The overwhelming majority of software vendors believe embedded analytics represent the future of business intelligence, mainly because these same vendors predict that three-quarters of their company’s future revenue will be the product of embedded business intelligence tools sales. It should, therefore, come as no surprise that almost nine out of every 10 software vendors view embedded BI as the next big thing in tech, especially with the continued rise in demand for data analytics tools.
Even though most are in agreement that embedded analytics is the future of business intelligence, it’s still helpful to explore the reasons why this is the case. In this article, we’ll take a look at the three major reasons embedded analytics tools are poised to revolutionize business intelligence in the not-too-distant future.
Thanks to the fact that embedded analytics tools are incorporated into a platform designed around a specific product, user, and set of data, companies benefit from vast improvements regarding both operational efficiency and return on investment. According to one recent study, for example, a purpose-built embedded analytics platform can yield an average of more than $13 for every dollar invested. By enabling a company to more closely focus on its core application as well as serving its customers, a purpose-built platform further enhances efficiency and improves overall ROI.
Flexible Deployment and Intuitive Design
The inherent flexibility of an embedded analytics platform allows companies to benefit from a speedier deployment, which influences how quickly a company brings its product to market. Reducing the time needed to bring a product to market has an obvious impact on lowering operational costs while also ensuring that the company maintains a product-centric focus. In addition to accelerating a product’s time to market, the intuitive design of an embedded analytics platform also allows executive leadership teams to ensure decisions are made based on a consistent set of company-specific goals.
Consistency in UX
A purpose-built embedded analytics platform is designed with the goal of seamlessly integrating into any existing applications or portals that are already familiar to users. With this kind of consistency in UX, companies make data-driven decisions without the need to exit an application or portal and without the need to devote any additional IT time or energy to coding a custom report. Such a modern analytics platform empowers users to create their own reports with a drag-and-drop interface, contributing to significant improvements in organizational efficiency as well as productivity.