Wouldn’t it be nice if there was an application that could help predict risks and opportunities for your business products or services? Microsoft has turned this concept into reality with Power BI’s predictive forecasting. Familiarize yourself with the capabilities of predictive forecasting and how this business intelligence feature can help your organization.
Power BI is a separate Microsoft product on its own, but if you have a Microsoft 365 Enterprise E5 subscription, then you can avail of Power BI for Microsoft 365. Both versions use a variety of statistical techniques, such as modeling and data mining, to analyze current and previous information to make accurate predictions. Power BI also provides users with the ability to generate reports, interactive charts, and 3D visualizations of business performance.
What’s more, Power BI’s built-in predictive forecasting models can automatically detect data seasonality, allowing users to immediately see the annual, regular, and predictable changes in data. It also enables users to see how results are affected by certain parameters. All they have to do is set parameters such as the time or the confidence interval according to their preferred configuration, and the software will analyze data accordingly. Simply put, users can perform advanced forecasting without the complexity that usually accompanies these kinds of processes.
Power BI’s predictive forecasting can also help fill in gaps with data. Power View, an interactive data exploration and presentation tool, fills in missing values from a data set before carrying out a forecast for a more accurate result.
Get started with Power BI for Microsoft 365 predictive forecasting by doing the following:
Predictive forecasting, if used properly, can immensely help with the overall strategic planning, market penetration, and operations of your business.
Looking to learn more about Microsoft 365 and its features? Call us today for a chat.
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