual options in Power BI than there are in Excel, but these visuals are also much easier to share and edit. When you create a Power BI accounting dashboard, you can include data filters that automatically adjust the graphics as you remove or add data. Power BI also lets you generate reports or add graphics to slideshow presentations instantly. You won’t waste time saving graphics, manually inserting them into documents or presentations, and adjusting the size or layout to fit the page.

Another benefit of Power BI for accounting is that you can continue using Excel, Power Query, and other Microsoft-supported accounting tools in tandem with the software. Power BI is simply a visualization generator that connects to data sources and displays data in an aesthetically-pleasing way. It makes it easy for accountants to balance the budget and identify potential financial trouble long before it impacts the company’s bottom line. 

How to Make the Most of Power BI Accounting Dashboards

If you plan on using Power BI for accounting, you should follow these three best practices: 

1.Choose the right Power BI accounting license. 

To use Power BI for accounting, you can sign up for a free account or upgrade to a Pro or Premium license. The free account enables you to create visuals and dashboards as well as store a limited amount of data in the cloud. The Pro version builds on the free version, allowing you to share and collaborate on dashboards with other Pro users in your organization. Meanwhile, the Premium version is much more advanced than either the free or Pro versions, allowing you to perform more detailed data analysis and store more data in the cloud. 

The license you choose depends on your needs. Most accountants will be perfectly happy with the free version, since it includes plenty of visual templates. However, if you are part of an accounting team or share information with a Chief Marketing Officer (CMO) or a Chief Financial Officer (CFO), then a Power BI Pro license is a better choice. If you plan on only using Power BI for accounting, a Premium license offers more features than you’ll probably use. This is only the best choice if you store data on premise or require more cloud storage space. 

2.Clean up your data. 

The main problem with financial data is that it isn’t always well-organized or normalized. If you don’t clean your data first, then the visuals you create with Power BI will look messy. Cleaning up your spreadsheets and datasets take time, but it’s worth the extra effort because it enables you to produce cleaner-looking visuals and govern your data more effectively.  

3.Build project-specific dashboards. 

Once you have a Power BI accounting license and a system for organizing your data, you can start building custom financial dashboards. The best method is to build one unique dashboard for every project or department. This prevents dashboards from becoming too complicated or cluttered, so you can focus on issue at hand. 

For example, you can use one dashboard to track overall company expenditures and revenue across all departments for a bird’s eye view of what’s happening. You can build more detailed dashboards tracking expenditures and revenue for each individual department or product to identify specific areas for improvement. 

Here are some examples of effective Power BI accounting dashboards, by data type tracked.

  • Transactions: Type and amount, including debits and credits;
  • Invoices: Payment status and accounts receivable; 
  • Monthly ledgers: Company balance; 
  • Budget: Including projections and goals; 
  • International sales and vendors: Including exchange rate calculations; 
  • Inventory: By location and value. You can also use these dashboards to calculate depreciation; 
  • Total revenue: from sales by product or location;
  • Payroll: Payment timeliness and estimated salary offerings for future hires.

The specific visuals you choose for each dashboard depends on what you want to track and how you prefer to organize the information. Because Power BI accounting dashboards are customizable, you can build them around your preferred workflow. For more specific tips on how to build the most effective dashboard, consult this detailed guide to dashboard database design

The Best Way to Create Impressive Accounting Dashboards

Power BI isn’t the only tool accountants can use to track and visualize finances. While this software is robust, it isn’t perfect for every business.

For example, you have to clean up your data and set up a secure data storage system of your own before you can start using Power BI for accounting. This is a major problem if you want to schedule data updates automatically, as you may inadvertently introduce errors into your visuals. It’s common to export blank cells or flawed data from Excel, which could ruin the look and accuracy of your visuals. Currently, Power BI doesn’t have a reliable system for cleaning up this data automatically. Another limitation of Power BI for accounting is that it’s difficult to tell where exactly each visual should go on the dashboard, particularly if you’ve never designed one before.

This is why many accountants choose to work with third party dashboard accounting experts to help them build the most efficient system possible. These experts can:

  • Automate the data collection, storage, and normalization process so accountants never have to do this work themselves;
  • Create custom visualization dashboards based on the accountant’s workflow and financial strategy; 
  • Incorporate stunning Power BI visuals into these dashboards for a polished final look; and
  • Include more advanced data analytics, including predictive models to help accountants make better financial decisions.

An accounting dashboard allows you to see your data in an entirely new light. By enlisting the help of experts with experience designing these complex visualization tools, you’ll lead your company to financial success.

If you’re an accountant looking to upgrade your financial data visualization system, contact Tek Leaders today. Our team of Power BI experts will help you build dashboards to balance the budget, project future earnings, track recent expenditures, and more. If you have questions about the data visualization services we offer, you can reach us by email directly.

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How Can You Use Power BI for Production?

Production lines involve thousands of daily details. From assessing operational risk to calculating each product’s contribution margin per machine hour, product and operational managers need a simple tool to do it all. 

Power BI for production is one of these streamlined tools. It lets managers create responsive dashboards for overseeing complex product portfolios and improving manufacturing efficiency. 

In this guide, you’ll learn how to build a clever Power BI dashboard that includes all of the visuals and features needed to grapple with your production data.

Power BI for Production

Power BI is a visualization tool, but it can do more than just display data in a chart. You can also use the software to build custom production dashboards that display multiple pieces of information on a single page. This lets production managers see all of their data at a glance. 

Power BI for production is a robust tool that lets managers see customer behavioral data alongside operational data. This helps them make better decisions about how to manufacture products in the most efficient and customer-friendly way possible.

Managers who are short on time never have to hunt for customer surveys or balance production budgets by hand. Power BI automatically pulls data from an on-site source or cloud warehouse and generates compelling visuals in the dashboard. All the manager has to do is publish the results and invent an action plan. 

Another benefit of Power BI production dashboards is that you can configure them to filter data you’d like to see at any given moment. Production managers can analyze operations at a specific plant or by product. They can also see which customers buy which products by comparing demographic information to average sales. 

The goal is to find opportunities for your organization to grow and to refine products so that your customers are more satisfied with the results. It makes your passive data more actionable.

To use Power BI for production, you need to build a custom dashboard that fits your products, staff, manufacturing process, and customer base. This requires some knowledge of the Power BI system, but it’s fairly easy to learn, even with little-to-no experience with data analysis and visuals.

Building an In-Depth Production Dashboard 

Start by making a list of all of the data you currently collect on your customers, products, staff workflows, and manufacturing process.

You may not be able to include all of this information in a single dashboard, since cluttered dashboards are more difficult to navigate and use. Instead, you should build a few dashboards based around the insights you need. 

For example, customer demographic information and satisfaction ratings can be used to determine: 

  • The customers’ average interest in a product by location, age, sex, or income. You can use a heat map or pie chart to analyze this information. 
  • How long it takes your customers to move through the sales funnel. Using a Gantt chart, you can create a set of milestones for staff as they guide customers through the funnel. You can compare how long it takes customers to move through each step for continuous improvement. 
  • Patterns in customer satisfaction ratings. You can’t please everyone, but if multiple customers are complaining about the same thing, it’s a sign you need to improve your product. Power BI’s color-coded bar charts can show what percentage of customers were satisfied with a particular aspect of a product compared to those who were dissatisfied. 

By breaking these insights up into three different dashboards, you can drill down to the information that really matters to you. In general, managers should focus all of their dashboards around one of three central aspects: 

  1. Internal operations, including staff schedules, budget, manufacturing details, plant performance, and materials. 
  2. Market analysis such as competitor market shares, industry trends, and product compliance regulations. 
  3. Customer relations, including satisfaction scores, pain points that aren’t currently being addressed, and target audience analysis. 

You should have at least one dashboard for each of these three aspects. This helps you to stay on top of all of the details that matter and to lead your team in the right direction. 

Making a custom dashboard in Power BI isn’t always as easy as it first appears. If you’re unsure which visuals to use to present your information in the clearest way possible, then building a dashboard may be a struggle.

The Best Way to Use Power BI for Production 

The best method for using Power BI for production is to hire a data analytics firm to help you create dashboards from scratch. 

Many of these firms partner with Power BI to help production managers visualize their data. They start with questions about your workflow and responsibilities. Data scientists look carefully at the type of data you collect and offer suggestions on how to improve it. They may suggest  collecting additional data for better results. The result is a series of dashboards that analyze and display your data from multiple perspectives. Data analytics firms also check in with you periodically to ensure that the system is working well, and to make adjustments as needed. 

Data experts know how to collect and report actionable data. They can take the vaguest production goals and translate them into detailed and user-friendly analytics. 

Hiring experts is a must if you want to do more than just visualize your data. Power BI can only display your data in charts and graphs. It can’t dive deeply into the information to identify hidden patterns, or project results based on predictive modeling. 

A data analytics firm can combine these features in your Power BI visual dashboards. From a single location or portal, you can quickly generate visuals based on existing data or generate visualizations of future outcomes. You can predict what may happen if you make a change to your production line or introduce a new product. You’ll no longer take a shot in the dark and hope for a positive result. You’ll know.

Contact Tek Leaders to learn more about how you can use Power BI for production. Our data analytics experts will help you create effective dashboards and integrate them into a secure, user-friendly portal for complete production line management. If you have more questions about our tools and services, you can reach us by email directly.

Author: Shashank Reddy Tummala.

Shashank is the COO of Tek Leaders inc.He helps SMB’s to achieve their goals in their journey of Digital Transformation.

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