Embedded analytics and business intelligence these two terms look so similar but they differ a lot with their functionalities.
Business intelligence consists of technologies, systems, people and processes that make the organization analyze the data. This analyzed data acts as a guideline for the operational and strategic decisions. Business intelligence gathers data from various sources. It might be structured, unstructured, or internal and external data sources to get an overview.
Business intelligence may fail to showcase intended results, but it is necessary. It is not associated with the user workflow.
Embedded analytics merge the data directly into the user workflow and a user is able to see the inside information. This procedure helps to create a user perspective at the time of decision making that will result in a better outcome.
Business intelligence provides perceptions across various systems, whereas Embedded systems create applicative insights directly by using everyday tools. Software companies prefer Embedded analytics.
Approaches to Embedding Reporting and Analytics
Embedded analytics have various approaches and factors to be considered to sort out the approach towards the application. Here there are three illustrated factors of embedding:
Launching a Standalone Application: This is the key way to implement reporting and dashboard functionality, by maintaining the data in a discrete website. This drives the user closer to the analytics while decision making. It requires signons and security models to get break-free integration with application workflows.
Iframing: Displaying the report and dashboard elements inside of the inline frames is the second way to embed analytics. By changing filters view, will have authority to view the report data and it can be able to communicate with it.
Embedding at the code level: Business intelligence code is integrated with the host application code, that implies both applications and user experiences will unite and create break-free analytics. This procedure will be executed only if an application is embedded at a code level.
Benefits of Embedded Analytics
Many tools and applications offer reporting and analytics levels. Reporting is not oftenly used in the application. It is very common to neglect the first item if in case of user demand for a typical report they are suggested to use the application.
This is the same procedure followed by many companies to outsource the functionalities like marketing, sales, and others. This model creates more focus on their core products and less time on reporting. These are few benefits included:
- Gain Competitive Edge: Amplified reporting and analytics results in a competitive differentiator.
- Generate Additional Revenue: Embedded analytics is a revenue generator and drives the upgrade, the product’s latest version.
- Improve customer Retention: Effective analytics will improve the product usage, satisfaction, and retention as well. This reduces the user distraction on other products.
- Increase Product Critically: Embedded analytics is an operational application that describes user work efficiency. Dashboards provide insights that allow the user to take action and these reports and analytics will direct the user for better decision making.
Lower Operational Cost: embedding is most cost efficient than managing with in-house solutions.