IoT Devices or Applications can pass their data to Azure Event Hub, and Azure Event hub can be used as an input to Azure Stream Analytics (which is a data streaming Azure service). Then Azure stream analytics can pass the data from input based on queries to outputs. If Power BI be used as an output then a dataset in Power BI will be generated that can be used for real-time dashboard.
As a result anytime a new data point from application or IoT device comes through Event hubs, and then Stream Analytics, Power BI dashboard will automatically update with new information.
This is a pretty nice weekend project.