4 Top Power BI Reports Which Can be Useful for Your Industry
4 Top Power BI Reports Which Can be Useful for Your Industry
In this new age of the digital world, data is the new gold. Business organizations are now highly inclined toward Data Virtualization and Business Intelligence (BI) due to their ever-increasing benefits. Thus many new BI tools have entered the market, which promise to be highly efficient, interactive, and data-driven, but none of them is capable of competing with Microsoft’s Power BI.
Power BI is a group of software services, applications, and connectors that combine to transform your disparate data sources into coherent, engaging visuals and highly interactive insights. Power BI also makes it simple and easy to connect to your data sources, view the data, identify the key information, and share it with whoever you choose. No matter whether your data is stored in a hybrid data warehouse that is both cloud-based and on-premises, or an Excel spreadsheet, Power BI can easily connect them.
Now we are sure that you will have many doubts revolving around your head.
Thus, in this article, we will go through some of the most common questions which might be dangling in your head like:
- What is a Power BI report?
- What is a Power BI reporting service?
- Which are the Top Power BI reports that are useful for your organization?
So let’s deep dive into it and get started without wasting much more time.
What is a Power BI report?
Microsoft’s Power BI report provides an in-depth view of any data stream or data set with the help of various filters, graphical visualizations and parameters.
Due to these profound features, many business organizations actively utilize Power BI to build live, interactive, highly customizable reports. Although it should be noted that the use of these features varies depending on the industry your organization is working in and also one’s job role.
What is a Power BI reporting service?
The Power BI reporting service enables both technical as well as non-technical business individuals to perform analysis and visualize data. Along with that, Microsoft also offers many different types of reports in Power BI in order to cater to various kinds of industries and their varying needs.
4 Top Power BI reports which can be useful for your industry
As we just discussed in the above section, there are various types of Power BI reports, but today we will be focusing on just the top 4 of them. So let’s understand about them one by one.
- HR Analytics and reports
Power BI’s HR analytics reports and dashboards are a big relief to the human resource department as they will no longer have to keep track of each and every employee manually. As the HR department is one of the most crucial parts of any organization thus, they need to work effectively and efficiently so that they can ensure that the company’s workforce is in place and working well and also make sure that there are enough skilled and talented employees to run the organization.
There are various types of HR analytics KPIs like Workforce Management KPIs, Compensation KPIs, and Recruitment KPIs, but among them, some of the most prominent are:
- Employee performance
- Recruitment cost
- New hire count
- Employee retention
- Employee attrition rates
- Vacancy rate
- Active employees
- Employee skill rates
- Turnover rate
2. Financial Analytics
Financial analytics reports and dashboards are like the backbone of the body for the finance department. As proper finances are one of the top priorities for any business thus, it should be made sure that the core department understands and analyzes the complex data inflow from various sources. Otherwise, it can be a significant obstacle to the organization’s future, and this is where Power BI takes the lead.
Some of the most essential KPIs for the finance analytics report and dashboard are as follows:
- Assets and Liabilities
- Total expenses
- Operating income
- Expense v/s revenue
- Gross profit
- Gross margin
With the help of the above KPIs, you can also calculate some of the crucial metrics shown below, which will help you reduce your expenses and risks.
- Profit and loss of the particular year/years
- Expense breakdown
- Revenue breakdown
3. Sales Analytics
Power BI’s sales analytics reports and dashboards are like a ray of light in a room full of darkness. It is true because if it weren’t there, the sales team would have a lot of work to do, and also not to forget that they would need to collect data from different places, combine them, sort them out, analyze them and finally come to a conclusion. But this entire process is gone, and now they will need to make a decision based on well-structured, graphically presented data in front of them.
There are various customizable KPIs available in the sale analytics report and dashboard, which give the sales team a 360-degree view of their existing sales data. You can also help them forecast future projections and opportunities. Some of the most common KPIs are:
- Total number of sales leads
- Profit
- Net revenue
- Cost breakdown
- Sales team performance
- Comparison of revenue and profit by year, quarter, and month
- Sales by source, MQL to SQL ratio
- Expenses incurred
4. Marketing Analytics
If your marketing department efforts are scattered in various segments like SEO, website, content, email marketing, PPC, social media, and more, we can imagine that you must use various tools to make your marketing metrics measurable.
Here comes the real challenge for every marketer. Primarily, it is important to bring the disparate source data to a unified platform. Marketing analytics helps you create that single source of truth, which can obtain a picture of how the marketing efforts are deriving revenue or what else you and your team lack.
To track your marketing efforts, it’s important to measure the metrics which help you make informed decisions, so your marketing team understands what’s working and what’s not.
There are several marketing KPIs to track. Some of the recommended ones are:
• Website traffic and conversion rates
• Average website session duration
• Goal conversion rate by channel
• Web Page bounce rates
• Total leads, Goal, MQL, SQL
• MQL to SQL ratio
• Social media performance
• Social media traffic and conversion rates
• Impressions
• CPC, CTR, engagement rate
• Social media followers
• Email marketing performance
• Total subscribers
- Email open and click-through rates
Conclusion
In the age of digitization, the way data is consumed is entirely changed by Microsoft Power BI reports. It provides a vast selection of data visualization and BI tools, in addition to strong reporting options. Power BI reports provide robust data visualization and insightful information for the best possible performance and security.
So what are you waiting for?
Get in touch with our certified Data Visualisation experts for any kind of your data management and dashboard requirements.
