Today, a lot of companies that rely on data notice the importance of business intelligence. Data can bring customers, revenues, and assets that many businesses need to reach their goals. Data represents power. Technologies that bring data are now getting more and more integrated with a lot of businesses. Many companies seek the right tools that can harness data because it is very profitable in the long run. This is where business analytics comes into place.
What is Embedded Business Analytics?
An embedded analytics or more commonly known as embedded BI is the addition of features to a common business intelligence software. These features commonly comprise analytic tools, reports, and data visualizations. There are two ways on how businesses can add additional features. The first one is to develop a native or in-house platform and the second one is to purchase embedded software.
Build Your Own Software? – Or Not?
Both the solutions above have their own advantage and disadvantages. Some businesses do not have the technical knowledge, funds, and resources to build a full package software. The tools might work for some time but they might not be able to handle a growing business’ needs especially if it attracts a lot of customers over time.
It is already established that building software requires a complicated and specialized knowledge that can take years to possess. If the company IT and manpower do not have the right background in building an effective analytics, it will cost more if the company owner will have them trained. On top of that, the owners need to get the required resources in the least possible time so that they won’t be left out by their competitors.
Some of the benefits that a BI can give include an enhanced visualization, improved user experience, interactive reports, and real-time analytics. A dashboard where you can view all of these is usually provided. The businesses can see data, charts, reports, and graphs that tell them whether their business is growing or not. The reports often require immediate action. Some of the functionality of a business analytics is to distribute data into the workforce for an approach that is more collaborative. For more information about business reports, click this link here.
A BI is very much different from traditional software that reports a narrow set of data from just a single source. Business analytics often combined all the data that it has gathered from multiple streams or channels and combine them into a single understandable report. End users can often modify these reports and companies can often assign specific tasks to each employee for improvements that are recommended in the reports. This is a great way to automate the workflow of each employee. Many business marketing teams will not have to wait for their IT specialist to generate a report regarding the current market if they have access to the software. They can take real-time actionable plans and as soon as possible. The process of sending reports to their screens is automatic and immediate.
Things to Consider in Embedded Business Analytics Evaluation
When you are looking for the right reporting solution for your business, it is important to have at least an idea of the key features that you need to look out for. These are the following:
- Immediate Availability – You have to get a software package that can be up and running within days. You should be able to save some resources and time and not experience any delays.
- Customizable – Check if there are custom visualizations, API sets, CSS customizations, plugins, and white label options that are available.
- Scalable – You should know the amount of data that each user can access at the same time. It should handle a lot of users who are running database queries simultaneously.
- Standalone Packages – It is great if the software package does not require any additional plugins and tools from third-party vendors. This would just complicate the whole process of visualization, management, and integration of data if a problem arises.
- Secure – There should be an option that the right data are only available for the right people. There should be levels of security where people who want to access a particular data set will be given permission to access a specific level of the report.
BI Will Continue to Grow in the Near Future
The increase BI adoption of many businesses shows that it is not just a passing fancy. Businesses are realizing the important role of integrated and accessible data to their system. Business analytics gives power to consumers so that they will be able to make the right choices throughout the day. They can choose one business over the other because of the data that they see on their phones. A rise in the use of mobile devices is now taking place and anyone who has the right access can be exposed to important pieces of information.
BI is Not Only for Giant Companies
BI is no longer for the mega-rich corporations but a must-have for any business that is data-driven. In today’s fast-changing digital world, it is harder than ever to capture consumer’s attention. On top of that, you have many competitors in the market who are trying to improve their products and excel in the industry. It is important to note that business analytics is for everyone. Even the mega-corporations with deep pockets are investing in customized applications that can provide them a contextual report and a clear visualization of their position in the market.
What are You Waiting For?
You only need to contact the right company that can provide you with what you need. You can do this by viewing the right website. You can simply tell these companies on what your business is about and what you are trying to achieve. Your data will be at your fingertips faster than a speed of light and you can take actions whenever there are things that are not going as planned. Pave your way to success by getting a business analytics.