“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
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.
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.
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.