The next big thing in analytics is embedded business intelligence (embedded BI). More and more businesses today are looking at deploying embedded business intelligence solutions. The reasons are many: the huge time gap between delivery, interpretation, and implementation of traditional data analytics solutions, the added value companies can provide to their own customers with this new solution, and so on.
Since the adoption of data analytics about 15 years ago, business intelligence meant dashboard and reporting capabilities. But embedded business intelligence is changing that, helping organizations take full advantage of data.
What is embedded BI (Embedded Business Intelligence)?
When you add/embed BI software features like a dashboard, data visualization, and analytics tools straight onto your applications, you have what is called embedded BI.
This can generally be achieved in two ways:
- In-house development of the solution
- Outsource to 3rd party
Advantages of using embedded BI:
- No need to move between many platforms or user interfaces as it allows you to work with data within the same app
- Saves money since there’s no need to purchase additional tools
- Cuts down on the time taken between the generation of the data and its analysis
- Provides a much unpolluted and user-friendly experience for customers, and therein lies their major advantage over solutions that require two or more different platforms
Some important factors to be looked at when evaluating implementing embedded BI
If you are planning to buy an embedded BI solution from a 3rd party, you must keep in mind the following:
Scalability: Like any other IT or tech solution, you need to understand whether the solution is upgradable. Eg: How many users it allows accessing the database simultaneously?
Single/many: Is it a single solution that does all the work, or does it ask you to purchase other tools from vendors, which means more expenditure?
Customization: Is the embed BI solution you want to buy customizable? Meaning, does it allow deploying API sets, plugins, and so on.
Time factor: How long does the solution take before it is up and running? The faster the better, obviously.
Components of an ideal embed BI solution
An ideal embedded analytics solution must be able to:
- Allow sorting, cleaning, and formatting of data
- Provide interactive reports on one screen
- Be able to build a central data depository by extracting data from various sources
- Be able to amalgamate different data sources into a single view to allow analysis and reporting from totally unrelated sources
The latest Gartner, ‘Magic Quadrant for Analytics and Business Intelligence Platforms’ says,”…..BI software should support the complete analytic workflow from data preparation to ingestion and visual exploration.”
That is exactly what is expected of embedded BI solutions. These can work wonders for not only large enterprises but also for medium-sized ones. For the former, it delivers faster results, while for the smaller counterparts, it provides a single source of truth by merging data from disparate sources into one single dashboard.
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