Forecasting Growth with Power BI: Key Insights and Benefits

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Northcentral University - Arizona *

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7002

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Information Systems

Date

Jan 9, 2024

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docx

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Uploaded by LieutenantIron3848

Slide 1 Hi, my name is Heather Cappiello and I would like to welcome you to my presentation today. I will be discussing the ways that organizations can forecast growth utilizing technology not only to remain competitive, but to gather real time, usable data to make pertinent business decisions. I will also discuss examples of pros and cons of the technology that I selected to highlight that an organization would have to consider in order to use the software as well as to see a return on its use in terms of capacity. Slide 2 “Monetary policymakers depend heavily on forecasts about the future state of the economy” (Luompa, A. & Sattiraju, S., 2022). Being aware of trends will always be something that organizations need to keep in the forefront as operating conditions continually change. “Technological advancement can significantly affect a business's development, processes and tools” (Indeed Editorial Team, 2022). Staying abreast of new trends allows companies to remain relevant as well as competitive in a market that has and will continue to shift. Falling behind in a technologically advanced environment will have serious and potentially catastrophic consequences if an organization is not keeping up or remains in the mode of maintaining the status quo. Learning the trends can assist in determining if following or keeping up with the technology is even worth it to the organization in the short and long term as well. Slide 3 Having a solid understanding of how an organization is performing will assist in making adequate, and hopefully correct, business decisions. For example, a downturn in the economy may lead a company to begin to think about layoffs to cut costs. However, that seemingly easy solution may have serious potential longer term consequences when those staff members may be needed to meet the needs of the company so that productivity does not suffer. However, how exactly does an organization go about reviewing enough data to make a “good” decision? (It is important to understand that software or

reports alone will not give the entire picture or be an exclusive means to making solid decisions-there are gray areas and human factors, such as soft skills that also need to be factored in). One such software that measures organizational performance is a software developed by Microsoft called Power BI. I will briefly describe Power BI and what the purpose and uses are for organizations. Slide 4 What is Power BI? Power BI is a software system that was developed by Microsoft that users who do not have a super technical background can utilize to interpret data sets that drive organizational performance and capacity. “Power BI's user interface is fairly intuitive for users familiar with Excel, and its deep integration with other Microsoft products makes it a versatile self-service tool that requires little upfront training” (Scardina, J. & Horwitz, L., 2022). The data presented in Power BI can be used in a variety of ways. It can tell a story utilizing charts or other visualization tools, it can play “what-if” scenarios within its parameters, and it can create reports in real time to ensure that forecasting and capacity metrics are being met. Power BI can also be drilled down to examine how specific departments are performing against metrics. There are other features such as predictive forecasting, and hindcasting, when visualizing and exploring operational data. Slide 5 Power BI does have key features that are worth mentioning. Artificial Intelligence-users can access various AI technologies via image recognition and text analytics that can be integrated into the software.

Hybrid Deployment – the software is compatible with several other platforms and other vendors that utilize Microsoft systems. “ Additionally, there are dozens of data sources that connect into Power BI, ranging from files (Excel, PDF, SharePoint, XML), databases (SQL Server Database, Oracle Database, IBM databases, Amazon Redshift, Google BigQuery), other Power BI data sets, Azure data connections and many online services (Dynamics 365, Salesforce Reports, Google Analytics, Adobe Analytics, Facebook and others)” (Scardina, J. & Horwitz, L., 2022). Quick Insights-users have the ability to create subsets of presented data and use it for analytical purposes. Common Data Model Support-this allows for standardization of data sets and creates simplicity in usage of the data for interpretation. Integration of Cortana-Cortana is Microsoft’s version of Apple’s Siri, a virtual assistant. Power BI integrates Cortana which creates ease of use via mobile devices. Customization-users can easily change the look of the platform as well as upload new tools that can be used in the software platform. Self Service Data Preparation for Users-data can be shared across multiple platforms so that users can access the information easily and create additional insights as needed. Slide 6 This slide houses an infographic that shows 3 pros and 3 cons of Power BI. There are many, many more that can be explored, but the three pros and three cons are sufficient to gain a baseline understanding. Pros Affordability

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Integration of Excel (and other software that are compatible with Microsoft systems) Prompt Updates to the System Cons System is complex and not easy to master due to the sheer volume of data The system is capped at 2GB of loadable data at a time; it cannot handle unusually large data sets Rigidity of Formulas – Simply stated, formulas that are created by a user may or may not work in the Power BI system. Standard formulas from Excel will work as long as they already exist in the database, but anything created by a user is not guaranteed to work. Slide 7 Capacity development is “ a key component of sustainable development, as it enables people and institutions to adapt, innovate, and respond to evolving challenges and opportunities” (LinkedIn.com, 2023). The next slides will address capacity development into five components: Learning Outcomes, Performance Outcomes, Change Outcomes, Capacity Outcomes and Feedback Outcomes. Slide 8 Learning Outcomes “Learning outcomes can be measured by using various methods, such as pre- and post-tests, self- assessments, feedback surveys, interviews, or observations” (LinkedIn.com, 2023). Learning outcomes must be aligned with objectives to be successful. Slide 9 Performance Outcomes

“Performance outcomes can be measured by using indicators such as quality, quantity, efficiency, effectiveness, innovation, or customer satisfaction. Performance outcomes can also be linked to the broader goals or outcomes of the intervention, such as improved service delivery, increased income, reduced costs, or better governance” (LinkedIn, 2023). Performance outcomes have to be consistently measured over long periods of time, as their evaluation will take substantially longer to assess than that of the learning outcomes. Slide 10 Change Outcomes Another indicator of capacity development is the changing of outcomes. Change outcomes are “the contribution of the intervention to positive change in the wider context or environment of the individuals, organizations, or systems that received the intervention” (LinkedIn, 2023). Change outcomes are generally aligned with the organization’s mission and vision statements in the form of advocacy or protections. Change outcomes must be measured in ways that are credible to those involved as they tend to revolve around subjects that are of interest to groups that rely on the transparency of the delivered information. Slide 11 Capacity Outcomes Capacity is the ability of the organization to adapt and perform in order to meet customer needs in order to remain competitive. “Capacity outcomes can be measured by using indicators such as organizational culture, leadership, governance, strategy, structure, systems, processes, resources, or relationships” (LinkedIn, 2023). Capacity outcomes must be communicated in a wholistic and inclusive way because they should reflect the values of the senior leadership and other interested parties.

Slide 12 Feedback Outcomes Feedback is an invaluable source of information if it is used correctly and for the right reasons. Feedback in an organizational setting is “the collection and use of feedback from the participants or beneficiaries of the intervention, as well as from other relevant actors, such as partners, funders, or peers” (LinkedIn, 2023). The most common use of feedback is through satisfaction or through evaluating the effectiveness of something new that may have been implemented. Feedback must be acted upon in a meaningful timely manner in order to be perceived as valuable and necessary to the success of the process. The participants will not be inclined to give feedback if they feel that it is not valued or utilized by those who initially asked for the feedback.

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References Data Flair . (2023). Retrieved from https://data-flair.training/blogs/power-bi-advantages-and- disadvantages/ Lusompa, A., & Sattiraju, S. A. (2022). Cutting-edge methods did not improve inflation forecasting during the COVID-19 Pandemic. Economic Review, 107 (3), 21–36. https://search.ebscohost.com/login.aspx? direct=true&AuthType=sso&db=ofs&AN=160927349&site=eds-live&scope=site&custid=natuniv Scardina, J. &. (2022, December). Tech Target . Retrieved from www.techtarget.com: https://www.techtarget.com/searchcontentmanagement/definition/Microsoft-Power- BI#:~:text=Microsoft%20Power%20BI%20is%20used,provide%20visuals%20of%20the%20data. Team, I. E. (2022, November 17). Indeed . Retrieved from www.indeed.com: https://uk.indeed.com/career-advice/career-development/technology-trends-shaping- businesses www.linkedin.com . (2023). Retrieved from LinkedIn: https://www.linkedin.com/advice/1/what-some- key-indicators-outcomes-successful

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