Embedded Business Intelligence: Why You Should Deploy It Now?

Business Intelligence

“BI is about providing the right data at the right time to the right people so that they can take the right decisions.”

- Nic Smith

Businesses have realized that real-time data insights are the key to success. So today, businesses are looking forward to the fusion of analytics with business processes to get deeper insights. This requirement of businesses is getting fulfilled by a popular wing of business intelligence, known as embedded business intelligence.

Integrating embedded BI solutions into your existing software tools goes far beyond just a productivity boost. You will be stunned by witnessing how incorporating embedded analytics and BI with your CRM, HCM, and ERP tools can impact your overall performance.

How Does Embedded BI Enhance Your Business Capabilities?

According to a Dresner Advisory survey, embedded business intelligence tools have an average adaptation rate of 59%, which is better than the adoption rate of traditional BI tools, which is 27%. In addition, unlike traditional BI, embedded BI solutions offer a lot of personalization options that facilitate users' to merge data from diversified data sources to suit their business requirements.

Let's take a look at some obvious reasons why businesses should opt for embedded BI and embedded analytics.

Possesses Open Architecture

The open architecture mechanism of embedded business intelligence helps in bringing the best possible analytics solutions with the availability of extensible platforms and enhanced flexibility. This makes it favorable to cater to rapidly growing and futuristic business requirements and analysis from the clump of data available.

Boosts Usage of Cloud Computing and Big Data Solutions

Because of the rising use of big data solutions and cloud platforms, embedded analytics is becoming easier to implement. Cloud computing eliminates the difficulties associated with BI solution implementation, and cost-effective models make it simple to adapt. New big data solutions reduce the burden of dealing with large amounts of data, making the overall setup even more user-friendly.

Unified Platform for Customers

Embedded business intelligence software serves the primary objective and is a boon to users who do not want to switch between platforms and prefer to work in a single environment. Users save time and money by not having to obtain, install, and utilize numerous tools. This also helps you to save a lot of time, which helps increase productivity significantly.

Increased Focus on Revenue Generation

With embedded BI doing most of the report generation on its own, the users get additional time to focus on how to develop their business and boost revenue. They can focus on their core capabilities and obtain a competitive advantage over others. Embedded analytics can help you boost revenue, retain customers, and enhance your product offerings.

Makes BI more pervasive

To build a business strategy, many companies depend on BI as a platform or process controlled by IT. Embedded analytics breaks down barriers to data, making BI more accessible to all those who utilize an organization's core applications. Instead of waiting for IT to respond to a report request, more users are getting engaged in the analytics process.

Future of Business Intelligence




Different Embedded Business Intelligence KPIs

Selecting the right key performance indicator (KPI) is essential for making effective, data-driven decisions. If you choose a suitable KPI, it will help concentrate the efforts of your employees towards a meaningful goal. However, if you select the incorrect KPI, you could end up wasting significant resources running after vanity metrics.

Of course, every business and every industry is different, and they need to set different KPIs for their organizations as per their requirements. Here are some of the common embedded BI KPIs:

Customer Satisfaction Score

A customer satisfaction score indicates how a business performed to meet customer expectations and the level of their satisfaction.

Monthly MRR/Expansion Rate

Monitor the health of the business as it grows, acquires, and retains customers and simultaneously compare it with historical data and trends.

Net Prompter Score/Net Promoter Score

Your net prompter score or net promoter score indicates how customers perceive your brand and whether you have a sound reputation in the market. It also indicates the willingness of customers to recommend your products after using them.

Earned Value (EV) Metrics

The earned value (EV) metric is the planned value of the work that has been completed. It is also referred to as the budgeted cost for work performed.

Real-World Embedded BI Examples: Syngenta Uses It for Performance Evaluation

Syngenta's executive team meets once a week to evaluate the company's overall health. To obtain an accurate picture they had to extract data from various apps. The solution they had in place was to collect screenshots from several Qlik Sense applications on the day of the meeting and put them together in a PowerPoint presentation. This was not only a waste of time, but also the executives faced difficulty engaging with the data that was being presented—they couldn't excavate, filter, or look at other circumstances to see what the data was indicating to them. The solution was to build an embedded analytics software inside Qlik Sense that gathered data in real-time from different apps. Through a single interface, the team now has access to more valuable data and can spend more time evaluating the value of the insights they get from that data.

Wrapping Up

All of this indicates the rise of embedded BI as we continue to march through the era of data. As embedded BI analytics becomes a more critical component of business intelligence services and solutions, it will be intriguing to witness how far its reach will stretch. Business experts are making strong predictions that demonstrate no turning back for embedded BI. The future of business intelligence is expected to be significantly more automated and aggressively utilized, with very few bottlenecks in terms of interface limitations and the data flow.

FAQ


Should I build or buy embedded BI for my business?

There are two ways to implement embedded analytics systems. It can be built in-house or purchased as a white-labeled product. Be aware that building an embedded business intelligence software from scratch will require a significant investment of both time and money. A great BI tool is more than just a platform.

How is Power BI Embedded different from Power BI?

Microsoft built Power BI Embedded for ISVs that embed analytics within their applications. Users can access their data and run queries inside the application using embedded analytics. In addition, business users can use Power BI to have a unified view of their data.

Does embedded BI help in achieving business goals?

There are numerous embedded business intelligence solutions available that specifically target market niches. Just because a set of capabilities works for one organization does not imply that it will work for another. The first step in selecting vendors is identifying those specializing in your production environment.

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Now generally available, and ready for both analytical and transactional processing for apps originally built on MongoDB. Announced in public preview in early 2023, SingleStore Kai is an API to deliver over 100x faster analytics on MongoDB® with no query changes or data transformations required. Today, SingleStore Kai supports BSON data format natively, has improved transactional performance, increased performance for arrays and offers industry-leading compatibility with MongoDB query language. Projections: To further advance as the world’s fastest HTAP database, SingleStore has added Projections. Projections allow developers to greatly speed up range filters and group by operations by introducing secondary sort and shard keys. Query performance improvements range from 2-3x or more, depending on the size of the table. With this latest release, SingleStore becomes the industry’s first and only real-time data platform designed for all applications, analytics and AI. SingleStore supports high-throughput ingest performance, ACID transactions and low-latency analytics; and structured, semi-structured (JSON, BSON, text) and unstructured data (vector embeddings of audio, video, images, PDFs, etc.). Finally, SingleStore’s data platform is designed not just with developers in mind, but also ML engineers, data engineers and data scientists. “Our new features and capabilities advance SingleStore’s mission of offering a real-time data platform for the next wave of gen AI and data applications,” said Nadeem Asghar, SVP, Product Management + Strategy at SingleStore. “New features, including vector search, Projections, Apache Iceberg, Scheduled Notebooks, autoscaling, GPU compute services, SingleStore Kai™, and the Free Shared Tier allow startups — as well as global enterprises — to quickly build and scale enterprise-grade real-time AI applications. We make data integration with third-party databases easy with both CDC in and CDC out support.” "Although generative AI, LLM, and vector search capabilities are early stage, they promise to deliver a richer data experience with translytical architecture," states the 2023 report, “Translytical Architecture 2.0 Evolves To Support Distributed, Multimodel, And AI Capabilities,” authored by Noel Yuhanna, Vice President and Principal Analyst at Forrester Research. "Generative AI and LLM can help democratize data through natural language query (NLQ), offering a ChatGPT-like interface. Also, vector storage and index can be leveraged to perform similarity searches to support data intelligence." SingleStore has been on a fast track leading innovation around generative AI. The company’s product evolution has been accompanied by high-momentum growth in customers and surpassing $100M in ARR late last year. 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EAGLYS, Mitsui and Quantinuum Collaborate to Build a Quantum-Resistant Data Analytics (AI) Platform Using Quantum Computing Hardened Encryption Keys

Mitsui & Co., Ltd | December 13, 2023

In partnership, EAGLYS, Inc., Mitsui & Co., Ltd., and Quantinuum have integrated Quantum Origin into EAGLYS' secure computation product DataArmor, strengthening the platform against the quantum threat to encrypted data. Mitsui and EAGLYS have used secure computation technology to build a platform that allows research institutes and businesses to securely collaborate using each other's data and AI models. DataArmor uniquely maintains the confidentiality and security of sensitive data and AI models using homomorphic encryption, a technology that allows analysis to be performed on data while still encrypted. This protects encrypted data from being revealed when shared, safeguarding organizations and their Intellectual Property against advanced cyber threats. EAGLYS has now integrated Quantum Origin, the world's only solution that uses the power of quantum computing processes to provably strengthen encryption keys, as part of their Quantum-Resistant Data Analytics (AI) Platform. This integration strengthens the resilience of DataArmor against the threat of a quantum-computing-based attack. Quantum computers are expected to empower significant innovation in the future and create approximately 100 trillion yen in value by 20351. At the same time, the development of quantum computing technology presents a new threat to the cryptographic security measures that protect the confidentiality of encrypted data and communications. RSA, one of the most widely used cryptographic algorithms, may soon be deciphered by cybercriminals to expose confidential data. It is unclear when a quantum computer will be capable of cracking existing encryption, but organizations are increasingly concerned about cyber security attacks called 'Hack now, Decrypt later.' A recent Deloitte survey revealed that over 50%2 of cyber professionals believe their organization is at risk from this attack, where malicious third parties steal and store encrypted data to decrypt it when the quantum computing technology is available. As a countermeasure against such potential threats, organizations must strengthen encryption protection for data and AI models by using post-quantum cryptographic algorithms and hardening cryptographic keys. Research institutes and businesses increasingly need to collaborate using each other's data and AI models to accelerate innovation in chemical materials development, drug discovery, financial analysis, and retail trends. To maintain the confidentiality and security of the data and AI models used in these collaborations, EAGLYS' DataArmor platform combines fully homomorphic encryption based on lattice cryptography and Quantum Origin's quantum-derived entropy for key generation to strengthen protection against a quantum computing based attack. Going forward, the three companies will continue to develop new use cases utilizing this platform. "We are pleased to collaborate on this advanced project with Quantinuum, a world-class quantum computing company, and our valued partner Mitsui & Co. This collaboration is an important initiative for our business and will enhance our Homomorphic Encryption platform, enabling us to create new value for our customers through AI and data in a highly secure environment. By deploying the Quantum-Resilient AI Platform together with the three companies, we hope to further increase customer value through secure data sharing and AI in the chemical, medical, financial, and retail industries.", said Hiroki Imabayashi, Founder and CEO, EAGLYS Inc. "Through this collaboration, we are able to present a quantum-resistant data analytics (AI) platform capable of creating new value using EAGLYS' secure computation technology. We are convinced that by combining EAGLYS' secure computation technology with Quantum Origin, DataArmor will become an increasingly important solution to prepare for potential threats that may accompany the commercialization of quantum computers. We will continue collaborating with both companies and focus on realizing new customer value by combining Secure Computation and Quantum Technology." said Koji Naniwada, Deputy General Manager & Senior Tech Lead, Quantum Innovation Dept., Corporate Development Div., Mitsui & Co., Ltd. Duncan Jones, Head of Cybersecurity, Quantinuum, added, "Hardening encryption keys is critical to protecting sensitive data in the post-quantum era, and Quantum Origin is the world's only technology that provably strengthens key generation. By integrating Quantum Origin, EAGLYS is future-proofing the security and integrity of its customer's data." About Quantinuum Quantinuum is one of the world's largest integrated quantum computing companies, formed by the combination of Honeywell Quantum Solutions' world-leading hardware and Cambridge Quantum's class-leading middleware and applications. Quantinuum accelerates quantum computing and the development of applications across chemistry, cybersecurity, finance, and optimization. The company employs over 480 individuals, including 350 scientists, at nine sites across the United States, Europe, and Japan. About Mitsui & Co., Ltd. Mitsui & Co. is a global trading and investment company with a presence in more than 60 countries and a diverse business portfolio covering a wide range of industries. The company identifies, develops, and grows its businesses in partnership with a global network of trusted partners including world leading companies, combining its geographic and cross-industry strengths to create long-term sustainable value for its stakeholders. Mitsui has set three key strategic initiatives for its current Medium-term Management Plan: supporting industries to grow and evolve with stable supplies of resources and materials, and providing infrastructure; promoting a global transition to low-carbon and renewable energy; and empowering people to lead healthy lives through the delivery of quality healthcare and access to good nutrition. About EAGLYS Inc EAGLYS is a company that provides an AI platform that uses AI and Homomorphic Encryption. The company creates new value by collaborating data from various industries such as chemical, manufacturing, medical, and retail. Particularly in the field of chemistry, EAGLYS provides solutions that significantly change industry practices.

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