Real World Power BI Example: Using Data to Predict Bitcoin Value
Most people know that their data can be used to tell a story, yet most organizations still struggle to understand what their data is telling them. Advancements in data analytics platforms such as Power BI have become highly practical, efficient, and user-friendly, but with frequent updates and a barrage of confusing marketing jargon, it can be difficult to know where to begin.
Real World Examples of Data Stories
In my experience working with clients, I find that the best way to sift through the noise is to look at real-world examples. The Power BI Year in Review contest is a great resource for uncovering real-world data analytics success stories. The contest allows anyone to create a Power BI dashboard to analyze data and showcase the storytelling power of Power BI.
This example illustrates how different Bitcoin investment scenarios could have played out using advanced analytics models.
How much money could you have made if you invested in Bitcoin earlier this year? This data analytics solution can tell you with impressive detail using “what-if” analysis in Power BI.
The tool allows you to customize your results based on the following criteria:
- You can select the initial Bitcoin invested amount
- Set buy and sell dates (including future dates)
- See how much you would have made if you had the foresight to invest
The complete example code is also made available so you can inspect it and repurpose elements that are relevant to your situation.
This is a super cool (although in this case, potentially depressing) way that Power BI can easily visualize predictive analytics.
There are tons of examples of how organizations are utilizing Power BI. Healthcare systems are collecting, visualizing, and sharing medical data to identify quality measures and reporting requirements. Non-profit organizations are tracking program participation. Large universities are using it to track energy use in buildings to improve energy efficiency.
So, two questions:
First, what could your business do if they were able to track key data?
And second, does anyone have a time machine I can borrow for a few hours? I have some Bitcoin I want to buy.
If you’re interested in learning more about how other organizations are leveraging data analytics to grow the business, download our guide, The Essential Guide to Data-Driven Decision-Making or contact us to discuss your unique business requirements and goals with one of our data science specialists.