Excel is a genuinely capable analysis tool, and for a lot of businesses it remains entirely sufficient. The question isn't whether Excel is "good enough" in the abstract — it's whether your specific reporting needs have outgrown what a spreadsheet-based process can reliably deliver.
A few signals suggest it's time to consider a dedicated BI tool like Power BI. If building a report means manually pulling data from multiple systems and pasting it together each time, that process doesn't scale and is prone to error. If different people are producing slightly different numbers for the "same" metric because they're each maintaining their own version of a spreadsheet, that's a sign reporting needs a single, shared source of truth.
Power BI and similar tools connect directly to your underlying data sources and refresh automatically, removing the manual copy-paste step entirely. They also handle much larger datasets smoothly, and let you build interactive reports that let a manager drill from a high-level number down into the detail behind it — something a static spreadsheet report can't do.
The switch doesn't need to be immediate or total. Many businesses run both side by side: Excel for ad hoc analysis and one-off calculations, Power BI for the recurring reports that matter enough to warrant a properly built, automatically refreshed dashboard.