Embedded analytics is a system where BI and analytics capabilities are integrated into the current application which enables insights generation and data-driven decision making. With embedded analytics, the user can naturally access analytics inside the existing application without having to open another application. Embedded BI usually is applied in a narrow manner for example to enhance the marketing and sales campaign, supply chain management, budgeting, etc.
What all embedded analytics can bring to the table
Embedded analytics is not just about stunning visualization, it is about generating game-changing and action inducing insights. Below are all the embedded analytics can bring to any application:
- It provides dynamic dashboards and reports via data visualization and gives a comprehensive look at various KPIs and metrics.
- Some kind of reports are needed in businesses at regular intervals, with embedded BI, these reports can be scheduled to be delivered in the desired format to key stakeholders, enabling faster and timely decisions.
- It provides the user ad hoc reporting and self-service analytics with which business users can do the data analysis on their own and answers their own specific questions without any outer support.
- Businesses need to stay at par with competitors, for this embedded analytics enables the leaders to benchmark performance and compare relevant KPIs
- This also provides the feature of mobile analytics and reporting, using which consumers can experience BI anytime anywhere.
- With the right embedded analytics tools, businesses can harness the power of AI and machine learning in their own application. They can generate accurate predictions regarding sales, demand, inventory, budget, and much more using predictive analytics.
Ways to access embedded analytics
The companies who want to experience advanced analytics right in their core application have two paths. They can either internally develop an analytics and reporting tool, or they can purchase a BI tool that seamlessly embeds. In case, the company has significant expertise in technology and time to dedicate, they can develop their own tool in coherence with the current application. However, the generally preferred path is where organizations purchase BI tools directly and embed them which enables them quick and economical application of reporting and BI. The users do not have to adjust to the new UI as the capability simply blends in with the current UI.
Benefits of embedded analytics
Embedded BI provides advanced analytics and intelligent insights to the customers and employees in the familiar environment which makes it even more efficient, here are few benefits it brings to the organization:
- Competitive advantage: By transforming data into actionable insights. It provides the user with revolutionary insights that can do wonders like increase conversion rates, sales, and reduce expense, etc.
- Increased revenue: Using the monthly subscription model, embedded BI can help you increase your revenue share.
- Enhance customer experience: With advanced analytics at the fingertips, insights regarding customer behavior, future buying trends, and much more can be found out to deliver the customers superior experience, inducing more sales and loyalty.
- Improved user experience: for the people who are using the application embedded with BI capabilities, the user experience improves significantly via stunning interactive visuals and game-changing insight right in a similar setup.
- Cost Reduction: embedded analytics is a cost-efficient way of accessing the advanced BI capabilities, which can help in cost reduction by optimizing all business processes.
Embedded analytics is not just another technology fad, it is here to stay and companies must embrace it faster. It empowers everyone, right from the top management to the ground level executives with actionable insights. From delivering forecasts to understanding current trends, it takes the business one step ahead and brings data-driven decision making in the day to day work which optimizes the performance and operations.