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What is embedded analytics software?
Embedded analytics software provides an additional layer of advanced data analytics and visualization on top of a business’ existing software tools to help users simplify their business intelligence (BI) needs and achieve advanced dashboard and reporting capabilities within existing applications (e.g., CRM , accounting , and HR software).
The benefits of embedded analytics software
- Data modeling: An embedded analytics tool can upgrade existing business applications by letting users collect, define, organize, and visualize data to study past trends and predict future activity.
- More affordable and easier to use than full BI solutions: Embedded analytics software typically costs less than a robust BI solution. The software integrates with existing applications to support your unique data analytics needs, making it easier to use and train employees on how to use one single integrated application.
Typical features of embedded analytics software
- Dashboard: Display key business indicators and important data points using textual and visual tools on a single screen.
- Interactive reports: Create customizable reports by filtering data points and adjusting report details to suit the needs of multiple departments and stakeholders.
- Data blending: Import and combine data from multiple sources into a single functioning dataset to extract insights.
- Data visualization: Represent analyzed data information using graphical tools such as charts, diagrams, and pictures.
- Integration with third-party apps: Connect embedded analytics tools with third-party applications to exchange data.
- Self-service analytics: Perform analysis with minimal support from IT teams.
Considerations when purchasing embedded analytics software
- Compatibility and functionality: Before making a purchase, determine whether the embedded analytics solutions on your shortlist are compatible with your business’ existing software tools. From there, ensure that the level of analytics offered by your shortlisted solutions meets your functionality requirements. Don’t invest in software that can’t integrate with the tools you already use, or pay for functionality you don’t need.
- Total cost of ownership: In addition to the purchase price, the cost of embedded analytics software can include other factors such as training and support service fees. Some solutions may have low upfront costs but require ongoing payments or maintenance fees over time. Complete a thorough cost evaluation of all shortlisted products, and pick the solution that makes the most sense for your budget over the system’s entire lifecycle.
Relevant embedded analytics software trends
- Artificial intelligence (AI) is transforming embedded analytics into proactive analytics: AI-enabled embedded analytics solutions come with live dashboards and proactive analytics capabilities. These advanced solutions offer more accurate predictions. They aren’t limited to displaying historical trends, and can draw from historical data to detect workflow anomalies in real time.