ChristianSteven BI Blog

End-of-the-year reviews are common in any business environment. It’s around this time of the year that executives are sitting down with their annual reports to explore areas of improvement, spot growth trends, and develop plans for 2023. Another pillar concern for company leaders is problem-solving and challenge anticipation. What business problems are you expecting next year? More importantly, what should you be prepared to solve? Every industry has unique problems to solve  and core offerings. However, these are the most significant, universal challenges facing every business owner in 2023. In this article, we will offer a few insights to help you explore solutions. Spoiler alert, Power BI Reporting and having the right data solutions should be on your shortlist.

Businesses often talk about the need for data-driven decisions. Yet,61% of executives do not believe their organizations view data as an asset. Less than 15% believe their organizations are delivering on their data strategy, and less than 25% see their enterprises as data-driven. Many executives are unhappy with the insights derived from their own data analytics.

Part of the difficulty comes from low data literacy among executives and the workforce. About 60% of executives said they did not derive value from data analytics, and almost 80% of the workforce have little to no confidence in their data intelligence skills. Even if organizations have comprehensive data analytics, their workforce cannot turn those into insights. They need tools such as Power BI Reporting to transform analytics into outcomes.

The most recent data from Statista indicates that more than 60% of corporate data is now in the cloud. Unfortunately, many organizations migrated their data to the cloud, assuming existing data management practices would transfer. Businesses need to deploy cloud-specific data management strategies if they want to maximize the benefits of cloud migration.

The business world is rapidly changing to adapt new strategies for maintaining competitiveness and enhancing revenue streams. As the global community continues to emerge from the coronavirus pandemic, organizational leaders strive to develop a foundation for their organizations to thrive in a new world. Unfortunately, the pre-pandemic workplace can no longer address these new challenges. Workforce issues require new strategies and data-driven approaches.

The pandemic has accelerated the implementation of new working ways and the adoption of digital technology across industries. However, many companies also face a workforce challenge following the effects of the pandemic and the great turnover experienced in the past year. An essential counter mechanism to overcome these challenges is transforming toward a data-driven workforce to maintain competitiveness for the future. 

Read on to learn how Power BI can address current workforce issues and the headwinds of changing culture.

Leverage Data to Support Your Business Vision

Economic uncertainty and volatility characterize the current global business environment.  In good times, corporations scramble to meet demand and add capacity while standing out from the competition, and at the same time feeling particularly attracted to a growing and robust market.

In challenging times, businesses struggle to encourage reluctant clients and control costs while retaining sufficient resources and personnel to respond promptly when the market evolves and recovers. Whether the market conditions are good or bad, there are multiple opportunities for corporations to leverage their preparedness to remain competitive and maintain steady growth.

Having a clear business vision is one of the initial steps to staying competitive during a recession. A clear business vision helps you stay agile and secure and keeps your customers returning.