For those that are new to Power BI, the best way to introduce yourself to it is by understanding what it does and why. Power BI is Microsoft’s dedicated Business Intelligence (BI) tool, and is part of the Microsoft Power group of services. It is fully scalable and can be utilised by both small and large enterprises, with a host of features and functions to make certain business practices simple and easy to navigate. In a nutshell, it’s a tool that can be integrated to display data, collate results, and compile information visually, making things easier to monitor and keep track of.
How is this beneficial for managing financial risks?
Consider the potential of a tool that not only compiles data, but then creates a visual solution that is easy to navigate and simple to explore. This was the ambition of Microsoft during the development of Power BI and the tool will help you to get your data processed as seamlessly and efficiently as possible.
Gone are the days of overlooking discrepancies within financial data; with Power BI, these potential concerns can be highlighted, honed in on, and then reviewed either manually or via the use of AI or even RPA to determine whether they are an issue or not. This is one of the main reasons why more and more in the FinTech field are turning to Power BI to stamp out issues before they evolve.
Can this help with fraud prevention, too?
Certainly! In fact, by being able to visually explore data and analytics at the press of a button, the risk of fraud can be minimized and even banks and building societies have been looking into the potential of Power BI to assist with eliminating fraud. Not only is the tool capable of analysing this type of vital information, but it can also be programmed to filter results before compilation; neatly setting aside anything that has been red-flagged for manual review by a human user.
Transferring data into Power BI is as straightforward as importing information from a CDS file (Common Data Service) and then allowing the software to analyse the content and present its findings. Part AI, part programme, you’ll begin to see why so many are turning to its potential as it remains accessible across platforms and can be integrated into a multitude of third-party software.
How reliable are the results?
According to experts, the results are almost 100%, with only a minimal percentage assigned for generalized errors which are typically easy to spot. The software also has the ability to cross-examine its own results and then re-filter them accordingly, making errors even less likely the more it is used. By incorporating a ‘learn as you live’ feature into Power BI, Microsoft was able to create a tool that doesn’t just work with the goal of its user in mind; it also has the potential to learn from its mistakes, or be taught to overlook or focus on specific aspects via filters and custom user input.