What do you understand by Embedded Analytics?
The integration of analytical tools like dashboards and data visualizations into software applications or transactional process systems is known as embedded analytics. Without relying on external or third-party analytical tools, it offers business data and self-service analysis process capabilities within a user's typical workflow natively. By allowing end-users to examine the data stored in the work app they use, it enables suppliers to manage and optimize software performance, increasing the accessibility of essential information.
How Is Embedded BI Used?
Embedded BI is significantly more flexible compared to traditional reporting and analytics solutions and enables users to merge and combine data from many data sources to meet their business needs. Users can evaluate business data more quickly and deliver the findings without waiting for assistance from the company's IT professionals. Users may obtain the data they require, analyze it, and decide what steps to take to accomplish their goals with the aid of embedded BI. Data from the operations of the business are gathered, processed, and then stored in a data warehouse by the embedded BI tool. All users have easy access to stored data so they can begin analyzing it to address business challenges.
Additionally, self-service BI features and embedded BI offer customization options that let customers further tailor their business applications to fit their unique brand needs. They can customize the application’s fonts, colors, and overall brand concept of their embedded reports, dashboards, and visualizations to match their applications.
Advantages of Embedded BI
We have listed below a few advantages of investing in an embedded BI tool:
Accelerates Time to Insights
Regardless of technical capabilities or professional expertise, embedded BI makes insights easily accessible to everyone. With insights available easily in real-time, users can make smarter and informed decisions by using integrated analytics solutions.
Improve Data-Driven Decision Making
The main goal of BI is to assist users in using data to inform their decision-making. Users can employ data-driven decision-making to make better business decisions that are backed by real-time information they can access at any moment when real-time insights are made available to them directly within their workflow.
Self-Service Reporting
Users can use data to answer their own questions with the help of embedded BI tools' self-service reporting features. Everyone who uses the app, including your clients and internal teams and departments, will find this to be incredibly helpful. All of your users will be able to build their own reports and dashboards whenever they need them by integrating self-service reporting with an intuitive drag-and-drop interface into your application.
Improved Business Performance
By integrating operations and analytics, embedded BI can significantly boost an organization's business performance. This enables applications to fully optimize robust analytics capabilities as part of their usual workflow, enhancing users’ productivity and operational efficiency as it minimizes the chances of distraction because users don’t need to switch between applications.
For instance, by automating machine operations, a manufacturing organization can use analytics to reduce downtime. Analytics in the insurance sector can aid in preventing fraudulent claims. Analytics can improve marketing campaigns in the telecom industry and assist businesses in creating customized products and advertising agreements that will reach the right audience at the right time.
What to Consider When Choosing an Embedded BI Solution?
A variety of embedded BI solutions are available to create ad hoc reports, visualize data and create customized dashboards. Having performed extensive research about embedded BI solutions, here’s what you need to look for:
Native integration with your app – the right embedded BI solution should integrate with all your applications in a seamless manner. You don’t want to burden your IT team, so look for a solution that won’t add additional workload and complexity.
Connectivity: Don't limit your evaluation of a vendor to their reporting and visualization capabilities. What good is it if it can't connect to all of your data? Ensure that the embedded BI solution provides a seamless connection with all the data sources you require.
Application Programming Interfaces (APIs) - The embedded BI solution you choose to purchase should also come with an API that enables the business application to use customized hooks when embedding the BI features.
Multi-tenant BI: With multi-tenant BI, you can reduce the complexity and customizations that are frequently required when integrating BI into your OEM software, ERP software, or other SaaS apps. With its capabilities, you can handle numerous jobs in the same account or organization at once and maintain data segregation with ease.
Mobile BI: Today, having data-backed business insights at your fingertips is a crucial business need. Users can leverage the power of analytics even on the go - thanks to mobile BI features. Users can access important business insights whenever they want and make smarter business decisions when it matters most.
Scalability: The ability of the solution's operations to scale up or down in response to an increase/decrease in its user base. This means that effective embedded BI software will enable you to increase the resources you already have to accommodate ever-evolving business demands or changes.
Pricing: In order to maximize revenue, several integrated BI suppliers employ unscrupulous pricing strategies. You don't want to work with a vendor who will charge you unpredictable costs for things like consumption and users. We recommend picking an embedded BI provider with a completely clear pricing structure that won't rise as your app's sales increase.
READ MORE: How Embedded Analytics Help Businesses Drive Adoption And Growth