Dear Alex,
Good day!!
I understand your concern and to my knowledge, the best solution for your requirement should be Power Automate because Power Apps will help you to customize the List Form but the Power Automate will help to remind the related team about the changes made and approval requirement. Moreover, we can use the Power Automate custom flow to update the attributes based on the conditions etc.
So, to get the custom flow details based on your requirement, I suggest you to post your concern in the Microsoft Power Automate Community - Power Platform Community to get the detailed help from the experts.
Moreover, the List data can be connected to the Power BI for generated the analytical reports and to get more details, I suggest you to post your concern in the related community i.e., Microsoft Power BI Community - Microsoft Fabric Community to get the detailed help from the experts.
Apologies for redirecting you to a different community as the moderators in the category posted focus on the users with the Microsoft 365 out-of-the-box concerns and have limited knowledge of Power Platform, so to get the fast and better assistance, we have redirected you to the correct community.
Appreciate your patience and understanding. Have a great day!!
Best Regards,
Sophia