Business intelligence (BI) utilizes software to transform data into tangible knowledge and inform employees on companies’ planned business decisions. Data is analyzed, processed, and presented as detailed reports and charts.
What Is Power BI?
Power BI is the united name for several cloud-based applications or services, which help businesses to gather, manage and analyze data from different sources.
Power BI assembles and processes all data and transforms it into clear and visual insights by generating logical charts. Power BI can also connect to Microsoft Excel spreadsheets; however, the first is much more powerful than the latter!
Power BI reports and charts can be shared with others, and illustrate the past, present and future actions of the company. Its machine learning capabilities enable them to spot certain patterns and make informed predictions.
You can go here to learn more about the ins and outs of Power BI control charts. BI tool’s structure the analysis process to make it easier for users to understand the data, even if they don’t have any technical knowledge.
BI has the following benefits:
- Indicate alternative ways to make more profit;
- Analyze current customer behavior;
- Compare data with those of competitors;
- Track current performance;
- Enhance company procedures;
- Predict successes;
- Identify market trends; and
- Identify problems
The most important part of BI is reporting, which is done on dashboards and assists in understanding certain trends or gather knowledge on how to merge data to make well-informed business decisions. It also increases more profitable business decisions.
Since data is the most important part of business, companies can use its BI skills to make fact-based decisions on where certain delays are in its supply chains, or where issues might arise during shipping processes.
However, data needs to be understood to ultimately help reduce costs, adapt to supply changes or improve sales. The following processes assist in improving companies’ performance:
- Data mining: using databases and statistics to determine trends
- Reporting: sharing data analysis to the relevant participants to make important decisions
- Performance measuring: comparing current performance data to previous data in order to determine whether goals had been reached
- Descriptive analytics: using initial data to determine actions, based on market trends or business problems
- Interrogation: asking specific questions and using datasets to get the answers
- Statistical analysis: using descriptive analytic results to explain certain trends
- Data visualization: transforming data into quality visuals, such as graphs or charts
- Visual analysis: exploring visual data to understand different trends
- Data preparation: using several data sources to identify different magnitudes
Different Control Chart Types
There are different types of charts that can be used, depending on what the data will be used for. These most common types of Power BI control chart are listed here:
- AREA CHARTS
These emphasize the tangible extent of change over time and are helpful to compare different volume trends across time series.
These are most commonly used and are standard for illustrating specific values across various categories. One glance is enough to quickly evaluate differences between categories and expose ups and downs.
These add detail to other visualizations, and the angle of the pie determines the values being measured.
These are useful when visualizing processes with several stages or levels; for example, starting with leads for sales and ending in successful purchases.
Maps combine ArcGIS with Power BI to align quantitive data with specific locations.
How To Create A Power BI Control Chart
Control charts for Power BI help users to track progress and ensure that they are in control of decisions, as processes change over time. It also assists in predicting employee performance by presenting data visually. Data is plotted against time, which makes for easy comparison and conclusions. Learn more about creating a control chart here: https://www.youtube.com/watch?v=71v1xNX_9qQ.
Power BI charts offer a multi-perspective view into a given data set, are highly interactive and can be updated regularly as data changes. Control charts illustrating business improvement paradigms, like Lean Six Sigma, typically consist of the following 4 features:
- X AND Y-AXIS VALUES
- THE AVERAGE LINE
- LOWER CONTROL LIMIT (LCL)
- UPPER CONTROL LIMIT (UCL)
The type of control chart depends on the specific type of data. Variable data is measured continuously, such as a weighing scale, ruler or thermometer. Attribute data is measured as being good or faulty or by containing certain characteristics.