6 January, 2017
6 Ways Embedded Analytics Can Change Your Business in 2017
The ability to integrate business intelligenceOpens a New Window. (BI) and data visualizationOpens a New Window. tools into your business software isn’t a particularly new concept. However, some organizations still see embedded analytics as a luxury item, opting instead to import software-driven data into a standalone BI tool from which they can run static, past-tense reports.
For those organizations, embedded analytics could be a game-changer. Not only does it simplify how you access business data, it makes your workers smarter, more proactive, and more independent than they could possibly be running reports in standalone BI tools. I spoke with John Doyle, Director of Product Marketing for Microsoft Power BIOpens a New Window. about the many ways that embedded analytics can turbocharge your business.
“All companies need to embrace a data culture,” said Doyle. “The ability to get insight and take action and make it accessible to everyone in the organization is how you gain a competitive advantage.”
1. Predictive Analytics
Pulling BI data into your enterprise software lets you leverage machine learningOpens a New Window. (ML) to make smarter business decisions. Here’s how: When you have access to all of your business data within one tool, your analytics software is able to combine real-time data with historical data to more accurately predict business trendsOpens a New Window.. Think about it like this: When your software is kept in silos, you’re only able to pull historical information in order to make business decisions. The lag time that exists between when you run your third-party software report to when you can ultimately take action on that data leaves a gaping, temporal hole of real-time information that could have been useful in your future decision making.
“By building in the insight and reporting inside the software, you’ll be able to offer up predictions for the future from directly within the software,” said Doyle. “You won’t then have to leave the app, go somewhere, and come back because a lot of time is lost [that way].”