The BFSI industry rests on a goldmine of data. A massive amount of data is generated from multiple sources such as spreadsheets, invoices, journal entries, and many more.
However, the data is huge and disparate. This makes it difficult for stakeholders in the financial industry to make sense out of the data in a quick and efficient manner.
The data is stored across numerous repositories. This further creates challenges for analysts to derive accurate and on-demand business insights from such massive and valuable series of data.
Power BI solutions is the one-stop way of mitigating the above two challenges in making use of the data generated in the BFSI industry. Essentially, Power BI consultants create a blueprint of accumulating data from various sources, derive meaningful insights from it, present it on an illustrative way that is within a layman’s grasp, and allowing on-demand and easy access to the insights.
In this blog, we will explore why investing in Power BI solutions will bring in years of operational gains for stakeholders in the BFSI industry.
Quick Look into the 4 Major Power BI Solutions Use Cases in the BFSI Industry
Here’s a look at the 4 most compelling use cases that substantiate the necessity of leveraging Power BI solutions in the BFSI industry.
Consolidation of large and Complex Datasets
Financial enterprises deal with data that have varying nature, volume, and multiple level of complexities. This creates a major headache for finance officers to bring together data from various management mediums and make reports.
Power BI solutions provide multiple options to consolidate such variety of data and create reports to get the desired results.
The financial industry is dynamic by day. This is why they must rely on data insights that from robust financial reports that will help enterprises tweak their strategies in an immediate notice.
Power BI’s Word Cloud feature creates infographics out of data in reports. This facilitates a better and in-depth understanding of trends that project the direction of the financial market.
The what-if parameters create visually interactive data projections. It makes it easy to view and tally a wide range of heterogenous datasets.
The Power BI tool is embedded with an intelligence feature that arranges data according to different parameters. This makes it easy to spot an underlying trend across a span of years. Such revelations are critical for financial business stakeholders to decide on their budgeting and profitability strategies.
Cross Team Collaboration
A financial organization is not run by a single person. Functions of different departments have a direct bearing on an organization’s top line growth.
Most of the departments in an organization work in silos. This results in multiple data repositories for different departments. It becomes an uphill task to collate the required data from such diverse repositories and then create a financial report.
Business intelligence tools such as the Power BI draws data from multiple repositories. The tool then conducts variance analysis on the data and runs it through scenario modeling. The insights are then presented on different dashboards pertaining to budget, cash flow forecasting, FP&A, and others.
These insights are easily shared across different departments in a highly secured way. This fosters collaboration among departments as they share and exchange critical data conclusions.
As stated earlier, a BFSI enterprise deal with data of diverse kind. This makes it a difficult task to collate all the data in the required format in a single report that can also be easily grasped by laymen.
The Power View feature is an answer to this data reporting pain-point. It creates a variety of interactive charts, graphs, heat maps, and others. Each of these visualization format suits for every data variety. This empowers the process of decision-making through financial reporting.
Things to Consider While Implementing Power BI Solutions in the BFSI Sector
As a BFSI enterprise, your Power BI solutions implementation should be sharply aligned with your objectives. You must keep all the key decision-makers of your organization in loop to find the objective.
For instance, you may build a sales intelligence dashboard. But your corporate team actually wanted a focus on partnership model dashboard.
Here’s a few critical pointers that you must consider to avoid scenarios mentioned above while implementing Power BI solutions.
- Understand what’s your vision for BI solutions and if it is aligned with your financial strategy.
- Establish a strong data governance and maintenance framework. You must educate your Power BI consultants on your data governance framework before they implement the solutions for you.
- You must divide your sources of data into the following:
- Tracked metrics which imply the data that has to be tracked regularly but it won’t determine performance.
- Untracked metrics which imply data that will not be tracked but should always be available for analysis in the future.
- KPIs which imply a tracked metrics subset that are also performance indicators.
- Identify and segregate data sources into sections such as functions, departments, impact on business, and so on.
- Create a data visualization strategy based on the need and recommendation from the stakeholders across your organization.
How We Assist You in Implementing Robust Power BI Solutions in Your Business
Financial processes tend to have multiple overlapping metrics. Therefore, you may end up tracking the wrong metrics. As an experienced Power BI consulting services provider, we help you focus on the right data sets from multiple sources.
Our team of competent Power BI consultants begins with studying your data culture and your business objectives. They build a Power BI implementation roadmap based on this study.
We integrate data from various sources, prepare it for Power BI, and develop customized dashboards based on roles.
Our experts use DAX to create measures and calculations for small datasets. They build measures and columns within the data source to handle bigger volumes of data.
We take a storytelling approach to communicate data insights through striking visuals on highly interactive data dashboards. Our experts maintain the highest standard of security protocols to maintain data sanctity while enabling on-demand cross team access to data.
This will allow even the data naïve professionals from your organization to understand the narrative through the insights and use those to take swift business decisions.
Who We Are and Why Are We Considered as Industry Experts?
This article is brought to you by experts at Flatworld Edge, a leading Power BI consulting services provider. As a certified Microsoft partner, we follow all the best practices to integrate superior yet cost-effective Power BI solutions into your organization.
Contact us to know how Power BI can take your business decision-making to the next level.