Once you've enabled editing and content, Excel presents you with an empty PivotTable and Fields list from the Power BI dataset, ready to be analyzed.
The Excel file has an MSOLAP connection string that connects to your dataset in Power BI. When you analyze or work with the data, Excel queries that dataset in Power BI and returns the results to Excel..
There are a handful of things to consider when you begin using Analyze in Excel, which might require an extra step or two to reconcile.