Everyone has heard of famous parable of the three blind men story. It’s about how three blind men try to explain an elephant to each other. One describes it long and slender, as he touches the proboscis. One describes it as large and wide, as he stretches his arms over the elephant’s body. The last one describes it as big and round, as he hugs the foot of the beast.
However, what these three men needed was not sight, but joined-up thinking. If they shared their data together and assessed it intelligently, quite quickly they’ll conclude on what this magnificent beast is about. They needed to be data-savvy.
Just like these three blind men, any organisation in the world today is at risk of being blind without understanding the elephant in the room. The good news is, it doesn’t take a genius to be data-savvy.
WHY SHOULD I CARE?
Microsoft Power BI is a cloud-based data analytics tool made specifically for business analysts. It’s a self-service, user-friendly way of monitoring your business performance with high-level dashboards and detailed reports that are interactive in nature thanks to rich visualisations. It’s also extremely accessible for end-users, as reports can easily be shared and viewed on multiple devices: Desktop, laptops, smartphones and tablets, ensuring data is shareable.
Advanced users can also leverage Power BI’s advanced features, but its real value is in helping non-technical analysts efficiently create dashboards and reports for end-users to consume and keep up-to-date on key parts of the business, and identify trends and opportunities. In turn, this helps everyone extract more actionable insights for more informed decision-making. It also helps users drill down into specific metrics like sales with better precision.
HOW TO BE DATA SAVVY
The first step for anyone or any organisation is to understand the data available to them. There is a suite of tools available for this. Introspectively, one should look at both the data that are generated internally (Google Analytics, Salesforce, Site conversions, stored customer data) and data that can collected from external sources (social media, competitor data, market data, etc).
For accountants, Power BI integration with Xero can help in multiple ways:
Accounting data in one place: High-level overview of your entire business in a single high-level dashboard that regular users can understand at a glance.
Accessible and more regular reporting: Shareable data insights with all users across multiple devices in seconds.
Better data storytelling and presentation: More visually engaging and accessible reports for your accounting data thanks to easy-to-use visualisations.
Data across on-premises and cloud sources consolidated: Xero data is no longer siloed to just a few people, with sources brought together into one place – Power BI.
Side-by-side comparison: An easier way to compare and contrast your Xero data across other apps for performance evaluation and insights extraction.
Power BI is ultimately one of the most accessible business analytics tools that companies using Xero can begin taking advantage of immediately to modernise their data reports with rich visualisations.
NEXT ESSENTIAL STEPS
As streamlined as integrating Xero with Power BI is in 2019, we recognise many organisations would prefer to have the guiding hand of experts and consultancies to ensure a seamless integration with all key business drivers and considerations taken into account. Drivatic has helped many customers integrate their Xero datasets, along with data from other sources, on-premises and cloud sources, into Power BI for more visible reporting and data-driven analytics. Drivatic offers Data Analytics as a service. With our advanced team of data scientists, analysts, developers and account managers we capture, cleanse and integrate data to be modelled, visualized and monetized.
Your business will be able to drive a return on investment by making faster more effective decisions. Give your company the edge it needs to stay ahead with Drivatic’s analytics service.