Integrating Embedded BI into Business Processes

Business intelligence has become imperative to decision making for contemporary business operations. It enables companies to acquire valuable insights into their customers, competition and operations to make informed decisions. Yet, many find it difficult to incorporate business intelligence into their business processes and leverage its full potential. Even organizations with a strong disposition towards business intelligence can agree that a quarter of their potential users are not using the tools at their disposal effectively.  

Integration of business intelligence capabilities within existing software applications is known as embedded BI. The easiest way to ensure the of analytics and reporting for making decisions is to incorporate the BI functionalities into the existing software. As there is greater accessibility to these functionalities, user adoption and acceptance rate increases multifold owing to embedded BI. It also helps instill a culture of data-driven decisions and as a consequence, the ever-increasing volumes of data are more effectively utilized.

Once the BI platform is integrated with the end user’s existing environment, the users will be able to directly access insights without switching between multiple tools or interfaces. The decision makers can have a seamless experience with embedded BI, so that users across departments can benefit from data-backed insights. 

Benefits of Integrating Embedded BI into Business Processes

No matter how large or small, businesses are continually generating data. Having access to data entails the probability of using it to improve consumer satisfaction or enhance their offerings to customers and suppliers.
Using embedded BI, businesses can give regular app users access to insightful data and analysis. The benefits of applying embedded BI into business processes are – 

1. Enables a quicker time to market – It takes a lot of experience, time and resources to develop a data analytics platform, making it challenging to provide a dependable and scalable system fast. By considerably lowering company resources for infrastructure or storage upkeep, implementing on-demand embedded BI solutions can help them reach new markets more quickly. Embedded BI can automatically deliver reports with pertinent data and valuable insights for clients, saving time which would have otherwise been spent on organizing the data. User acceptance rates rise with improved accessibility, which enhances the market reputation and expands profit margins.
2. Encourage widespread BI – Since BI insights are delivered through applications that users regularly use to carry out their jobs, embedded BI facilitates a more widespread use of analytics and reporting. It also makes it easier to foster a work environment centered on making decisions based on facts. Rather than having to buy a separate BI solution to satisfy the needs of every user group, it becomes possible to provide BI to a variety of divisions by integrating analytical functions into already-existing applications and systems.
3. Gives businesses a competitive advantage – Businesses can gain a competitive edge by setting themselves apart from competitors and raising the standard of the goods and services they provide. Embedded BI allows its users to gain data insights quicker and with greater efficiency and allows them to take actions backed by data. Some of the strategies that can help businesses gain a competitive advantage include shorter time to market, improved market reputation, higher adoption, decision making based upon data and improved operational effectiveness. 
4. Expands revenue sources by monetizing data – These days, monetizing information is an increasingly popular topic in the analytics industry. Data monetization is the process of converting company-generated data into quantifiable financial gains for the company. Corporations are finding that they can use creative and unconventional ways to leverage the data they have at their disposal to generate recurring sources of revenue. Embedded BI can help businesses broaden the breadth of their opportunities, find value in new products and services and enhance customer loyalty. It is possible to create new company segments that can increase revenue streams and improve the company bottom line. 
5. Create a bridge between data and execution – Embedded business intelligence (BI) combines statistical and operational processes that give users the background they need to comprehend the connections between enterprise data and operational processes. This allows users to respond more quickly to emerging business risks as well as opportunities.

Conclusion

Contemporary applications with embedded BI offer a chance to create a new data-backed culture which can help businesses increase return on investment by reducing turnaround times and enabling company executives to contextualize data interpretation to suit their requirements. In today’s corporate environment, it is a vital instrument for enabling firms to maintain their competitive advantage. Businesses can successfully use embedded BI to propel their businesses forward by knowing the many kinds of embedded BI benefits and how to get started using it.