Both large and small companies have realized that data is power. Business leaders see potential in data and it has supported their decision-making process. With data, they are able to analyze what has happened in the past (descriptive analytics), what will happen in the future (predictive analytics), why will it happen, how to prevent a problem from happening (prescriptive analytics) and leverage all these information for their competitive advantage.
However, to harness this data, we require powerful BI tools and these days business intelligence is being used at a whole other level. Enterprises either purchase or build an in-house BI tool to determine patterns from the historical data, extract insights and present it on a dashboard.
But, businesses are currently looking to integrate viable BI platform into their existing applications and products which is nothing but the embedded BI. Embedded BI involves adding native BI features like data integration, dashboard reporting, and data visualizations to all the existing applications.
Each business process – Customer Relationship Management (CRM), Supply Chain Management, HR, or finance generates data and executives use third-party software to extract data from these applications and visualize it using BI tools. Instead, embedding BI tools into each of these applications can enable access to insights within their business units and find new potential avenues for business opportunities.
There are plenty of reporting tools available in the market that can be easily integrated into any platform, so what’s the point of embedded BI?
The answer is very simple. Users generally don’t want to switch between platforms and they find it difficult to get accustomed to a whole new user interface every time. For example, Salesforce is often used to manage accounts and keep track of opportunities. Companies generally use additional data sources and reporting software to visualize Salesforce data. That means switching platforms often. This can be eliminated by embedding Power BI into Salesforce.
Though traditional BI tools offer basic reporting capabilities, they fail to gauge exploratory data analytics and visualizations. Unlike traditional reporting software, time-consuming processes such as data preparation and integration, analysis via scripting, and report generations are drastically reduced when the BI tool is embedded into business applications. This gives room for more effective analytics and helps business leaders and executives make more informed decisions.
In fact, Embedded BI is poised to be the next big thing in business analytics because it eliminates the need to purchase a robust analytics tool for data crunching and delegates value addition to the decision-makers in a fully automated way. Adopting an embedded BI platform could really be the critical link to drive your business forward and it is becoming increasingly clear that it is nothing short of necessary in our data-driven world.
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