Business Intelligence Archives - Page 2 of 5

Manpreet Kaur
September 15, 2023
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Business Intelligence In Real Estate: Empowering Industry with Insights

Business intelligence empowers real estate with valuable insights and informed decision-making by streamlining property search, enhancing listings,and simplifying buying and selling processes. Utilizing business intelligence in the real estate industry can offer significant advantages due to the vast potential of the market. The global real estate market size was valued at USD 3.69 trillion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2022 to 2030. The implementation of business intelligence tools in the real estate sector enables investors to optimize profits and overcome obstacles. Many sectors, including finance, healthcare, transportation, and logistics, recognize the value of investing in business intelligence software development to unlock their business’s growth potential. Therefore, it is crucial to explore the benefits of business intelligence for real estate businesses. Can a real estate business intelligence solution deliver these advantages? In this article, we will outline the benefits of implementing business intelligence in the real estate industry, highlighting the five styles of business intelligence. Understanding Business Intelligence in Real Estate ● Business intelligence in real estate involves the collection, analysis, and interpretation of vast amounts of data to gain valuable insights and make informed decisions. ● Key components of BI in real estate include data gathering, storage, integration, analysis, and reporting. ● By harnessing the power of technology, including data visualization tools and predictive analytics, BI enables real estate professionals to extract actionable intelligence from complex data sets. What is Market Intelligence in Real Estate? Market intelligence in real estate refers to the process of gathering and analyzing data to understand market dynamics, trends, and opportunities. It involves monitoring and evaluating factors such as property values, rental rates, vacancy rates, supply and demand, economic indicators, and demographic information. Market intelligence provides a comprehensive view of the real estate market, enabling stakeholders to identify potential investment opportunities, predict market trends, and make strategic decisions. How is business intelligence used in real estate? The real estate industry is characterized by its complexity, involving large-scale operations with intricate details. In this context, data plays a crucial role. However, sifting through vast amounts of information can be a challenging task. This is where real estate business intelligence software becomes invaluable. A customized business intelligence solution tailored for the real estate industry not only analyses the extensive data generated from smart tools and systems but also helps identify key performance indicators (KPIs) for your organization. Additionally, commercial real estate can leverage bespoke BI solutions to explore new revenue models. When combined with machine learning algorithms, real estate business intelligence software provides actionable insights that assist investors in effectively managing their portfolios. Without a robust data interpretation system in place, valuable information and insights may go unnoticed, resulting in missed opportunities. However, by effectively reading and interpreting data, businesses can make informed decisions, leading to higher return on investment (ROI) and reduced costs. As you strive to optimize and grow your real estate business more efficiently, leveraging business intelligence and data analytics can be immensely beneficial. It is well-established that real estate heavily relies on business intelligence software solutions, as they offer significant advantages to companies, sellers, investors, and homebuyers alike. What are the benefits of business intelligence in real estate? Business intelligence offers numerous benefits in the real estate industry, revolutionizing various aspects of the business: Streamlined property search Business intelligence tools simplify the process of searching for properties. Users can analyze real estate data quickly, compare options, and make informed decisions. BI tools provide insights into nearby properties, allowing users to explore alternatives conveniently. Enhanced property listings Real estate platforms incorporating business intelligence software improve property listings. Sellers and brokers can provide detailed information about properties, helping potential buyers make informed purchase decisions. BI tools also utilise user search history and preferences to personalize property recommendations and create tailored offers. Efficient selling process Business intelligence software benefits both sellers and brokers. By analyzing past market performance and sales data, BI tools help sellers set competitive asking prices and stay updated with market trends. This streamlines the selling process and maximises profitability. Additionally, it eliminates the need for hiring additional staff to handle market analysis. Simplified property buying BI software simplifies the property buying process by offering tracking features. Users can monitor industry performance, such as property sales in specific locations, facilitating the setting of competitive prices. Business intelligence tools also provide insights and trends, leading to more closed deals and effective marketing strategies. Moreover, they offer a cost-effective alternative to hiring resources for data analysis. Financial management BI software in real estate enables efficient financial management. Instead of relying on complex reporting processes, real-time financial data is visualised on a dashboard. This allows users to monitor balance and cash flow statements and perform analysis and forecasting techniques easily. Connecting financial data with core business data provides comprehensive insights. Informed decision making Real estate business intelligence software empowers decision-making by consolidating data from various sources. The software provides valuable insights into all segments of the business, enabling profitable goal-setting and informed decision-making. By combining data sources, BI tools offer a comprehensive view of the business’s performance. Accurate pricing Business intelligence integrated software assists in setting the right asking price for properties. Whether you are a seller or buyer, analyzing trends provided by BI tools helps determine competitive and effective pricing strategies, leading to successful sales. Faster deal closure Business intelligence software expedites the deal closure process. In commercial real estate, where time is critical, BI tools provide access to comprehensive and up-to-date data. This allows brokers to identify and capitalise on profitable opportunities quickly. Visual representations like graphs and charts facilitate data interpretation, enabling efficient deal identification and closure. Conclusion The real estate industry is experiencing remarkable growth, and companies are actively exploring emerging technologies and innovative solutions to stay ahead. One such powerful tool gaining prominence is business intelligence (BI) in real estate. BI enables businesses to bridge the gap between market understanding and accurate forecasting, empowering them to make informed decisions. It also

Yashica Chopra
September 07, 2023
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Leveraging Power BI in FMCG

Insights derived from retail and eCommerce data can help the FMCG industry in various ways. Business intelligence tools like Power BI are useful in making faster business decisions based on real-time data. Here, we’ll discuss the role of BI in FMCG markets. FMCG (Fast-Moving Consumer Goods) is also known as Consumer-Packaged Goods and deals with a large variety of perishable and durable goods from different industries. From food items to cosmetics, stationery, and groceries, many products are categorized as FMCG. According to Cognitive Market Research, the global FMCG market is estimated to reach $17,939.41 billion by 2030, with a CAGR (compound annual growth rate) of 6.11%. In other statistics, The FMCG’s share is expected to touch 18% this year in Africa. The FMCG market is always bustling with activity online and offline. Countless sales happen each day around the globe. Needless to say, large volumes of data are generated by businesses, vendors, and customers. This data can be analyzed to make better decisions and streamline internal operations. FMCG Business Intelligence is in high demand in the market to derive data-based analytics and insights. Business intelligence is a part of many industries. The global BI software market is expected to touch US$25.73 billion in 2023. In this blog, we’ll read more about the use of analytics and reporting in the FMCG industry and the role of Power BI in delivering insights in real-time. What is the Role of Analytics in FMCG? Digitization The FMCG industry is going digital by adopting the latest technologies and tools to collect, store, and analyze data generated by businesses. This allows for seamless connectivity, greater flexibility, agility, and scalability. Inventory Management Business intelligence companies create exclusive dashboards to provide data visualizations about inventory held by the business at the manufacturing unit, warehouses, stores, and the ones in transit. This enables brands to cater to the changing market demands without running out of stock. Supply Chain The supply chain is vital for the FMCG industry to thrive. We have seen how disruption affected businesses during Covid lockdowns. However, analytics can help businesses prepare for such adverse conditions and minimize losses. Warehouse Operations A smarter warehouse is more effective and can reduce the risk of damage to the stored items. Using warehouse management software and integrating it with data analytics tools will provide real-time insights about stock levels, shipment movement, etc. Logistics and Transport FMCG analytics and reporting dashboards can help businesses plan their deliveries carefully to avoid delays and increase customer satisfaction. Geo-analytics makes it easier to plan the distribution and delivery routes to minimize cost, distance, and time taken for the shipment to reach from one point to another. Personalization Customers demand personalization in today’s world. Brands can offer personalized products, deals, discounts, and loyalty programs by analyzing customer data to understand their preferences. This will increase customer loyalty and attract more consumers to the business. Pricing and Sales The prices of FMCG products are flexible and change based on market demand, quality, availability, etc. Businesses can adopt a proactive pricing model to automatically adjust the prices based on the insights derived from BI tools. How is Power BI Used in the FMCG industry? Microsoft Power BI is a popular business intelligence tool used by many leading businesses from different industries. Companies hire BI consultants to set up the Power BI dashboards and customize them based on business requirements, goals, and metrics. In this section, we’ll see how the tool can be used in the FMCG industry to deliver real-time insights for decision-making. Unified Analytics The FMCG data comes from various sources like legacy systems, IoT (Internet of Things) devices, packaging units, distribution units, warehouses, factories, stores, etc. This data has to be combined and presented in a single dashboard to streamline the business operations. Power BI is used to create a unified dashboard with real-time data updates from several sources. Decision makers can get a macro and micro view of the data from each source and organize the dashboard layout to suit their needs. Monitor KPIs KPIs or Key Performance Indicators are essential for every business and department to track their progress and ensure they are moving in the right direction. Businesses can build Power BI KPI dashboards to track each indicator/ metric with the goals, resources, and other influencing factors. It allows employees to make proactive decisions to achieve weekly/ monthly/ quarterly/ yearly goals based on real-time data. Sales Dashboard How many sales have each product recorded for the defined duration? What is the overall sales value? How is each store performing in reaching the sales targets? The Microsoft Power BI sales dashboard provides answers to many such questions. It keeps the sales and finance departments up to date with the latest information about the stock. This allows employees to plan and implement marketing campaigns at the right time to boost sales. It also shows the weak areas where the business needs to improve to sell more products. Supply Chain Dashboard The FMCG industry cannot afford supply chain disruptions. Reactionary decisions can help with damage control but don’t minimize risk. However, with a supply chain Power BI dashboard, businesses can track the internal and external factors that can cause trouble. The dashboard provides warning signs and alerts to be proactive in avoiding risk and minimizing losses. It also helps choose the best path to optimize resources and maximize returns. From comparing vendors to speeding up deliveries, the dashboard is helpful in many ways. Campaign Analysis Dashboard Power BI in the FMCG industry also helps in streamlining marketing campaigns and analyzing their performance. Many brands in the industry rely on omnichannel marketing to reach out to a wide range of target audiences. This data from multiple sources can be easily collected and analyzed to provide clear reports using the Power BI tool. It is a great way to work on the Marketing Mix Model, where multiple factors, such as price, promotion, market demand, product placement, etc., are used to determine if the campaign is converting into revenue. Demand Forecasting Dashboard Business intelligence is combined

Yashica Chopra
June 30, 2023
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Top 6 Benefits of Data Visualization for Sales Teams

Data visualization is the process of presenting complex data in easy-to-understand graphical formats on an interactive dashboard. Here, we’ll discuss the significance of data visualization in sales and the range of benefits it offers to boost a business in competitive markets. Business intelligence is the process of combining strategies and technologies to collect, analyze, and manage large amounts of data in an enterprise. The analytics are presented in neat and structured reports to help make effective decisions faster. Data visualization is used to convert analytics into graphical reports with interactive elements. It presents insights in different readable formats and allows you to make changes in real-time. Statistics show that the data visualization market was valued at $5590.75 million in 2021 and is expected to touch $9464.0 million by 2027 with a CAGR (compound annual growth rate) of 9.17%. According to a report, data visualization can make decision-making 5x faster and execution of the decision 3x faster. A study shows that using visual data can shorten the overall time spent on business meetings by up to 24%. Several organizations hire Power BI consultants to set up a data visualization dashboard in different departments. Microsoft Power BI is one of the leading visualization tools with many user-friendly features and third-party integrations. In this blog, we’ll understand why data visualization is vital for your business and the benefits of data visualization in streamlining sales, the most important department in many enterprises. What Is Data Visualization and Why is it Important? Data visualization is the process of converting large datasets into graphical format to make actionable insights more accessible to users. It reduces the time taken to identify patterns and trends and highlights outliners through different visual formats(like graphs, charts, maps, etc.). Data visualization is sometimes called information visualization, information graphics, and statistical graphics. It belongs to the data science processes and data presentation architecture (DPA). For example, the sales analytics dashboard used by the sales and marketing teams uses data visualization to present advanced analytics in easy-to-understand reports. This helps monitor KPIs (key performance indicators) and ensure that your strategies are always aligned with the business goals. From streamlining data collection to hastening the entire process and reducing mistakes, data visualization has a crucial role in helping your business become successful. Benefits of Data Visualization for Sales So what are the benefits of visualization in the sales and marketing department? Let’s find out below. 1. Better and Effective Decisions The sales teams have to make quick decisions and be proactive to make the most of market opportunities. Data visualization tools provide graphical reports that help make decisions using accurate and reliable information. Since visual data is easy to comprehend, it allows teams to discuss more aspects in detail and finalize their decisions in less time. The visualizations also allow you to understand how the reports change when you consider different variable parameters. In short, data visualization is an effective way to help businesses adopt data-driven decision-making processes. 2. Gather Data from Multiple Sources Sales teams have to process data from various channels and applications. For example, you need customer data from CRM systems, brand mentions from the internet, lead generation data from multiple channels (email, website, social media, offline, etc.), and competitors’ market share to create and implement a robust sales strategy to boost your business. Data visualization tools can be integrated with several data sources to create a unified interface. Your sales team can directly access the data they want by using the same tool without going through a long-winded process of asking their superiors to share the necessary information. 3. Gain New Perspective Data visualization reports are dynamic and provide different insights as you change the parameters. You can gain new perspectives as you analyze more visual reports. For example, the sales graph for the current month may show that you achieved more than the target. However, when the parameter is changed to six months, you may notice that the overall sales have been declining or not up to the mark. Instead of going through pages of reports and guessing the overview picture, you can use data visualizations to present the final outcome in a clear format. Your sales team will find it convenient to use visualizations for correlations, which provide more perspectives for the given data. 4. Bring Context to Content The numbers in a report make no sense when taken out of context. They could mean anything, and trying to identify the relationship between the numbers and the data in the corresponding column and row headers can be stressful. Data visualization provides an effective solution to this problem. For example, a bar graph report for sales performance will show the exact situation for the given period. The bars are not just decorations but indicators of the performance of the teams, products, and the overall business. 5. Save Time When you consider the above-listed benefits of data visualization, you can notice one common factor in all of them. Data visualizations save time and energy for the sales team. Sales reps don’t have to feel burdened by pages of paperwork and sheets with never ending data. Everything is automated in the setup. The data visualization tools are connected to data sources and other applications that continuously collect, clean, store, and analyze data. You just have to run a query for the tool to generate the report in real-time. 6. Tell a Story One of the major applications of data visualization tools is to make data more interesting. Instead of sharing boring and lengthy reports, you can convert the whole thing into an interactive presentation to tell a story. A report by Accenture shows that more than 80% of the respondents thought data visualization tools were an effective means for storytelling in the business context. Data visualizations are easy to generate and can make meetings more interesting. Some businesses are combining visualizations with VR tools to create 3D images and graphs. This increases the collaborative nature of the tool and helps the sales team present its points most engagingly. More About the Importance of Data Visualization in Sales Sales data visualization can help you

Yashica Chopra
April 24, 2023
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Six Big Losses in OEE and Four Tips to Improve Them: From Inefficiency to Excellence

OEE is Overall Equipment Effectiveness, a standard measurement to determine the efficiency and productivity of a manufacturing industry. Here, we’ll discuss ways to resolve the six big losses in OEE and the need for Power BI services to achieve the results. The manufacturing industry has been growing despite various concerns due to supply chain disruptions, labor shortages, inflation, and restrictions that affected the global market in the last couple of years. According to Statista, global industry production (excluding the US) increased by 1.53% in December 2022. The emerging markets registered an increase of 3.3%, while US industrial production increased by 2.07% for the same period. Deloitte released a report detailing the top five trends to watch out for in the manufacturing industry. Investing in technology to mitigate risk is the first and most important trend for 2023. This is an important factor as many manufacturers and working towards OEE improvement in production. The six big losses in OEE (Overall Equipment Effectiveness) can severely affect the revenue and growth of a manufacturing enterprise. Technology plays a vital role in minimizing OEE loss and increasing the overall quality, production, and profits of the industry. Manufacturing companies partner with business intelligence service providers to digitally transform their processes and improve OEE effectively. In this blog, we’ll read more about what OEE is, the losses of OEE, and ways to resolve them in a business. What is an OEE Breakdown? OEE (Overall Equipment Effectiveness) is considered the gold standard to measure manufacturing productivity. A business with higher OEE implies being more productive and optimally using resources, while reducing defects or wastage. Quality, performance, and time are the three major parameters used to measure OEE. Measuring OEE in manufacturing helps the industry improve its processes, benchmark progress, and increase the productivity of equipment by eliminating waste. Typically, a business with 100% OEE is termed perfect, while a business with 85% OEE (or more) falls into the world-class category. A typical industry will have about 60% OEE, and anything close to 40% or less is considered low OEE. This denotes that the manufacturer has a greater share of losses and should address the issues to get better results. OEE = (Good Count × Ideal Cycle Time) / Planned Production Time Availability Planned Stops Unplanned Stops Performance Small Stops Slow Cycles Quality Production Rejects Startup Rejects Overall Equipment Effectiveness (OEE) Fully Productive Time What are the Six Big Losses in OEE? Before we learn how to improve OEE, let’s first understand the six big losses that affect the manufacturing industry. 1. Equipment Breakdowns Equipment breakdowns and failure account for significant loss of time and productivity in an enterprise. This is usually categorized as availability loss as it is unplanned downtime. The equipment is not running when it is expected to run leads to wastage of time (puts everything behind schedule) and productivity (the factory produces a lesser quantity of goods due to equipment failure or breakdown). This loss can also include relevant aspects such as tooling failure, unplanned maintenance, lack of material or operator (worker), or due to a blockage on either side of the manufacturing process. For example, if the production of a certain product involves eight steps, a disruption at the third step will affect the fourth step just as the disruption at the fifth step. 2. Machine Setup and Adjustment The second loss of OEE in production deals with the lack of availability of the equipment due to setup, installation, customization, or other adjustment requirements. This is the duration where the machine has to be running but is instead being adjusted (due to various reasons). Though it is also considered availability loss, it comes under planned stops (as the workers or technicians stop work because they need to adjust the equipment before it starts running again). Cleaning, periodic maintenance, warmup time, cool down time, quality inspections, etc., are some examples of this. 3. Minor Stops or Breaks Minor stops or idling time is the short duration when the machine’s operator stops its usage to resolve an issue. This is usually a minute or two (for each stop). It is categorized as performance loss because the equipment is available and running but is not performing (or producing) during that short period. Minor stops can include machine idling due to a slight delay in feeding input material, incorrect settings, misaligned sensors, material jams, design complexities, and periodic mandatory cleaning sessions. All kinds of stops or breaks (in production) that are for less than five minutes for each period come under this type of OEE loss. These can be hard to track and can lead to major breakdowns if ignored. 4. Slower or Reduced Speeds This is the duration when the equipment is slower than the Ideal Cycle Time, thus resulting in the production of fewer goods than expected. It is categorized as performance loss as the equipment is not producing as many goods as it usually does. The Ideal Cycle Time is the fastest possible time taken to manufacture a product. It is a theoretical value calculated based on the given specifications of the machine. Many reasons can lead to reduced speeds. A few common causes are improper equipment maintenance, poor lubrication, jamming, worn-out spare parts, bad working environment (unsuitable for production), poor quality raw or input materials, inexperienced operator, sudden shutdowns, etc. 5. Process Defects Every batch produced may have some defective parts or goods despite the production process being stable throughout. Both scrapped products and the ones that can be reworked or reused are totaled in this loss. OEE measures quality based on the First-Pass Yield, which makes process defects a quality loss issue. If the quality of the products is good, they wouldn’t be marked defective. Process defects can be due to various reasons like wrong or incorrect settings, providing wrong raw materials to the equipment, the inefficiency of the operator, or the expiration of materials (commonly found in pharmaceutical and food industries). 6. Lesser Yield or Higher Scrap The last OEE loss is reduced or lesser

Aditya Kumar
April 21, 2023
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9 Top Business Intelligence Trends to Follow (Updated)

The business intelligence landscape has been completely revolutionized over the past ten years, and access to the cloud has become a common phenomenon. Interactive business dashboards and insightful data visualizations replaced plain spreadsheets, and the use of data exploded. The past few years saw a massive boom in the business intelligence industry. The data product chain became democratized due to the rise of self-service analytics. Data began to be handled not just by analysts. Some of the trends continue to be a part of the business intelligence industry. But in the current year, the strategies and tools have become even more personalized, and some new trends have emerged too. Businesses- small or big, are no longer contemplating the need for business intelligence analytics but are rather concerned about which BI solution fits the best within their business needs. Every business is now aware that they need data visualizations for better analysis. So they are busy figuring out how to leverage modern BI dashboard software to present data stories in the best possible manner. The theme of business intelligence this year will revolve around data discovery and data security: clean and secure data presented but powerfully. Collaborations will be made between artificial intelligence and business intelligence. Top Business Intelligence Trends To Follow Some of the biggest business intelligence trends are a no-brainer. Artificial intelligence leads the race with workforce automation and digital transformation sectors seeing massive improvements. Read on to know why. Artificial Intelligence Artificial intelligence aims to make machines perform those complex tasks on their own that can only be executed through human intelligence. Our interactions with analytics and data management are getting revolutionized through artificial intelligence. According to the Strategic Technology Trends report, the trend will combine engineering and hyper-automation with AI with a high focus on possible security risks and vulnerable attack points. Businesses can enjoy real-time alerts about what is happening every second and get immediately notified about unexpected events. Integrating AI in BI solutions will assist in automatic and comprehensive analysis of the full dataset from any data source without human effort. You can instantly access business reports on growth or trends or forecast, anomalies, what-if analysis, value drivers, key segments correlations, etc. AI can also be utilized for online verification processes, like CAPTCHA technology, with the help of generative adversarial networks (GANs). Data Discovery Data discovery means discovering patterns and discrepancies in data. It is the process of using advanced analytics and visualizations to present all the data collected from different internal and external sources. It has great benefits in keeping relevant stakeholders involved with the data since it allows them to extract actionable insights and intuitively manipulate and analyze the data. The demand for data discovery tools across businesses of all sizes has boomed due to the increasing need for data usage and insights. Generating insights that add value to the business requires a deep understanding of the relationship between data in the form of guided, advanced analytics, visual analysis, and data preparation. Online data visualization and discovery tools are helping businesses create a sustainable decision-making process. The detailed and interactive reports or sales charts presented with several graphs will help teams spot crucial outliers and trends within minutes. Since it is a fact that humans process visual data better, in 2022, the usage of the dashboard as a visual communication and collaboration tool will increase. In-depth data analysis through interactivity and augmented analytics will replace simple KPI monitoring. KPI dashboards will have other interactive features, too, such as real-time data and AI-based alarms. Business users need software for this purpose that is: Data Literacy The ability of businesses to use data analytics and insights in their decision-making has become a core factor in determining the business’s success. From goal setting to strategizing to taking action, businesses require data at every step. No wonder data literacy is of utmost significance for every business. It is the reading, writing, analyzing, and communicating data in a particular context. Data literacy requires a deep understanding of all the tools and technologies adopted and techniques and methods implemented for data analysis. Business leaders must equip all the organization members with the training and tools required for working with data and analytics. Managers need to assess the skill sets of employees, and managers need to identify gaps and weak spots. Team members fluent in data can be appointed as mediators for non-skilled groups. With the right tools and quality training, all the members will acquire enough data literacy to use data as the key language and perform advanced analysis. By 2025, prediction says that data literacy will be so widespread that businesses will no longer require data scientists to progress technologically. Data Quality Management Currently, there is abundant data in every business flowing in from literally everywhere, and it has become crucial to assess data quality before using it. Poor quality data can cost businesses around $9.7 and $14.2 million per year. No wonder data quality management is an increasingly significant trend. Poor data quality can lead to a poor understanding of consumer behavior, wrong estimation of conversion rates, poorly generated marketing budgets, incorrect resource allocation, bad investments, and other errors that can harm businesses significantly. Data quality management is the solution to all these problems. It ensures that businesses only use the correct data for analytical purposes to arrive at the right data-driven decisions. Data quality depends upon how complete, timely, accurate, consistent, and compliant it is. There can be no outdated data that does not fit within the timeline or duplicate or missing values. Companies are collecting complex data from several sources regularly, and managing these data using the right tools and processes has become critical. Predictive & Prescriptive Analytics Tools Predictive analysis means forecasting future possibilities by extracting information from existing data sets. It is data mining of past data. Companies get an insight into their future along with alternative scenarios and risk assessments that are reliable enough. It helps companies better understand their customers,

Yashica Chopra
April 12, 2023
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How to Set Up Power BI Sales Dashboard – Effortlessly Visualize Sales Data

A sales analytical dashboard will empower you to gain an edge over competitors and increase profits for your business. Here, we’ll discuss the steps to create a sales dashboard in Power BI. The sales team has to don many hats. From creating marketing strategies to directly interacting with end users, the sales department is burdened with a heavy workload. Sales analytics helps the teams stay up to date and be proactive in handling leads to increase revenue. Investing in business intelligence tools provides the department with the necessary technical support to be one step ahead of competitors. According to Finances Online, 90% of sales and marketing teams mention that BI tools increase their work efficiency Similarly, a business intelligence sales dashboard is the best tool to empower sales reps and help them make the right decisions. Microsoft Power BI is among the most used business intelligence tools in the global market. Setting up a Power BI sales dashboard and customizing it for the business will ensure that the department can monitor leads, customers, revenue, expenses, profits, and all other KPIs (key performance indicators) in real-time. You can achieve this by partnering with offshore BI service providers. In this blog, we’ll discuss the steps to set up a Sales Power BI Dashboard for the team. We will also look at the reasons to hire offshore Power BI experts instead of building an expensive in-house team from scratch. What is Microsoft Power BI? Power BI is a suite of applications developed by Microsoft to process large amounts of data and analyze it in real time. The insights are presented on the interactive dashboards through data visualization. The graphical reports are easy to read and used for day-to-day decision-making. Power BI is a cloud-based business intelligence tool that can be adopted in different departments of an enterprise. What Goes into a Sales Dashboard? A sales dashboard is an interface that provides actionable insights by processing data from CRM systems. Building a BI sales dashboard can be complex. You should correctly identify the KPIs to track and goals to achieve. Before you decide to set up a weekly sales dashboard, you need to consider the following: A few important metrics or KPIs to include in your sales dashboard are: The effectiveness of reports depends on how accurate your KPIs are and how well you customize the Power BI sales dashboard to align with your business goals. How to Set Up Power BI Sales Dashboard? Setting up a Power BI sales dashboard involves eight steps. The process can be simple or lengthy, depending on the data volume, sources, dashboard layout, and KPIs. 1. Create Your Power BI Account The first step is to create a Power BI account. You can start for free by clicking on the Try Free option on the Microsoft Power BI website. Provide your official email ID or Microsoft 365 login details if you already have an account. Complete your profile and follow the instructions on the screen to set up your profile. 2. Import Data from Sources The next step is to import the data required to create dashboards. You can upload Excel or CSV files (exported from other platforms or apps). Microsoft Power BI accepts different types of input files. You can also integrate Power BI with databases like Salesforce, Dynamics, SharePoint, Azure, etc. Power Bi is compatible with several CRM systems and third-party databases. You can set up API integrations for real-time data flow between the platforms. In fact, you can get data from multiple sources simultaneously. 3. Import Datasets with Report Once you complete the data importing step, you should import Power BI datasets to create the dashboards. Power BI adds a dataset and reports when you import data to the platform. The reports are automatically generated using PowerView sheets. 4. Select Tables to Generate Reports The tables in the imported data can be automatically converted to visualization reports. Go to Navigator View and click on the Edit option. Go to Query editor to add and filter the data in tables to create the reports. 5. Define Relationships Between Data Sources By defining the relationships between different tables, you can create custom visualization to accurately monitor every one of the sales KPIs. You can create a Power BI revenue dashboard by following the same steps. Select Foreign Keys to establish the relationships between two or more tables (data sources). Take time to correctly assign the keys and define relationships and click Ok when done. You can go back to the Report View through the tab on the top left. 6. Customize Visualization Elements So, how do you want to display sales data? The choice is yours. You can customize the interface to suit the sales teams’ requirements. Microsoft Power BI offers great visualization to present reports in graphical formats. You can choose the types of graphs, charts, etc., you want to see on the sales dashboard. Drag and drop the necessary elements onto the dashboard. You can also move them around and adjust their size, positions, filters, etc. 7. Dashboard Embedding For third-party integrations, enter the login details to your database account. Follow the instructions on the screen to configure the database. The reports are ready to be embedded in other platforms. 8. Create Power BI Application This step is optional. You can register an application with Microsoft Power BI to get the application ID and code generated to create the app. Why Hiring Business Intelligence Consulting Companies is a Smart Move Setting up the Power BI sales dashboards requires expertise. The talent gap is a real issue in many enterprises. You can hire new talent, train existing employees, or opt for offshore partners to handle the project. By hiring a BI consulting company, you get the following benefits: Greater Industry Experience BI service providers work with different businesses and have deeper knowledge about the process of setting up Power BI dashboards for sales. For example, DataToBiz has clients from various industries, ranging from manufacturing to healthcare, IT, retail, supply chain, eCommerce, etc., and works with MSMEs,

Pawan Chabra
April 12, 2023
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Complete Guide to Power BI Sales Dashboard – Gain Better Sales Insights

Sales analytics is an essential component of any successful business strategy, as it allows organizations to track and analyze their sales performance data to identify areas for improvement and growth. However, many sales teams still rely on traditional methods to track their performance, such as spreadsheets and manual data entry. This often leads to incomplete or inaccurate data management and analysis. Without a data visualization solution to display their sales data in an intuitive and easy-to-understand format, sales teams can miss out on critical insights that could improve their performance. By implementing a data visualization solution, organizations can empower their sales teams to make data-driven decisions that will drive revenue growth and improve overall performance. Power BI is a business analytics service by Microsoft that provides interactive visualizations and business intelligence capabilities with an interface simple enough for end-users to create their reports and dashboards. With Power BI, businesses can analyze data from a variety of sources and gain valuable insights to make informed decisions. What are Power BI Sales Dashboards? Sales dashboards are one of the most important applications of Power BI for businesses. These dashboards enable companies to track their sales performance in real-time, identify trends, and make data-driven decisions to improve sales effectiveness. In today’s data-driven business environment, BI sales dashboards are an essential tool for businesses to stay competitive and profitable. Why use Power BI Sales Dashboard to Gain Better Sales Insights? Sales dashboards are an essential tool for businesses to gain more control over their sales performance. Here are some of the reasons why businesses should use Power BI sales dashboard to gain better sales insights: Real-Time Data Analysis With Power BI, businesses can track their sales performance in real-time and gain insights into their sales trends, customer behavior, and product performance. Real-time data analysis enables businesses to make quick decisions and respond to changes in the market promptly. Customizable Dashboards Power BI provides customizable dashboards that enable businesses to create tailored visualizations of their sales data. You can choose from a wide range of charts, graphs, and tables to create visualizations that are easy to understand and provide valuable insights into their sales performance. Integrations With Various Data Sources Power BI integrates with a wide range of data sources, including Excel, SQL Server, and Salesforce, among others. This integration enables businesses to collect their sales data from different sources and analyze it in one place, providing a comprehensive view of their sales performance. Data Visualization Power BI provides rich data visualization capabilities that enable businesses to create interactive visualizations of their sales data. These visualizations are easy to understand and provide valuable insights into sales performance, enabling businesses to identify trends and make data-driven decisions. Collaboration Power BI enables businesses to collaborate and share their sales dashboards with team members. This collaboration enables businesses to work together to analyze their sales data, identify trends, and make data-driven decisions. How to use Power BI Sales Dashboard to Gain Better Sales Insights? You should follow a structured approach towards achieving the best results from the Power BI Sales Dashboard. Here is how you can use it effectively: Step 1: Connect to Your Data Source The first step to using the Power BI sales dashboard to generate better sales insights is to connect to your data source. Power BI can connect to a wide range of data sources, including Excel spreadsheets, SQL Server databases, and cloud-based data sources such as Salesforce. To connect to a data source in Power BI, follow these steps: Step 2: Create a New Report The next step is to create a new report in Power BI. A report in Power BI is a collection of visualizations that you can use to analyze your data and gain insights. To create a new report, follow these steps: Step 3: Build the Dashboard After creating your report, the next step is to build your sales dashboard. A dashboard in Power BI is a collection of visualizations and other elements that you can use to monitor your sales performance and gain insights. Follow these steps to build a dashboard in Power BI: Step 4: Add the KPIs to the Dashboard Key Performance Indicators (KPIs) are specific metrics that you can use to measure the performance of your sales team and business. Adding KPIs to your sales dashboard can help you quickly identify areas of strength and weakness in your sales performance. To add KPIs to your dashboard, follow these steps: Step 5: Add Filters and Interactivity Adding filters and interactivity to your sales dashboard can help you gain deeper insights into your sales performance. Filters allow you to focus on specific data points or periods, while interactivity allows you to drill down into specific data points to gain more detailed insights. You can add filters and interactivity to your sales dashboard as follows: Step 6: Publish and Share the Dashboard Once you have built your sales dashboard in Power BI, you can publish it to the Power BI service and share it with others in your organization. To publish and share your dashboard, follow these steps: Expert view: Following these steps can be a bit overwhelming for a business. It is suggested to opt for a BI consultant to accelerate the transformation journey. Tips for Using Power BI Sales Dashboard Effectively When using the Power BI sales dashboard, it’s important to keep in mind some tips that can help you use it effectively: Keep the Dashboard Simple Avoid cluttering the dashboard with too many visualizations and KPIs. Instead, focus on the most critical KPIs that will help you gain insights into your sales performance. This will ensure that the dashboard is easy to understand and provides clear insights. Use Easy-To-Understand Visualizations Choose visualizations that are easy to read and understand, such as bar charts, line charts, and tables. Use colors and labels effectively to highlight important data points. Regularly Update the Dashboard Keep your sales dashboard up-to-date by regularly updating it with the latest

Parindsheel Dhillon
April 12, 2023
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3 Benefits of OEE in Manufacturing: Take Your Business to the Next Level

As a production company, maximizing your equipment’s productivity and tracking production in manufacturing is crucial to maintaining profitability and staying competitive in the fast-paced industry. One way to achieve this is by tracking your Overall Equipment Efficiency (OEE) and leveraging the insights gained to optimize your operations through data-driven decisions. In this blog post, we’ll explore what OEE is, why it matters, and how you can start tracking it today using automated systems and data analytics. What is OEE? OEE or Overall Equipment Efficiency tracking is a data-driven approach used to measure the effectiveness of your equipment in producing goods or services. It considers three key factors: availability, performance, and quality. These factors are then multiplied together to get an overall OEE score, which ranges from 0 to 100%. What Are the Factors Affecting Equipment Effectiveness? Availability Availability refers to the percentage of time your equipment is available for production. If your equipment is frequently down for maintenance or repairs, your availability score will be lower, leading to equipment downtime reduction. Performance Performance measures how well your equipment performs when it’s running. This includes factors such as speed, setup time, and changeover time, which are key factors for production efficiency. Quality Quality refers to the percentage of products or services that meet your quality standards, which are critical for maintaining customer satisfaction. If you produce a high percentage of defective products, your quality score will be lower. What is an Ideal OEE Score? Here are 4 OEE (Overall Equipment Effectiveness) benchmarks commonly used in manufacturing: Benefits of OEE in Manufacturing Tracking your OEE provides several benefits to your manufacturing unit. Some of them are: 1. Identifying Inefficiencies By tracking your OEE, you can identify areas of your production process that are causing bottlenecks or downtime, leading to improved production capacity. This also allows you to make data-driven decisions on how to optimize your operations and improve productivity. 2. Increased Profitability Improving your OEE score directly correlates to increased productivity, which leads to higher profitability, a key advantage in a fast-paced business environment. By maximizing your equipment’s efficiency, you can produce more goods or services in less time, reducing costs and increasing revenue. 3. Improving Quality By measuring quality as a factor in your OEE score, you can identify areas where your products are not meeting your quality standards. This allows you to take corrective actions to improve product quality and customer satisfaction. How to Start Tracking OEE? To start tracking OEE, you can use automated systems such as sensors or software to gather data on your equipment’s availability, performance, and quality. This will allow you to calculate your OEE score using the following formula: OEE = Availability x Performance x Quality You can then use this score to identify areas of improvement in your production process and take action to optimize your operations through data analytics. OEE tracking is a simple yet powerful way to improve the efficiency and profitability of your production company. By production tracking, identifying inefficiencies, increasing manufacturing capacity, increasing productivity, improving quality, and proper industrial production capacity utilization you can stay competitive in the manufacturing industry and gain a competitive advantage in this fast-paced business environment. Power BI for Overall Equipment Efficiency Power BI is a powerful data analytics tool that can help manufacturing units track their Overall Equipment Efficiency (OEE) by providing real-time insights into their product management performance metrics. Here are some ways Power BI can help with OEE tracking: 1. Data Visualization Power BI can help production companies track OEE by providing real-time data visualization dashboards that can show the performance of each machine or equipment. This allows production managers to identify areas of inefficiency in their production process and take corrective actions quickly. 2. Integration Power BI can integrate with different data sources like Microsoft Excel or SQL Server to collect and analyze data from different production systems. This makes it easier for production managers to get a complete view of their production process and identify the root cause of any issues. 3. Customizable Reports Power BI allows production companies to create customized reports showing different KPIs (key performance indicators) related to OEE trackings, such as machine utilization, downtime, and production yield. This helps production managers to identify opportunities for improving production efficiency and profitability. 4. Machine Learning Power BI can be used to implement machine learning algorithms to predict potential issues with the equipment or machines. This allows production companies to take preventive measures to avoid downtime and improve overall production efficiency. 5. Mobile App Power BI can be accessed through a mobile app, which allows production managers to monitor the production process from anywhere and anytime. This provides real-time visibility into production operations and helps managers make informed decisions quickly. Best Practices to Improve OEE in Manufacturing These are some of the best practices that should be implemented to improve OEE: Rowing in a Digital Partner Successfully implementing OEE can be a challenge for some enterprises, hindering their ability to improve it. Assigning a digital or project partner can help overcome challenges and offer complete accountability for OEE implementation. With a consultant/partner in place, issues can be resolved, leading to successful implementation and sustainable changes. Real-Time Data Monitoring and Analytics Today, manufacturers should avoid using outdated manual data collection methods and managing paperwork or Excel files. Instead, they should adopt real-time monitoring to identify performance issues and analyze data for identifying trends and areas for improvement. This enables them to promptly address issues before they escalate into major problems. Implement Continuous Improvement Programs Continuously review and improve processes to identify and eliminate waste, reduce downtime, and improve overall equipment performance. Encourage employees to participate in improvement initiatives and provide them with the necessary training and resources to make changes. Implementing Root Cause Analysis Root Cause Analysis (RCA) is recommended as it is a methodical problem-solving process that identifies the fundamental cause of a problem. By addressing the root cause instead of symptoms, the recurrence of any equipment problem can

Yashica Chopra
March 24, 2023
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14 Vital KPIs for Sales Analytics Dashboard: Unlock Sales Insights

Key Performance Indicators (KPIs) keep the sales team aligned and work towards a common goal to make the brand successful and profitable in the market. We’ll discuss the essential KPIs in sales and some examples to understand the need for a sales analyticsal dashboard within an enterprise. The sales team has a crucial role in bringing quality leads and increasing conversions. Every sales department has a list of KPIs to track and analyze their processes. However, setting the wrong KPIs or choosing too many (or too less) can lead to decreased revenue and loss. Statistics reveal that a whopping 81% of sales and marketing teams don’t take time to review their process. Furthermore, 65% of sales managers don’t have the necessary resources to increase sales. Another report shows that many sales leaders believe that half the people they contact are not the right audience for the product or service. In such instances, it becomes vital to understand the need for accurate and measurable key performance indicators in sales. Choosing the right KPIs in sales can help the team overcome various challenges and reach out to exact target markets. This is possible by hiring experienced business intelligence service providers to handle the process from start to finish. In this blog, we’ll read more about which KPIs to include in your sales KPI dashboards and why. Key Takeaways What are Sales Performance Metrics? Sales key performance indicators and metrics are factors that help you track and evaluate the performance of your sales team. KPIs provide a direction for the sales team to plan and implement their strategies to attract new customers and increase sales. KPI in sales can be considered a goal, target, objective, or priority. When you fix the right KPIs for your business, you will find it easy to align long-term goals with training opportunities, set up the sales pipeline (and eliminate roadblocks), maximize profits, and optimize the sales process end-to-end. The sales KPIs also help define the daily sales tactics and best practices. What is a Sales Performance Dashboard? Sales KPIs and metrics have to be measured continuously to ensure that the sales strategies are in sync with the goals. This is done by creating a dashboard using business intelligence tools like Power BI or Tableau. The data visualization application is integrated with the existing software in your business to streamline data flow. Business intelligence consultants will create and customize the sales KPI dashboard based on your organization’s niche, sales volume, target audience, goals, and KPIs. The sales team can directly access the dashboard to get real-time insights in graphical formats and make day-to-day decisions. The sales performance dashboard is an interactive tool that gives insights about leads, revenues, targets, achievements, etc., for various durations. It helps your sales teams improve performance and stay one step ahead of competitors. KPIs for Sales Analytics Dashboard Some sales teams have less than five KPIs, while some may have close to twenty. You have to determine the most effective performance indicators for your business and monitor them. It’s not uncommon for sales teams to change their KPIs if they don’t get the expected results over time. A sales analytical dashboard will make things easy and help you identify the issue in the earlier stages. Taking corrective action immediately will minimize losses and amplify ROI. So, what are the leading KPIs for sales? Check out the list below: 1. Lead Generation Percentage You need to know how many leads the sales team is generating. A lack of leads implies a lukewarm or cold performance. It can also mean that the target audiences are entirely wrong and have nothing to do with the product or service you offer. 2. Qualified Leads The next important KPI is the number of qualified leads. Not every lead generated by the team will deliver value to your business. However, if a majority of the leads don’t qualify, it indicates an issue with the sales strategy. 3. Email Open Rate This KPI is particularly important if you use an email marketing strategy to reach out to the target audience. You would want more receivers to open the emails and click on the links (action buttons) and engage with your business. 4. Lead Response Time Lead response time provides insights about whether the sales rep is following leads and sending timely updates, if the established process is delivering results, and which areas are causing friction and increasing the time taken to qualify leads. 5. Brand Mentions Brand mentions are another important KPI that helps in determining your presence on the internet. Of course, it is essential to see if the mentions are positive or negative. A higher percentage of positive brand mentions indicates that more people are discussing your products and services. This data helps in fine-tuning targeted marketing strategies for each channel. 6. Conversion Rate for Visitors to Leads The visitor-to-lead conversion rate is measured for the business website. It helps track the CRO (conversion rate optimization) of the website. This data can be used for SEO and to create effective marketing emails. 7. Competitor Pricing Your business has to constantly deal with competitors. Their pricing could affect your sales and vice versa. This KPI helps your sales team to track the competitors’ prices and justify your prices. For example, if your prices are higher than the market average, you should provide a good reason to justify the premium costs. 8. Average Conversion Time The average conversion time KPI measures the duration of converting a lead to a customer. It involves the entire lead nurturing process and the customer’s journey through the sales funnel. Lesser conversion time is a sign of an effective sales strategy. 9. Average Closed-Lost Time It is equally important to track the time taken to do away with unqualified leads. This percentage has to be low. If you take more time to lose a lead, it means that you are spending more money on something that won’t give you returns. Leads that go nowhere should be filtered in the early stages. 10. Customer Retention Customer retention is the most important KPI to measure for

Yashica Chopra
February 09, 2023
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10 Top Power BI Consulting Providers in UK for 2025 (Updated)

Power BI is a 360-degree data analytics and data visualization package by Microsoft. It is one of the most used tools in the global market. Here, we’ll discuss the role of Power BI and the leading consulting firms offering Power BI services in the UK. Business intelligence combines processes, applications, and software to collect large amounts of data and derive meaningful insights from it. BI can be limited to a single department or used across the enterprise in different verticals. It has evolved rapidly over the last few years and has become one of the differentiating factors that give a business an advantage over others in the market. According to Statista, the projected revenue for the BI software market in the UK is expected to reach $1.57 billion by the end of 2025 and is projected to reach $2.01 billion by 2029 at a CAGR (compound annual growth rate) of 6.39%. Research shows that 52% of software companies use BI, and 54% of enterprises agree that cloud-based BI tools are vital for their business growth. Business intelligence is implemented using various tools like Microsoft Power BI, Qlik, Tableau, etc. Microsoft happens to be one of the major players in the UK business intelligence market. The UK government has signed an MoU with Microsoft, which allows all public sector companies and organizations in the country to be eligible for discounts when they use Azure, Power BI, Microsoft 365, Dynamics 365, etc. This three-year agreement is called Digital Transformation Arrangement 2021 (DTA21), which aims to revamp government and public sector organizations by adopting cloud solutions and applications to enable digital transformation. Microsoft Power BI will be widely used for data analysis, insights, and data visualizations. However, adopting Power BI can be overwhelming without access to expert services. Power BI is an extensive package that can be customized and integrated with existing business systems to streamline data flow and access real-time insights through the dashboard. The increasing popularity of Power BI led to an increase in demand for Power BI consultants in the UK. Several data analytics and BI consulting firms offer offshore services to help enterprises implement and use Power BI for everyday work. In this blog, we’ll understand what this Microsoft package offers and look at the top Power BI consulting providers in the UK. What Is Microsoft Power BI? Microsoft Power BI is a unified package of applications and services that deliver business intelligence insights for small, medium, and large enterprises. The insights are presented as graphical data visualizations through the interactive dashboard. The dashboard is customized for each department and job level in the enterprise. Power BI is a scalable platform that caters to self-service and enterprise requirements. Microsoft calls it a complete solution to bridge the gap between data and decision-making. Real-time reports are used by employees and top-level executives to make better, faster, and more effective decisions. From end-to-end data protection to the cloud and 500+ data connector integrations, Power BI optimizes business intelligence for an enterprise. What Does a Power BI Consultant Do? Microsoft Power BI has to be integrated with the existing systems in a business along with the data center and third-party applications to create a proper data flow. This requires domain expertise offered by Power BI consultants and service providers. But what exactly do they do? A Power BI consultant will understand your business process and determine the best way to customize Power BI to suit your requirements. They will handle the tasks necessary to arrange datasets for analytics and present insights in a graphical format. Top Power BI Consulting Providers in the UK DataToBiz DataToBiz is a reputed and reliable Power BI consulting partner for startups and small, medium, and large enterprises. The company has clients from regions like the UK, USA, Australia, India, South Africa, and the Middle East. DataToBiz is a Gold Microsoft Partner and Power BI showcase partner. It offers end-to-end solutions to adopt data-driven models in a business and integrate the necessary applications to derive real-time actionable insights. The company’s Power BI consulting services include integration, implementation, development, and customization. It provides a full-scale report so that businesses can make the most of multi-dimensional perspectives and be proactive in making decisions. DataToBiz also offers an array of other services that help organizations optimize investment and increase productivity. The service provider creates unique dashboards for enterprises from different sectors such as the government, oil & gas, banking & finance, eCommerce, revenue, sales & purchases, supermarket/retail, manufacturing, etc. DataToBiz has won several awards and has an 80% record of getting repeat clients and referrals. PTR Consultancy PTR Consultancy offers various data and business intelligence services in the UK. It is a family business that considers its clients as a part of the extended family. The company provides tailor-made solutions based on the mission, niche, and long-term goals of each client. It is a Microsoft Gold Data Platform and Data Analytics Partner with access to advanced Microsoft tools used to adopt the data-driven model in an organization. PTR Consultancy uses proofs-of-concept to set up and implement Power BI for its clients. From forming the data strategy to running a scalable Power BI platform, it takes care of all services from start to finish. The company offers consultancy services for the following: The consultants will help you finalize the right Power BI architecture based on the business needs and set up custom dashboards to provide actionable insights to employees across the enterprise. The company enables businesses to use data analytics for effective decision-making. Jarmany Jarmany is a UK-based company offering data analytics services to help businesses drive growth and achieve their goals. The company combines science and art to create powerful data visualizations that help in real-time decision-making. It specializes in data-based services and has helped several clients reduce their cloud storage costs by up to 97%. The company’s Power BI consultants implement the tool in an enterprise and continuously provide business intelligence reports. Jarmany guarantees that businesses don’t have to spend hours of their time training