The term BI is synonymous with many companies today, as it has become an important part of their daily operations, whether to collaborate across an organization or to streamline and drive a more efficient data gathering system. Embedding analytics into daily decision-making ensures users are more likely to see and act upon analytic insights and connects users to specific analytics that can have a wide range of benefits.
Embedded Analytics is adding value not only in terms of monetizing their data, but
increasing productivity across all departments within an organization.
The traditional method of gathering insights is to use spreadsheets to analyze, visualize and distribute analyses. While spreadsheets are easy to use, they come with major drawbacks like:
- Static data
- Little data validation
- High susceptibility to data corruption
- Difficulty in pinning down a single source of truth when multiple versions of an analysis are emailed to multiple recipients
- Embedded macros that tend to malfunction for unaccountable reasons
Using Embedded BI solutions ensure a truth to data source and brings speed to value through the data gathering process. Creating a Data Culture is key to future growth for all organizations looking to utilize and benefit from Data Analytics.
With companies relying heavily on Key Performance Indicators as an integral part of effective business management, this process can take weeks to gather and organize data. With Embedded BI, the process can be done in a lot less time and problems can be addressed sooner.
Being aware of greater opportunities and taking advantage of them is foremost in providing companies an edge over their competitors. Sales departments are offering visual information from various devices in real time to convince a perspective client of their product and what it offers. Identifying your customers spend preferences can maximize your sales margins and increase opportunities for the future.
In today’s highly competitive markets, organizations need to look at making educated decisions regarding company growth and doing away with inefficiencies that may already exist within departments. Margins are made not only in the product or service you sell, but also within the streamlining and waste management of various departments. An Embedded BI tool can offer insights into managing these shortfalls that you may not be aware of.
Final thoughts are that business decisions are not made with guesswork; they are made using reliable information gathered in real time and used to add value not only in monetary terms, but also just as importantly in operational efficiency.
OQLIS Data Analytics