Today among other things, one of the most striking changes that the market has seen is competition. It is not as if there was no market competition before. But, the situation has become more fierce than ever. Blame it on the rapidly changing customer demands or modern technology. Both have equal impacts on how the changes are taking place in the market right now.
But, in between all this competition, it is the small and medium-sized businesses that get trapped the most. And this is because on one hand, market giants are already ruling the market. On the other hand, the new entrants are causing disruptions with their cutting-edge technological ideas.
Difficulties for SMEs
In either of the cases, it has become extremely challenging for SME organizations to battle with their existing know-how. While the market titans have a ton of investment and a large team of resources that can act upon the latest technologies, they are already an advantage in the market. Similarly, the new entrants are disrupting because they already know the current state of the market.
Therefore, they come up with innovative ideas that no one currently is working upon. As a result, they have new tools and technologies backing them up. For existing small and medium businesses, the scenario is different. They are trapped with their existing business models and find it hard to embrace the change. And that’s because already a substantial amount of investment has gone into making them what they are right now.
So the organizations that are left are a handful of customers, who are on the verge of migrating to other businesses. Even with the government stimulus and everything, it becomes fairly difficult for organizations to keep on working at the current pace in the market. Therefore, most businesses end up shutting their shops due to the inability to sail in the waves of the change.
The Answer Lies in Data
So, the question is, what do organizations must do to sustain themselves? The answer simply lies in data. But, even with the large banks of data besides you, there is seldom anything you can do if you do not have the right tools. It is where a robust tool is needed.
Microsoft’s Power BI is one such tool that enables fast progress in organizations because of streamlining their data capabilities. The problem today is not a lack of data. Because organizations have an abundance of it. Even the smallest of organizations have their presence on multiple platforms such as Facebook, Instagram, LinkedIn, Marketplaces like Amazon, Flipkart, Myntra, their private websites and retail stores.
And when you are investing in your marketing efforts on all these platforms, customers are bound to respond. They will interact with your business, try to understand and make purchases from your brand if the offer seems lucrative. It generates data.
Now imagine how much data is flowing in your business days due to your presence and constant efforts on all these platforms. And think about all the amazing things that you can do with this data. Right from understanding your customer’s purchase patterns to helping them find what they are looking for in the market, you can unlock the potential of unlimited growth with this data.
But, if you think that you will be able to do it manually, this is where you are mistaken. And that is where you need an intelligent analytics tool like Microsoft Power BI.
Power BI to the Rescue
Power BI by Microsoft is an amazing tool for organizations of all sizes. It processes the data and provides important insights that are useful for managers, team leaders, and business leaders to take everyday business decisions. In other words, it helps make informed decisions in the market. The foundation of Power BI lies in convergence. It helps share data among different departments of your organization with the relevant access at each and every point.
Power BI is available on the desktop, cloud as well as on the mobile. Through these three mediums, it aims to provide extreme comfort to the user when it comes to enhancing their data capabilities. Being on desktop, it connects you to data, polishes it, and transforms it as per the needs of your business, helps in designing charts and representations to your team’s needs and most importantly, generates reports that are explained visually to your teams.
Similarly, when on the cloud, Power business intelligence helps in bringing data from multiple platforms under one roof, creating hassle-free backups and more importantly providing options that are based on drag and drop. On the mobile platform, there are different dashboards and prepared reports that you can view from anytime and anywhere. It is built for convenience so that you stay in touch with your business no matter where.
One of the most distinguished features of Power BI is that it gives a planned and comprehensive representation of data to the respective teams so that they can understand the insights more profoundly. There are multiple filters that you can apply and at the same time limit the visibility and editing status of the report from whoever you want to.
By leveraging Power B for their businesses, organizations have a great chance to stay one step ahead of their customer. Remember that the only way to sustain in the market is to anticipate customer demands and prepare the business for it. Power BI helps you do that.