- 23 Jan, 2023
- 0 Comments
- 3 Mins Read
6 Benefits of Power BI in the BFSI Industry
he nature of business has completely evolved over the last decade owing to the rapid advancement in technology and business operations now depending more and more on technology and IT. This has forced businesses to think of new ways to compete. Keeping up with the demands of today’s tech-savvy workforce means having a method for analysing data patterns to create value for customers and save time.
Business analytics is the process of interpreting the data and understanding patterns and trends in any dataset to produce understandable results. It is of prime importance for organizations in the current business scenario, to rapidly and effectively evaluate large volumes of data and turn it into valuable information that helps in making vital business decisions.
“ With a tagline that says, ‘Bring Your Data to Life’, Power BI comes with various in-built features for data analytics for visualizing complex business data. Created by Microsoft, Power BI includes a wide range of data analytics services such as data preparation, data reporting, interactive data sharing, data visualization and many others. An industry where Power BI is indispensable is the BFSI industry.”
Integrating business intelligence in the BFSI industry helps to improve operations by handling large volumes of complex data and turning it into valuable information for better financial predictions and more informed business decisions.
Benefits of Power BI in the BFSI Industry
1. Easy Handling & Consolidation of Large Volumes of Data
The financial industry is almost entirely driven by data. With high volumes of data at disposal, the need for a powerful tool that can handle large volumes of data is quite obvious. Power BI has the capability of processing large amounts of data which helps financial organizations to process even the complex datasets with ease, thereby saving important man hours for them.
2. Better and More Informed Projections
Financial organizations need to be always a step ahead with their game while making important financial decisions based on projections which are based on careful evaluation of data and trends. Financial projections are an integral part of their operations. Power BI has exceptional data projection capabilities with in-built functions like “what-if parameters” that create interactive data projections. It also helps organizations to compare the results for better and informed decision making.
3. Better Understanding of Financial Trends
The volume and complexity of data at hand for financial organizations requires the identification of trends and arranging data as per different parameters, for better and more informed decisions. The built-in machine learning (ML) capabilities of the Power BI platform helps BFSI companies to identify valuable financial trends like the credit history and paying patterns of customers, well in advance so that decisions are made based on facts and numbers and not with emotion. Such features also help immensely in making important financial decisions about profitability, budgeting, etc.
4. Gaining ‘Quick Insights’ from Data
An aspect of financial planning is to gain insights from the financial statements of the year and draw conclusions from it to be able to make better financial choices. Power BI comes with the Quick Insights feature which runs on powerful data analysis algorithms. This tool provides useful insights from the available datasets along with facts and conclusions.
5. Visually Interactive Results
An aspect of good business analytics is to produce understandable and visually interactive results from the available datasets. The ‘Power View’ feature of Power BI generates interactive charts, graphs, and data maps to help the user in consolidating the information from the results.
6. Collaboration Within Different Teams/Departments
Financial organizations have multiple teams or departments that work in tandem in operations. This requires sharing of data and results across different teams. So, having a collaborative platform which offers shareability of information while offering high security, is quite important. Power BI is easily shareable and accessible to different users while also offering high data security. The collaborative nature of Power BI allows different departments of financial organizations to work collaboratively and on a secure platform.
Conclusion
PowerBI in the BFSI Industry enables the organizations with better data management and analysis which makes their data more viable. With such high volumes of complex data getting deciphered with this tool in time, it saves the organizations valuable times and man hours and helps them make better financial decisions, resulting in higher overall profits and better balance sheet for them.