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: Devender (Dev) Aerrabolu

Devender (Dev) Reddy Aerrabolu is the CEO of Tek Leaders. His goal is to help SMBs bring value from their data. Dev helped Tek Leaders grow from scratch into a $25 million enterprise by focusing on clients’ data needs.

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Insights in Power BI vs Excel

Today’s organizations deal with enormous amounts of data. Analyzing that data is a key to better performance and valuable business insights. What’s the best approach? Although Excel is useful for insight into early, raw data, Microsoft Power BI is more of a business intelligence tool that helps users visualize data from multiple sources

Here’s a rundown of the main benefits of Power BI over Excel.

What Power BI Does that Excel Can’t

Data Volume and Simplicity
Power BI can handle huge volumes and varieties of data, subject to design and environmental constraints. Tables can be loaded and correlated based upon communal fields. The Power Query Editor and the Data Modelling sections have easy-to-use, intuitive interfaces.

Data Connectivity and Auto-Refresh
Reports can be connected with heterogeneous data sources (discrete databases), infrastructure (on-prem, cloud), social media, CRMs, and the like far more efficiently with Power BI. The time consumed by the ODBC Driver of Excel for data import is at the high end compared with Power BI Workbook.

Auto-refresh keeps the data in sync with the connected source. Refresh Now and Scheduled Refresh option keeps all reports updated.

Reports and Cross-Filtering
Users can develop graphic reports easily, ensuring visually-appealing, professional results.

Cross-filtering is not available in Excel, it is in Power BI. This allows users to decide the flow for filtering data between tables.

Alerts and Emails
Once a dashboard is created, email alerts can be set up on KPIs eg, alert when inventory falls down, Creation of such alert and triggering an email when a condition is met is made very simpler. Where in Excel, we have to create macros using the VBA editor for sending an email or a reminder.

Other Features

Natural Language Query
NLQ lets users get answers through Power BI Service. This feature is useful to users who aren’t familiar with data models and have no time to play with reports.

Row Level Security
Adding Row Level Security (RLS) is a challenge in Excel. With Power BI, even non-coders can add RLS for different groups. RLS can be implemented to ensure that employees can only see data relevant to their local geography.

Download and Export of Dashboards
Users can download dashboards or export the reports to PowerPoint, PDF, or printers.

Power BI, Excel, or Both?

A data-driven world demands an efficient, effective data analytics tool. Companies are clamoring for data visualization and to do away with tabular reports containing hundreds of pages of numbers.

Business users can use Power BI without having to ask IT to analyze their data. Automation of dataset integration, ease of expansion into new data sources, rapid visualizations, and easily-deployable Row Level Security all make Power BI a necessity

To improve your data organization and analytics, contact Tek Leaders today. We create custom data storage, analysis, and visualization systems based on individual workflows and business strategies. If you have questions about how to use Power BI merge queries and other data analysis tools more effectively, you can reach us by email directly.

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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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The Best Visualization Dashboard Builder

What if you could build an elegant and complex visualization dashboard at the touch of a button? Some tools give you the power to do just that. The best visualization dashboard builders allow you to create multiple charts and other graphics to organize your data—often without writing any complicated code. 

However, there are hundreds of visualization dashboard builders out there and only a handful of them are generate truly groundbreaking visuals and insights. To find the most innovative and intelligent visualization software, let’s compare five top dashboard builders. 

Five Innovative Visualization Dashboard Tools

A visualization dashboard is a tool that helps you organize and display data in a visual format, such as a chart or graph. Most dashboards contain multiple visuals on a single page and can track everything from key performance indicators (KPIs) to project timelines. What makes these dashboards so useful is that they are infinitely customizable; you’re only limited by the visuals and tools each dashboard software supports. 

But this is where the dashboard creation process gets a little tricky. Some dashboard builders don’t have as many visualization options as others. Many also place a limit on the size of the data sets you can use or number of visuals you can display on a single page. 

This is why it’s important to weigh all of your options and find the tool that offers you the greatest number of benefits and the fewest restrictions. These five popular visualization dashboard building tools are the most robust and have very few flaws.

  1. Microsoft Power BI
  • Available for desktop or mobile users.
  • Offers a free license, a Pro license for $9.99 per user per month, or a Premium license for $4,995 or more per month. 
  • Includes hundreds of detailed visual templates and custom visuals
  • Choose a dashboard template or create your own custom layout. 
  • Make any dashboard a featured dashboard that automatically opens for every user. 
  • Link dashboards to Power BI reports to slice and dice data or drill down through the data to identify trends. 
  • Export multiple small data sets (although there is a data size limit). 
  • Easy to use, even if you have no experience with data science, visualizations, or dashboards. 
  1. Tableau
  • Available for desktop or mobile users.
  • Offers a personal desktop license for $35 per month, a professional desktop license for $70 per month, a server license for $35 per month, or an online license for $42 per month. 
  • Includes a number of visuals that you can add to the dashboard from a dropdown list (however, custom visuals are harder to add). 
  • Create your own dashboard by dragging and dropping different visuals or objects onto the page. 
  • Link dashboards to Tableau sheets for more detailed data analysis. 
  • Make interactive dashboards to share with other Tableau users. 
  • Export very large data sets. 
  • Requires some knowledge of dashboard design and data science, but is easy to use once you get over this initial learning curve. 
  1. Sisense
  • Available for desktop or mobile users (although mobile users may have fewer dashboard creation options). 
  • Offers custom pricing models depending on your business’ needs. 
  • Includes visuals in the form of widgets that you add to the dashboard page. 
  • Customize the appearance of the widgets using the app’s Widget Designer or adjust the layout of the dashboard’s visuals. 
  • Make interactive dashboards. 
  • Export very large data sets. 
  • Has a slight learning curve at first, but once you learn how to use the visualization dashboard builder, it’s easy to design new dashboards on the fly. 
  1. Zoho Analytics
  • Available for desktop. There is a mobile app; however, you may only be able to view dashboards from a mobile device. 
  • Offers licenses for $25 for two users per month or more expensive plans for as much as $485 per month for 50 users. 
  • Includes visual widgets that are automatically populated from reports linked to your Zoho Analytics account. 
  • Resize or change the order of visuals on the dashboard. 
  • Create custom themes using an HTML editor. 
  • Export some large data sets, limited to 100 MB or 100,000 rows. 
  • Not as customizable as some of the other options on this list and may require some knowledge of HTML. 
  1. iDashboards: 
  • Available for desktop or mobile users. 
  • Offers custom pricing options that vary by user. 
  • Includes a list of custom visuals. You can also embed other graphic elements into your dashboards (such as a company logo). 
  • Make interactive dashboards that drill down through your data to display more detailed information. 
  • Export small data sets (users may struggle to export large data sets or tables). 
  • The drag-and-drop feature makes it easy to create dashboards without writing any code. 

These are only a few of the visualization dashboard builders available on the market, so there may be other tools that better suit your needs. However, for most businesses, one of these five is usually the best option, as they are well-established in the data analytics industry and are known reliable customer support. 

Although all of these tools are advanced, you’ll need to consider the pros and cons of each before you make your decision. 

Auto-refresh keeps the data in sync with the connected source. Refresh Now and Scheduled Refresh option keeps all reports updated.

What’s the Best Visualization Dashboard Builder?

What’s your budget?
Power BI is the only software that offers a free license, but if you want to share your dashboards with other Power BI users, then you’ll have to pay for a Pro or Premium license. Still, the Pro license is less expensive than any of the other five software options on this list. Zoho Analytics is the next most affordable option. Tableau is more expensive than either Power BI or Zoho Analytics, but also comes with a number of additional features that may be worth the higher price. Sisense and iDashboards both offer custom pricing options, so it’s wise to ask for an estimate from them before you make a final decision.

Do you need to analyze large data sets?
If you only work with small amounts of data, then Power BI, Zoho Analytics, and iDashboards are all fine options. They cost less than services that support larger data sets. However, if you need to build dashboards from large sets of data, then either Tableau or Sisense are your only out-of-the-box options.

Do you have a data science or graphic design background?

If you don’t have any experience working with data, writing basic code, or designing engaging web pages or infographics, then some of these visualization dashboard builders will be tough to navigate. Tableau, Sisense, and Zoho Analytics have some of the highest learning curves, whereas Power BI and iDashboards are typically very easy for anyone to use. 
Keep in mind that these five tools aren’t the only options you have for designing effective visualization dashboards from scratch. You can also hire a third-party data analytics company to create a custom visualization dashboard builder based on your workflow.

How to Build Robust Visualization Dashboards

Although visualization dashboard builders are designed to work straight out of the box, the reality isn’t always as elegant or streamlined. Unexpected costs, steep learning curves, and data limitations make switching to a new piece of software difficult.

If none of these dashboard builder options meet your needs, or you’re looking for alternatives to self-service dashboard builders, consider hiring a third-party data analytics firm. They can take a close look at your business strategy and operations to create the best possible dashboards for every data set you’d like to analyze.

In some cases, hiring a third party is a better option than buying a software license because the third-party system is built specifically for your business. You won’t have to worry whether you’re missing key features or paying for more than you’ll actually use. Another benefit is that the system is inherently simple. It’s built around your workflow and experience level, meaning you won’t waste time learning how to use it. With help from visualization dashboard experts, you’ll create spectacularly-detailed visuals without lifting a finger.

To get a custom visualization dashboard of your own, contact Tek Leaders today. We specialize in creating robust and visually-engaging dashboards that are designed to track all of your most important KPIs and generate insights that have the greatest impact on your bottom line. If you’d like more information about the custom dashboard services we offer, you can reach us by email directly.

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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: 

Dashboard Report
Sharing options available No sharing options (but users can subscribe to report pages instead) 
One page Can 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 page Users 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-only Data can be changed 
Automatically refreshes when data changes Has to be manually refreshed 
Users can program email alerts based on the data No 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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Power BI for Marketing: Data to Delight CMOs

Chief Marketing Officers (CMOs) have colossal amounts of data at their fingertips. Some have too much data. Forced to work with long, daunting spreadsheets or dull pie charts and graphs, many CMOs find it nearly impossible to make all of their marketing data engaging and insightful. 

This is why modern CMOs need dynamic, state-of-the-art visualization software to breathe life into their data. Power BI’s marketing features are among the best at finding complex relationships between data sets and displaying these patterns with dazzling visuals. When you use Power BI for marketing, you’ll be able to interact with your data like never before. You’ll leverage key marketing insights to captivate even the most elusive of audiences. 

Why You Should Use Power BI for Marketing 

Microsoft’s Power BI is a comprehensive visualization tool that displays complex marketing data sets (such as email campaigns, social media engagement stats, or keyword analysis) in a compelling visual form. there are hundreds of ways to gather data on your customers, products, and competitors. Many CMOs are stuck going through each one of these data sources on a regular basis and updating spreadsheets or charts by hand. This isn’t the best use of anyone’s time. 

CMOs are creative and business savvy c-suite executives who should be focused on coming up with disruptive marketing strategies, not managing databases. By leveraging Power BI for marketing, CMOs save time and energy. They also make better decisions about the company’s overarching marketing strategy. 

The Most Powerful Power BI Marketing Tools and Features 

To use Power BI for marketing, CMOs should consider investing in a Pro or Premium license, as this allows them to do more with their data. Power BI’s Pro and Premium services work by connecting to multiple data sources at the same time. You can export data from social media websites, automated mailing list services, paid keyword services, and more. Once your data is in the system, you can then create relationship models in Power BI by clicking and dragging one data set over another from the Manage Relationship tab. 

After specifying which data sets you want to compare on a deeper level, you’ll select visual aids that best match the type of data you’re analyzing. For example, you could build a column and line chart to track how often your products are mentioned in news stories or blogs and compare this to how much traffic these stories received. 

You’ll find a wide variety of templates like these in Power BI’s marketing visuals list. Or, if you’re skilled with graphic design and Power BI, you can also create a custom visual of your own. 

Another great way to use Power BI for marketing is to build a visualization dashboard that contains multiple visual aids on a single page. You can even include filters that enable you to make changes to the data in real time or drill down to the key performance indicators (KPIs) that matter. With everything on one page, it’s easy to see what needs to be done to improve engagement or products. 

With Power BI’s marketing tools and dashboards, you can: 

  • Evaluate ad campaigns: You’ll see how well your paid keywords or PR stories are performing online and can compare this data to organic search results, news articles, or backlinks. 
  • Perform ad-hoc analysis: If another c-suite executive wants to see how a specific product is performing, it’s easy to pull this information up in Power BI within moments.
  • Get inside your customers’ heads: It’s difficult to know exactly what your audience thinks about a product without building complex marketing models to track these opinions. Power BI’s marketing dashboards enable you to look at every product from multiple perspectives and figure out exactly who buys them. You’ll zero in on your target audience and identify key demographics whose needs aren’t being met yet. 
  • Emphasize customer advocacy: More businesses are taking a customer-centric approach to marketing, and this is paying off. When customers feel cared for and supported, they’re more likely to remain loyal to your brand. CMOs can improve customer advocacy by tracking customer surveys, sales funnels, and other metrics with Power BI. 

These are just a few of the tasks you can perform when you use Power BI for marketing. This is a flexible and comprehensive tool that CMOs can use for a wide number of tasks. However, Power BI’s marketing features have their limits. Some of the most innovation-oriented CMOs may need a visualization software tool that does more than just display marketing data in a compelling way. 

Should CMOs Use Power BI for Marketing? 

Most CMOs love the simplicity and elegance of Power BI’s marketing visuals. The main limitation of this software is that it isn’t as useful for CMOs who perform predictive marketing analysis, automated data analysis, or who need help collecting higher quality data. 

  • Predictive marketing analysis is only available in Power BI if CMOs connect the software to another predictive database that uses machine learning algorithms or other advanced predictive modeling. This system may be time-consuming and costly to implement and requires some knowledge of data science. 
  • Automated data analysis is limited in Power BI because the system can’t be programmed to alert you when data falls outside of a normal range. You’ll have to look at each visual yourself to determine what it says and then brainstorm your own solutions. 
  • The quality of the data is variable in Power BI. The software can perform some basic data normalization, but it can’t recommend what types of data you should collect in order to get the best results. You’re also limited to analyzing smaller data sets, as the software can’t handle extremely large databases

How can CMOs use Power BI for marketing without running into these hurdles? By hiring a third-party data analysis firm to build a custom marketing dashboard, CMOs can get all of the best features of Power BI without any of these downsides. 

A data analytics firm will start by performing a detailed marketing audit and determining what types of data you should be collecting. From here, the firm will set up an efficient system for collecting, normalizing, and storing this data securely. Once the data is stored properly, the firm will build you a custom marketing portal than contains multiple visual dashboards designed to analyze every aspect of your marketing strategy. You can also use this system to generate reports, create new visuals, and share your findings with your team. 

A data firm can also connect these dashboards to a predictive analytics system designed to help you make more strategic decisions. And, the firm will program the database to update automatically and alert you to unexpected changes in real time. 

These tools make it easy to perform the most advanced marketing analysis in moments. With help from a team of experienced data scientists, there are virtually no limits to what CMOs can achieve.

Collecting and analyzing marketing data doesn’t have to be complicated. To get started, contact Tek Leaders today. Our marketing data experts will build a custom visualization dashboard for you that includes all of the most important insights you’ll need to engage with your customers. If you have more questions about Power BI’s marketing visuals and features, 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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