Future of Power BI: What's Next in Data Visualization?

In businesses today, the power of data plays a vital role in operations and growth. Decision makers are glued to data-driven insights, necessitating businesses to tackle their data management challenges using platforms like Microsoft Power BI.  

Did you know the companies that use data for decision-making are 5% more productive and 6% more profitable, according to MIT Sloan Management Review. 

What is Power BI? 

Microsoft provides a business analytics service, to empower businesses to transform raw data into meaningful insights. It turns the data into visually immersive and interactive insights. Your data might be an excel sheet, or a collection of cloud-based on-premises hybrid data warehouse. You can visualize and share it according to your convenience with everyone, anywhere. 

According to stats from the report linker, the business intelligence market in 2025 will grow to $10.1 billion compared to 2020 ($23.1 billion at a Compound Annual Growth Rate (CAGR) of 7.6%.  

The reason for this growth is on account of businesses investing in analytics with a high demand for data visualization and cloud adoption. Some of the main challenges faced by businesses include poor data quality and governance, lack of skills in data management. 

Why do Businesses Leverage Power BI? 

There are several reasons why Power BI for data visualization is a great choice for businesses. Data has now become the base of decision-making. Both small and large companies now understand the value of insights derived from data. It has now become a primary component in ensuring that businesses stay competitive.  

Manage Data Analytics with Different Features: 

• Reports: Generating meaningful and sharable reports helps offer insights in form of visual, graphs, and charts. 

• Dashboards: Businesses can monitor data with these Power BI dashboards as it offers main Key Performance indicators at a glance. 

• Data mining: With data mining its easy to determine trends and patterns with computational techniques.  

• Drill-down: Helps navigate layers of data, OLAP systems also explores data hierarchies. 

Check our recent blog on 6 Reasons To Use Power BI As Business Intelligence Solution 

What CXOs Can Track with Power BI Visualization? 

It's crucial for CXOs to get data insights for fast-tracking decision-making. Here’s how decision makers can use certain types of Power BI tools: 

Net profit and revenue growth rate: It's an essential KPI that shows profit and expenses and gives insights into financial health. Revenue growth helps CXOs understand the pace of sales and company growth offering insights into market demand and business growth. 

Expenditure ratios and revenue per employee: These insights offer details on expenses and operation costs which helps in keeping a tab on them and ensuring profits. Revenue per employee is the efficiency and productivity of the workforce, it helps explain how much revenue employees generate and is a measure for operational efficiency. 

Employee engagement & profit per customer: These insights show the productivity of employees and retention, profit per customer insights help in assessing retention and acquisition. 

Order fulfillment & project completion and down time: Tracking order fulfillment shows insights on operational efficiency and customer satisfaction. Project completion and downtime visualization reports ensure timely delivery, improve productivity, and identify improvement areas. 

Here are the types of Data visualization tools  

• Line and Bar charts, KPI Visuals, Treemaps 

• Pie charts and Donuts Charts, Tables and matrices, gauge charts 

• Heat maps, scatter pads, card visuals 

• Gantt charts, funnel charts, bullet charts 

What are the latest Trends of Power BI: 

1. Data Management & Data Governance:

   Data management refers to all the processes, policies, and other tools required for managing data assets. It means all stages of data from data acquisition, storage, retrieval, and usage are all part of data management.

   • Solve Data Management Problems with Power BI

     According to a survey by Forrester Research, companies that use Power BI report 271% ROI over three years, and see its impact on improved decision-making, enhanced data insights, and reduced costs.  

     Power BI helps businesses in data integration, bringing data from various sources into a single view. It helps in data transformation by enabling users to clean, transform, and shape their data before analysis. Power BI helps in data sharing and collaboration, by allowing multiple users to share insights. It also ensures data protection for sensitive data with authorized users. With real-time data, businesses can make the right decisions based on recent information.

   • Enhance Data Management with Data Visualization

     Visualization helps simplify complex data, making it more accessible to understand, drive insights, and make important timely decisions. With data visualization, businesses can eliminate errors and incorrect data while maintaining accuracy and perfection for insightful results. Visualizing data helps foster communication and collaboration between teams and departments.

2. Self-service analytics 

   Self-service in Power BI helps businesses explore and analyze data without Technical experts or dependence on IT. Gartner explains the term as a form of business analytics that empowers business professionals to derive data and reports without the need of an expert. 

   Self-service analytics in Power BI helps empower businesses to create, share, and modify insights visually. 

   With access to many data source in one place users can easily access data from power bi and present it in form of visualizations. Users can clean, and transform data effectively without complex code. Businesses can use a variety of built in visuals like, line, bar, pie chart, and maps. Visuals can also be created according to the requirement or can be imported from custom market place.  

   There is also a rich library of visuals available for choosing appropriate visual for data. The drag-and-drop interface enables users to easily create vitalizations. The Q&A feature helps in assisting users to create needed visuals as it answers users queries which users input in natural language and derives a visual. Slicers and filers can be added to reports, which offers interactive data, and real-time updates.  

   Drill-through and drill down actions can be set through layers of data to navigate easily simplifying data insights. 

3. Collaborative BI 

   It means integrating business intelligence and collaborative tools to help businesses improve decision-making.  

   Power BI work places enable collaboration with team members. With report, centralized dashboards, workbooks in shared spaces teams can ensure accuracy and consistency in analysis. It help team build better communication elimination silos, and redundancy. Many people can work on the same project at the same time. Power BI data visualization helps businesses in data governance and helping then in data-driven decision making. 

   Read our blog on Power BI vs Tableau for data analytics 

4. Data warehouse vs data lake 

   Power BI visualization is used in both data warehouses and data lakes.  

   In data warehouses data is structured from various sources, Power BI helps businesses analyze and report on their data. It helps monitor KPIs, track trends and generate reports. It can also help in decision-making, forecasting, and optimizing operations. 

   Data lakes have raw data from many sources. Power BI visualization can help explore, analyze, and determine patterns and trends. It can help leverage big data, and derive customer insights, market trends, and real-time analytics.   

5. AI and Trend analysis in Power BI 

   AI and trend analysis integrated in Power BI visualization offer deep insights a predictive analysis. With AI features businesses can implement automated machine learning models, natural language processing, and advanced analytics. They can uncover trends and determine future forecasts. It helps businesses to understand data and present data insights to stakeholders at all levels simplifying decision-making. 

Future of Power BI 

Seamless data integration has become vital in all originations, which has driven the rise of Power BI. Power BI platform will expand with a data sources from on-premise to cloud-based power bi features and services. Users can compile data in one place and gain insight, avoiding silos, and gaining real-time insights. 

Cloud-powered advancements will further enhance the power of Power BI. Cloud infrastructure supports AI and Machine learning, allowing for advanced analytics and predictive modelling. These innovations will further enhance collaboration, intuitive UI and expand AI capabilities leading to organizations ensuring it benefits their business intelligence needs.  

Conclusion 

Adopting power BI visualization solutions is transforming businesses as it helps them address their data management challenges. Outsource your challenges to a reliable partner who can help you in data management and offer strategic growth.  

Power BI Solutions can transform your data, help streamline operations, and drive smarter decisions. Partner with us to navigate complexities in data management.