Benefits of Integrating Power BI for Your Daily Contract Management!

Business Intelligence is widely used in business processes across industries for utilizing business analytics, data mining, data visualization, and data tools to help companies make effective data-driven decisions. Power BI is a business analytics service which enables BI features and interactive visualizations. It comes equipped with a simple interface to create reports and dashboards. Let’s take a look at some of the benefits of Power BI Contract Management:

1. Practical & Omnipresent

The Microsoft app suite has over 1.5 billion active users, making it the go-to tool for enterprises across industries. Power BI, as a part of BI and self-serve data mining tools for Office 365, is mainly included into Excel, enabling users to utilize the Power Query tool to generate spreadsheets and graphs with the public and private data.

The wide application of the Microsoft ecosystem makes it the ideal solution for legal and contract teams as they are already familiar with it for managing critical data assets like contracts. Microsoft Power BI enables simple data visualization along with offering a full summary of your business data in rich, visual form, providing you with display choices like tables, charts, gauges, maps, etc.

2. Personalized Dashboards & Interactive Reports

Power BI dashboard consists of a single page ‘canvas’, which uses visualizations to present the data. Since it is limited to only one page, a well-designed dashboard has only the most-important elements of that story/data.

Power BI is popular for its rich dashboards, which can be customized to fit your company’s specific requirements. It also has intuitive and interactive visualizations. Using its easy drag-and-drop functionality, you can easily generate custom reports quickly and choose from many options and produce powerful models and visualizations. Power BI’s Pro version allows you to share your data visualizations with other team members in your organization easily.

3. Real-Time Information

Power BI enables real-time updates to your dashboards. When you enter data, the dashboard displays and updates your visuals with the new input, giving you the ability to solve queries, identify opportunities, handle time-sensitive data, or situations more efficiently.

Real-time streaming allows you to stream data and update dashboards in real time. The visual or dashboard that you create in Power BI can present and update live data and visuals. Factory sensors, social media sources, service usage metrics, other time-sensitive data collectors/transmitters, etc. can be the devices and sources of this streaming data.

4. Wide Range of Data Sources & Integrations

The ‘power’ of Power BI is in its capacity to integrate data from multiple sources of different types. This tool for building interactive analyses allows you to create a common data model and aggregate data from many sources such as databases, online services, and different files.

You can easily import data from a variety of data sources. Power BI effortlessly integrates with all Microsoft products, such as Dynamics 365, Excel, Azure, and more. It also offers data connectivity with 3rd party tools and solutions, like Salesforce, Google Analytics, Spark, Hadoop, and more. It also joins data files (such as XML and JSON) and SQL server databases so that you can connect to all sorts of data sources for your analysis and reports.

5. Powerful Excel Integration

Many companies still rely on Excel for analytics and reporting efforts. Excel’s Analyze enables Power BI datasets into Excel, which you can view and interact with via PivotTables, charts, slicers, and other Excel features.

Power BI integrates with Excel to help you connect queries, data models, and reports to Power BI dashboards and generate interactive visualizations for which you won’t have to learn a new app or language. You can conveniently set it up to get the right data as soon as you open your dashboard.

6. Cutting-Edge AI

With the help of Azure Cognitive Services, Power BI identifies patterns from images, documents, social media feeds, etc. It allows you to detect objects within images, identify sentiment, and identify phrases, while extracting actionable insights from their data.

Power BI utilizes Artificial Intelligence in its features like Quick Insights finding data patterns, or natural language which helps in finding answers by asking questions in simple conversational language. Microsoft AI features help non-data scientists arrange data, create machine learning models, and discover insights from structured and unstructured data.

7. Contract Reports & KPIs

Power BI enables the end users to quickly and precisely create non-standard DIY reports, without the need for programming skills. The Power BI Embedded APIs provide users with a self-service experience with which they can customize the analytical experiences for themselves very easily.

It precisely computes and presents KPIs for each customer while analyzing and monitoring them within simple DIY reports. All this enables the end users to improve agreement turnaround time, minimize risks, and identify direct cost savings.

8. Data Mashup

Data mashup, in simple words, is the integration of two or more data sets in a single graphical interface. The primary example of the same is a ‘business dashboard’. Most dashboards extract data from multiple, heterogeneous sources to give the end-users a 360 degree view of their business performance.

Power BI’s data mashup empowers business analysts and other power-users who study dashboards with underlying data. It also helps the end-users to create and define data mashups on their own and visualize and analyze the resulting data blocks who can repurpose and introduce new data with mash ups and bring self-service to a different level.

If you need reporting and analytical capabilities that go beyond just Excel, then Power BI-enabled Contract Management is the ideal choice for your business. Its transformational capabilities can help you make smarter and faster business decisions, bringing immense value to your business.