The terms embedded analytics and business intelligence (BI) are often used interchangeably. Both help you find key insights from complex datasets. But are they really the same thing? Is there any major difference between embedded analytics software and a business intelligence platform? In this post, you will find all the details.
What is a business intelligence platform?
A business intelligence platform refers to the software that simplifies the process of analyzing data and deriving actionable insights. It helps enhance operational efficiency, increase competitive advantage, and enable end-users of analytics to make more informed business decisions. As a result, you can boost revenue and grow your company.
What are the advantages of a business intelligence platform?
Data can be accessed and analyzed faster
Business intelligence platforms make data analysis easier and more intuitive. It pulls data from multiple sources into a data warehouse, then it quickly analyzes the information based on your queries. Finally, this data can be used in reports, dashboards and data visualizations. As a result, you can perform data analysis faster than ever before.
Users can make more data-driven business decisions
Today’s world is very fast. You have to quickly make accurate business decisions. Failure to issues with accuracy and speed could lead to lost opportunities and revenue. By utilizing a business intelligence platform, you can quickly derive key insights from complex datasets, instead of relying on gut intuition or having to pull data from outdated spreadsheets. As a result, you can more easily make data-driven business decisions.
Organizations can gain a quick competitive advantage
Business intelligence platforms helps you to gather important data about your competitors. By utilizing said information, you can get quicker insights into the performance of your rivals. As a result, you can find the best possible time to enter and exit the market. Also, you can strategically position your business to maximize the opportunity. In this way, you can gain a stronger competitive advantage over other businesses in the market.
What is embedded analytics software?
An embedded analytics software is a form of business intelligence solution that can directly integrate analytical capabilities into another application. It helps easily implement advanced analytical capabilities, such as data visualization, automated business monitoring, NLQ, data storytelling and automated analytics into software products and enterprise-level business software. Also, embedded analytics software enables you to place real-time reports and dashboards directly into the user interface, making data analysis a bigger part of the everyday application experience. As a result, you can make data analysis and business intelligence more accessible and synonymous for your app users.
Read more: What is embedded analytics?
What are the advantages of embedded analytics?
Analyze data and discover insights without leaving the application workflow
Embedded analytics software allows you to easily implement pixel-perfect reports and dashboards within the user interface of an application. As a result, you can help users and customers seamlessly find insights in a single app. Unlike traditional business intelligence platforms, you don’t have to leave the application to access data analysis; these tools are built into the same application, allowing everyone to discover business-critical information more naturally - and foster a more data-driven approach to decision-making.
More accessible data analytics for everyone
Embedded analytics software supports self-service BI reporting features far better. Because every user of your application can easily consume data and find insights without having to know or write any code, you don’t need to request assistance from your IT team to build reports or analyze the data for users; they can generate reports independently. Self-service reporting provides several advantages, the main being it makes data analytics technology accessible to everyone. Also, it makes you more productive by helping you quickly find insights.
Enhances the customer experience and increases revenue opportunities
With an embedded analytics software solution, you can find all the insights and important data in a single place. Therefore, you don’t have to leave the app and open multiple tools to get the information. It can lead to enhanced productivity and customer experience. Also, embedded analytics software solutions can help you to create entirely new revenue streams. For example, you can charge users of your application to create custom reports. In this way, you can generate enhanced revenue for your business.
Business intelligence platform and embedded analytics software: The main differences?
Both business intelligence platforms and embedded analytics software can help you to gain a competitive advantage. However, there are several key differences.
Business intelligence is an umbrella term. It refers to a set of analytics solutions and technologies that collect data from various sources for analysis. On the other hand, embedded analytics refers to tightly integrated analytical capabilities of software applications, like Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP). Its goal is to provide awareness, context, and analytic capability directly in one single software application to ease the decision-making process in your business and for your customers and application end-users.
Many traditional business intelligence platforms require users to switch between various tools to gain insights and take effective action. However, business intelligence platforms that offer embedded analytics allows businesses to integrate everything in a single software experience. It provides a fusion of intelligence and applications, and results in an enhanced analytics experience.
Does Yellowfin business intelligence platform offer embedded analytics software?
Yellowfin is a powerful business intelligence platform that offers several amazing features, the main being that it offers embedded analytics software which allows for the embedding of sophisticated analytical capabilities directly into your application.
With world-class technical support and a a support team that can help you efficiently integrate the solution into your core application, Yellowfin is one of the most powerful embedded analytics platforms on the market.
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