A Checklist for Finance When Considering Power BI for Finance Analytics
For those Finance teams that are looking at implementing Business Intelligence in their business with Power BI in mind can use these questions as a guideline.
We have broken these questions into 8 key parts for you to work through.
Part 1 – Purpose
What is Business Intelligence?
Why do you want to implement BI in your business?
Part 2 – Data Pain Points
What struggles / pain points do you have with your current data?
How clean and up to date is your data?
How often do you rely upon data for informed decision-making?
Part 3 – About Power BI
Do you understand what Power BI is, its key components and on how it works?
Have you been shown what Power BI looks like, its features and functions?
Have you seen a dynamic Power BI Finance Dashboard in action to get a feel of the difference to Excel reporting?
Part 4 – Why Power BI
How does Power BI compare to other platforms i.e. cost versus benefits?
Why is Power BI the preferred BI Platform in the market?
Have you looked at Power BI pricing for both desktop and cloud services?
Part 5 – Benefits of using Power BI
What are the key differences in using Power BI over Excel?
What are the possibilities when using Power BI for Data Visualisation and Data analytics?
Part 6 – Data Sources
What are the different data sources in your organisation?
Where are all your data sources kept?
How do you intend on getting data into Power BI?
Part 7 – Using Power BI
What are you looking at doing with Power BI?
Which business questions / metrics are you looking at monitoring?
How will Power BI help you drive business performance and insights?
Part 8 – Collaboration with End Users / Decision Makers
Who are you creating the Power BI reports for?
What decision-making info do they need?
How do you want them to access their decision-making info and how often?
What security levels do you need to restrict access to data?
We hope these questions provide you with some food for thought in why you would want to implement Power BI.