If a business owner, customer, or supplier wants access to data in context, embedded analytics is the solution that makes this possible. Embedded analytics software integrates analyzed data into products or existing business workflows, and makes it easy to see and understand. It is the incorporation of analytical capabilities and data visualizations into other software applications. Simply put, it’s a workspace where data analysis happens inside the program without the need for the user to switch to another app.
Embedding real-time reports and dashboards allow the end-user to analyze the data transmitted from the software application that the analytics platform is embedded into. With this analysis, the end-user can identify and mitigate issues and spot opportunities to maximize. An example of this is a photo printing company embedding analytics into their printing software. The analytics tools will allow them to monitor things like ink usage, the number of prints, and production trends and volumes. Visuals will be displayed through the analytics platform that will help evaluate resources and efficiency. Let’s take a closer look at embedded analytics software and the benefits that come from using it.
How Embedded Analytics Works
Since the dawn of the age of data, businesses have been using analytics in data-driven decision-making. This trend has expanded as analytics extends to a broader range of users and applications. Embedded analytics is built on the idea that analytics should be contextual and widespread. Instead of being used solely for informed decision-making, analytics need to be available within familiar business applications. This enables real-time analysis of a wide range of situations. Additionally, businesses are growing in an ever-increasing analytical world. Along with this comes an expanding amount of comparative information. When a user interfaces with business applications, portals, and websites that feature analytic functionality, it promotes a wider understanding and use of data strategically. Embedding makes analytics available when and where they can be most useful.
The Benefits of Embedded Analytics
Businesses are generating and receiving a lot more data today. The technology of embedding analytics embraces the latest developments of data mining, processing, visualization, and storage to help the decision-making process. The idea of this technology is to make the results as straightforward as possible so that it can be easily integrated into most platforms. Embedding analytics into business applications can bring huge benefits.
Embedding analytics into the workflow environment delivers robust benefits that can increase efficiency and ultimately produce greater production and larger profits. First and foremost by integrating this technology a business will be getting ahead of the curve. The business data from products can be turned into valuable information. Having this data source will unleash the power of real-time business processes and allow for making better decisions while managing the supply chain. Using this business intelligence software will also generate new revenue streams. Actionable insights help generate new revenue streams from things like monthly service subscriptions, premium offerings, or new value-added applications. Another benefit will be the retention of customers. When these analytics of part of the product, the customer experience, and satisfaction are increased. Finally, business intelligence software can increase the cost-effectiveness of doing business. Better data will lead to smarter methods and planning.
Analytics Solution Users
Businesses and organizations across many industries and departments are using this type of analytics. Dashboards, visuals, and other analytics tools are being used by these companies to make sense of their data. This is allowing for better, more informed decisions. Data discovery coupled with business intelligence software provides predictive analytics for these businesses to operate more smoothly. Organizations from financial services, manufacturing, healthcare, retail, and even government and education have all adopted an embedded analytics solution.
Analytics is the most popular form of embedded technology today. Deeper integration of business analytics tools within applications corresponds to improving the user experience, increasing end-user adoption, and differentiating products. This technology is providing valuable insights and leading to more advanced analytics capabilities. Data analysis is important for businesses on any level, but when embedded directly into the workflow applications, it can move any company to the next level.