Companies that seek to convert their business intelligence efforts into tangible outcomes and actionable insights adopt an embedded and application-driven approach to get the most out of analytics.
The traditional way of deriving insights from analytics — asking a question and getting an answer from a standalone analytical application — has noticeable shortfalls. An embedded, application-driven approach to analytics can make up for these shortcomings. In other words, embedding analytics into all business applications and processes can provide more contextual and actionable insights by supplementing traditional approaches and architectures.
Embedded Analytics to Improve Overall Business Intelligence Effectiveness
Business intelligence efforts need to be converted into tangible business outcomes and actionable insights in order to achieve business goals in enterprises. Companies are adopting an embedded and application-driven approach to make the most out of analytics.
Respondents of the survey “Forrester Opportunity Snapshot: Optimize Business Intelligence Efforts with Embedded, Application-Driven Analytics”, conducted by Forrester and commissioned by SAP, noted that almost half of current business intelligence efforts are executed as embedded and application-driven analytics. On the other hand, businesses are already enjoying the benefits of the embedded approach to analytics. Over 60% of respondents claimed that real-time access to data has improved since implementing an embedded analytics approach. Additionally, insights have become more relevant and no ad hoc analysis or data exploration expertise is required anymore to uncover these insights. Importantly, according to more than half of the respondents, embedded analytics approach has enabled them to more easily track connections between signals users get from analytics and the actions they take.
Exploit the Full Potential of Embedded Analytics to Maximize the Bottom Line
Business intelligence brings value to enterprises and the way in which enterprises approach business intelligence determines the amount of value they gain. User-driven and application-driven (embedded) business intelligence and analytics by themselves take enterprises only so far in terms of converting data into signals that drive business outcomes. On the other hand, each business intelligence application implemented separately also has certain limitations. Using them simultaneously creates synergy.
Using both user-driven and application-driven business intelligence and analytics holistically across the entire enterprise has an obvious correlation to more tangible business outcomes. Examples of such outcomes are increasing revenues and reducing costs.
Forrester survey reveals that most modern applications come with basic embedded analytical functions such as reports and dashboards. However, there is still room for improvement. Businesses do not have to stick to descriptive embedded analytics. They can upgrade embedded analytics to an advanced platform that includes predictive and prescriptive analytics. Using an advanced business intelligence/analytics platform for embedded analytics has additional benefits such as leveraging the same platform for user-driven business intelligence, eliminating the need for third-party platforms, and avoiding challenges associated with using multiple enterprise business intelligence platforms.
With its extensive experience in business analytics, IBSS provides a strong support to businesses at every stage from consulting to implementation in business intelligence. Business Intelligence solutions offered by IBSS work as an end-to-end system starting from a central business intelligence platform where all data is to be processed, to the screen of the mobile device that belongs to the end user. For more information about the applications that will convert the scattered data coming from multiple sources into meaningful and beneficial information to be used for your company, please contact us at [email protected]