Embedded BI is the integration of commercially available data analytics and visualization software into an existing piece of business software. Business intelligence software platforms allow end-users to have reporting and analytics inside existing applications.
Embedded BI can turn even the simplest of internal applications or commercial websites into a powerful platform for analyzing data. Instead of rolling out a new BI platform to every end-user in the organization, BI capabilities can be woven into the organization's existing software applications reducing end-user push-back and minimizing the learning curve.
Here, we'll dive into the top 10 benefits of embedded BI:
1. Assists Businesses in a Remote Environment
During the global COVID-19 pandemic, most businesses requested employees who could work from home to do so. The need for real-time data and data visualization tools was (and continues to be ) needed more than ever before.
Embedded self-service BI platforms can speed up the method of gathering data (without having to wait for IT to process requests) and give analysts and managers better control over both their information and the way they view it. This can prove especially critical in an age when many people have begun to consider remote work the "new normal."
2. Faster Time to Insights = Better Business Decisions
Embedding BI enables more users to benefit from analytics, making insights more accessible for everyone, regardless of technical abilities. Using embedded analytics tools gives users fast access to insights that can help them make more informed business decisions.
If decision-makers, in key areas of an enterprise, can identify "blips on the radar" in real-time, they can sound the alarm, evaluate the threat, strategize solutions, and effectively adjust the business course.
3. Lowered TCO (Lowered Initial Cost)
Embedded BI delivers reporting, data visualization, and analytics without the time and expense of having to build it internally. Since the software is embedded inside the application(s) that end-users are already using, embedding analytics can reduce initial costs by minimizing onboarding time, learning curves, and the need for development and ongoing technical resources.
4. Lowered TCO (Lowered Ongoing Cost)
As organizations evaluate the best ways to expand BI and analytics, cost becomes an increasing factor. With embedded BI, data is easy to update or change, if the BI dashboard is simple to use, there's usually no need for maintenance, tech support, and upgrades throughout its use.
Managing Costs - Scalability
Scalability comes into play when managing costs. A cost estimate often fails to consider the various indirect costs you may encounter and doesn't indicate the total cost of ownership (TCO). A software offering's TCO may be low while they have 50 users, but what will the TCO be when they have 251 users?
TCO calculations can vary, but common factors include purchase, licensing, or subscription costs, the cost per user and per IT staff (such as data engineers and administrators who will configure and maintain the system or application), hardware, network, and other IT infrastructure costs, and training costs.
You can lower your total cost of ownership (TCO) with BI platforms that offer per-server licensing. A per-server license means that there are no per-user fees and no run-time royalties. With embeddable BI platforms, such as Wyn Enterprise you can scale and add users without worrying about an increase in licensing fees. Once Wyn Enterprise is licensed, customers receive regular updates to deliver new capabilities and greater efficiency at no additional cost.
5. Enhanced Collaboration Capabilities
Organizations can improve internal collaboration -- this is essential as many businesses are shifting to a remote business landscape. As the organization's data channels are cultivated and secured, the data culture begins to grow as end-users learn to trust the organization's data.
As a result, data-driven discussions start to occur in every department at every level of responsibility.
6. Economical and Easy to Setup
White-label analytics enables you to embed all the reporting and dashboard functionality (that your end-users need) in both the application UI and your application's back-end architecture.
Smaller companies may find it challenging to build a BI solution while trying to grow their business. Wyn Enterprise eliminates that problem. Wyn Enterprise gives startup companies a product they can begin selling almost immediately. It can serve as the opening salvo or even the foundation for a small business startup. Such a startup can start its marketing activities now, rather than waiting months or years to develop software internally.
For established value-added resellers, Wyn Enterprise provides the resources to approach a new vertical market audience without needing the time, knowledge, or resources to build a solution in-house.
7. Self-service BI Saves Time and Resources
Embedded self-service BI allows the individual freedom to create their own ad hoc reports and dashboards. Instead of fielding common end-user requests for dashboard and report changes, IT and dev teams can now focus on curating the organization's most valuable asset, their data.
Embedded self-service BI platforms can speed up the method of gathering data (without having to wait for IT to process requests) and give analysts and managers better control over both their information and the way they view it.
When an organization implements self-service BI, every end-user can easily visualize, analyze, and communicate the data that is fundamental to their role.
8. Increases Productivity
Using embedded analytics allows users to spend less time switching between applications. Since the embedded analytics are integrated within the end-user applications, the learning curve is minimal (or non-existent).
Using embedded analytics allows users to spend their time on more primary responsibilities, increasing overall productivity.
9. Gives Non-Technical Users the Ability to Create Interactive Dashboards and Managed Reports
With interactive data visualizations, you can slice and dice business information and change your visualizations on the fly. Functionalities such as drill-down, filtering, search are interactivity options such integration provides, empowering end-users to explore reports/dashboards and independently derive key business insights.
Extensive API capabilities for full control of reporting and dashboard management from within your application gives administrators the ability to push out new reports and dashboards to select users or to whole organizations.
10. Creates a Data-Driven Culture
Even before the global pandemic, self-service embedded BI benefited companies by saving time and allowing individuals the freedom to interpret data independently.
When ideas can be analyzed, evaluated, and communicated (by every member of an organization from the C-suite to the mailroom), a foundation can develop. A new data-driven culture can grow and flourish.
Businesses of every size will unquestionably encounter both critical threats and real opportunities during this unpredictable time. Market shifts from government actions, market shifts from competitors' actions, workforce and supply chain disruptions, logistical anomalies, fluctuations in capital markets, and changes in consumer habits will affect all businesses as the world adjusts to the equilibrium of the "new normal."
Although when and how these threats and opportunities will surface is unknown, impending consequences can be minimized (and new opportunities can be maximized) by embracing a culture of data-driven decision-making.
Wyn is a web-based BI and data analytics platform that provides greater insight into your data.
Wyn offers built-in tools for report and dashboard creation, data governance, security integration, embedded BI, automated document distribution, and a business-user-friendly interface for self-service business intelligence.