Introduction
Data is the lifeblood of the current global industry, and studies say that users generate 2.5 quintillion bytes of data every day, which is expected to reach 165 zettabytes per year. Pertaining to this everyday usage, statistics show that by 2027, the big data market will potentially reach $103 billion. These astonishing numbers are justifiable if we look at this through a decision–maker’s lens. If you are someone leading an organization or involved in the decision-making process, thousands of bytes of data go through you as ‘insights’ every day (and it’s a true skill to juggle that data.) Data helps businesses make better and faster choices by providing intuitive forecasts and insights. Most global organizations are implementing data and advanced analytics to maximize the effectiveness of the data at their disposal. If you are leading the charge at one of these organizations and are looking for consulting expertise in Power BI, this blog is just for you!
Businesses need to gather, clean, process, and analyze data to provide meaningful insights. This is where on-premises, cloud, and self-servicing analytical and business intelligence technologies like Power BI come into play. But how are BI technologies used and integrated in organizations?
There are two methods for accomplishing this. One is to assemble an internal team of Power BI specialists and data scientists. Alternatively—and this is the best option—you can outsource the process to third-party Power BI consultants. While the initial cost of hiring a Power BI consulting firm might seem higher than bringing someone in-house, the long-term benefits often outweigh the upfront investment. Consider this: attracting and retaining top Power BI talent requires competitive salaries, benefits, and ongoing training. Additionally, internal resources may lack the specific industry expertise and diverse skillset needed to fully unlock the potential of Power BI. Numerous business intelligence consulting firms provide services to assist small, medium, and large-scale organizations in implementing the data-driven approach and utilizing the insights obtained via Power BI.
If you’re looking for consulting expertise in Power BI, continue reading to learn how Power BI can make your job easier and why hiring Power BI consultants is wise.
Understanding Issues in Power BI Implementations
One-off reports are time-consuming and kill productivity. Even your IT professionals can fall behind if they are compiling large sets of data from multiple resources. This is why Power BI has cemented its place in the field of business intelligence as the go-to solution for organizations from every industry and of every size.
A power BI consultant’s core task is to streamline your data processing capabilities. They automatically connect data sources with your systems, allowing for a significant reduction in time and effort. However, there are potential roadblocks to keep in mind. As your IT professionals dive into Power BI, they often face challenges that can throw them into reporting pitfalls, making the entire process highly cumbersome.
To save your employees from these common stumbling blocks, we have compiled a list of the five most common Power BI implementation challenges you can avoid by investing in consulting expertise in Power BI.
Deprioritizing data modeling principles is the first common mistake a developer might make while starting with Power BI. Every Power BI project is based on a well-structured data model, improving your reports’ precision and efficiency. Failure to abide by these guidelines may result in inaccurate reporting and data interpretations.
Disregarding Data Modeling Principles:
Deprioritizing data modeling principles is the first common mistake a developer might make while starting with Power BI. Every Power BI project is based on a well-structured data model, improving your reports’ precision and efficiency. Failure to abide by these guidelines may result in inaccurate reporting and data interpretations.
Formulating Ineffective DAX:
The foundation of Power BI is Data Analysis Expressions (DAX), which allow for extensive computations and data manipulation. However, creating inefficient DAX formulae can hurt performance and provide inaccurate results.
Overlooking the User Experience:
A design that is easy to use is essential for efficient reporting. One mistake developers tend to make is focusing on the data and neglecting the end users. Users will become frustrated and engage less if a complex layout or reports are hard to understand.
Not Using the Features of Power BI:
Power BI has several strong features, such as a large range of visualization choices and Power Query for data manipulation. Despite this, developers frequently fail to fully utilize these elements, which restricts the capabilities and usefulness of their reports.
Not Implementing Best Security Practices:
One cannot stress how crucial data security is to any business intelligence tool. Neglecting to set up row-level security or disclosing private information irresponsibly might result in data breaches and expensive fines.
Unfamiliarity with Power BI Licensing:
Unfamiliarity with Power BI licensing can be a hidden cost drain. Complex licensing structures and evolving regulations can lead to overspending, underutilization, and even compliance risks. Avoid these pitfalls by partnering with Power BI experts who can tailor a cost-effective solution and ensure you get the most out of your investment.
Why Should You Hire Third-Party Power-BI Consultants?
Let’s look at a surprising reality: many businesses are struggling through major BI illiteracy, and the healthcare industry, specifically, has 97% of data that goes unutilized, i.e wasted. This unutilized data could be a goldmine of insights to help your organization tap into new markets and reach new heights. Answer the following questions:
- Are your convoluted data sets difficult for you to understand?
- Do you have trouble making data-driven decisions and deriving insightful conclusions?
- Finally, can you expand your data analytics processes as your organization grows?
If any of these questions are answered NO, you may have some tough sailing ahead of you.
Why are more than half of businesses hiring external consultants using the data-driven model? Working with a Power BI consultant has several benefits over creating an internal team from the ground up and paying employees.
- Address the Talent Gap: To create an internal team, you need workers certified in Power BI and with relevant experience. You need to either teach your current staff or bring in expertise. For every firm, hiring and training new employees is costly and time-consuming. Partnering with Power BI consulting firms with the required expertise and abilities is easier. The consultants have more expertise and comprehension of integrating Power BI into your company and tuning it to your unique needs because they work with various teams and enterprises.
- Better Performance: Your company’s current teams won’t be affected. Power BI specialists will work simultaneously to avoid hampered or delayed projects. This increases both the productivity and operational efficiency of your business. To save work hours, the modifications to your company procedures will be implemented smoothly. Bringing in offshore Power BI consultants provides new ideas, creativity, processes, and frameworks without using more resources. Additionally, the consultant will teach the staff how to generate reports and analyze data using Power BI.
- Data-Driven Outcomes: Selecting a Power BI implementation partner is predominantly based on using digital transformation to provide data-driven business results. The professionals are skilled in integrating systems, upgrading and replacing existing ones, and swiftly establishing new integrations.
- Advanced Analytics & Artificial Intelligence: Some believe Microsoft Power BI to be an addition to MS Excel. However, it is far more than just a spreadsheet. Although staff are trained to create reports using the dashboard, sophisticated analytics requires subject expertise to perform. Power BI consultants can provide AI and ML-based analytics like sentiment assessment, cluster analysis, big data analysis, predictive analysis, and so forth by utilizing open-source programming languages like Python and R.
Are you a C-Suite leader wanting to explore Power BI AI capabilities further, and what competitive advantage do they bring to companies? Dive into our blog post: AI-Driven Predictive Analytics Via Power BI Insights.
- A competitive advantage: A company that does not leverage analytics will struggle to compete with another that makes decisions based on data and analytical reports. Small and medium-sized businesses can compete with larger corporations if they collaborate with Power BI experts to streamline their decision-making. Making the most of market possibilities and being proactive rather than reactive requires being one step ahead of rivals. By using predictive analytics, you can boost ROI and get your company ready to withstand turbulent market conditions.
- Resource optimization and cost-effectiveness: Companies already spend a significant amount of money on operating capital and sales. Putting together internal Power BI teams could increase expenses even further. Collaborating with a consultant is an economical approach that yields amplified benefits. These consultants are skilled at making the maximum use of the resources available to them while still coming up with a workable solution.
- Customization, Scalability, and Flexibility: A company’s operations are never static. A company that starts small will eventually become a medium-sized company, and a medium-sized company will become a major corporation. Every time the company grows, you shouldn’t have to start over. Scaling the platform and processes to meet business objectives is simple when you work with a Power BI expert. To make it easier for your company to expand into new areas, the consultants will build a Power BI dashboard that is both scalable and adaptable. One other feature that sets Power BI apart is customization. Any industry, including banking, manufacturing, hospitality, entertainment, etc., can have its software package tailored to match its needs.
- Support Services: Think of your Power BI consultants as a managed service provider for BI and data analytics services. These consultancy firms have verified certifications and affiliations for third-party implementation or integrations.
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Request a DemoThe ROI of Consulting Expertise in Power BI
Diving into the world of business intelligence with third-party consultants, especially when implementing Power BI, isn’t just a smart move – it’s profitable. Imagine getting multifold of what you invested initially!
“Unsurprisingly, businesses that embraced BI solutions have witnessed an exhilarating 127% ROI within 3 years only.” – Tableau.
Here are some research statistics and studies that will clear out any confusion against hiring a power BI consultant:
Forrester found that businesses that used Microsoft Power BI for business intelligence received a 366% return on investment after three years when they established data-driven cultures. According to this Forrester Consulting-commissioned survey, 63 businesses said their analytics had improved after switching to Power BI. By using Power BI, these companies were able to realize observable business benefits like:
- A 6 percent faster solution quotation rate.
- A 5 percent boost in operational income.
- Cutting the 18-month time-to-market for new goods and services down to 10 months.
- Self-service saved each BI user 125 hours annually.
- 2% decrease in the centralized analytics team’s work.
Furthermore, the work needed by centralized analytics departments was cut by 42%, demonstrating the potential productivity and efficiency increases possible under the direction of consultants in Power BI.
How to Choose the Right Power BI Implementation Partner?
Selecting a Power BI implementation partner requires extensive consideration and diligence. Business leaders should leverage a systematic approach while finding the right partner because it’s necessary for them to be aligned with the company’s objectives.
To guide your vendor selection process, we have put together a list that will help you check the most important boxes:
1. Clarifying the Needs and Goals of the Business:
Business leaders must be very clear about their data requirements and business objectives before assessing possible Power BI implementation partners. The relationship will progress smoothly if both parties know the precise insights you hope to obtain from Power BI and the key performance indicators (KPIs) you want to monitor. A clear set of goals guarantees that the partner can provide a solution that fits the company’s particular requirements.
2. Carrying Out Extensive Research:
Company leaders should conduct in-depth research to identify possible partners for the implementation of Power BI. Seek partners with a solid track record of successfully implementing BI projects, a favorable customer review history, and a high reputation. Case studies and endorsements from prior customers provide insightful information about the partner’s talents and the results they can deliver.
3. Asking for Verification:
Request a proof of concept (POC) from the selected suppliers to evaluate their technical proficiency. Through a proof of concept, your company can determine how well the partner’s suggested solutions fit its goals and data needs. It also offers an opportunity to assess how the partner approaches data visualization and problem-solving.
4. Assessing Cooperation and Communication:
Collaboration and effective communication are essential elements of a successful relationship. Evaluate how potential partners answer questions, offer details, and present their suggested solutions. A collaborative partner receptive to inquiries and constructive criticism will likely cultivate a successful working connection.
Chart a New Course with AlphaBOLD!
Start building your personalized Power BI solutions by speaking with one of our experts if you want to use Power BI to improve data visualization and get a competitive edge in your industry.
Request a DemoGet Started with AlphaBOLD’s Power BI Expertise!
The consulting expertise in Power BI provided by AlphaBOLD’s Power BI experts allows businesses to design and implement cutting-edge visualizations. These well-constructed visuals open the door to well-informed, data-driven decision-making processes by transforming complex data into understandable, practical insights.
We believe that Power BI empowers every department of the organization. Therefore, we have Power BI expertise and specific solutions for pain points of every department:
- Power BI for CFOs and Finance Departments
- Data Visualization for CEOs and Executives
- Power BI for IT Professionals
- Power BI for Sales Professionals
Visit our website to further explore our Power BI Consultant services.
Conclusion
It’s time to go beyond generic reports and unlock operational efficiency for you and your team by creating customized Power BI solutions. With scalable Power BI solutions, power BI consultants can help businesses embrace growth without being constrained by data limits. The organization’s strategy becomes centered on data-driven decision-making, which boosts productivity and increases adaptability to market fluctuations.
All you have to do is look for a reliable Power BI implementation partner, like AlphaBOLD, which enables firms to make well-informed decisions based on precise and up-to-date data insights. By leveraging your partner’s skill in creating personalized dashboards and reports, key stakeholders will always have access to the most up-to-date, useful information so they can make the best decisions at the appropriate times.
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