Embedded analytics brings the power of data to your users, employees, partners, and suppliers by transforming raw data into actionable insights. By doing this, embedded analytics has become an integral part of businesses people lives and its value and the opportunities that it offers to businesses will continue to grow exponentially in the near future.
What is Embedded Analytics?
Embedded analytics is a set of business intelligence (BI) capabilities, data visualizations and advanced analytics, including machine learning & AI that are integrated into existing software applications. It delivers real-time reporting in the simplest way possible so that every user can understand it and make data-driven decisions based on it.
Why Businesses Use Embedded Analytics?Embedded analytics bring tremendous opportunities to various kinds of industries such as manufacturing, healthcare, retail, banking and financial services, and many more. These businesses and more are using the power of embedded analytics to collect and analyze data for various purposes, simplify their workflow, improve the user experience, as well as get ahead of their competitors.
Benefits of Embedded AnalyticsFrom seamless user experience and revenue growth to cultivating data-driven decision making, embedded analytics brings businesses a handful of advantages. As embedded analytics is integrated into the user’s workflow, when using it, users can view key business insights in context. Instead of switching between different apps to get the data they need, everything is brought together into one place, increasing productivity. Embedded analytics helps reveal insights to users, but on the other side it also provides user insights to your team. Presenting accurate and up-to-date data enables analytical thinking that could ultimately drive to innovative ideas and improved products. On top of it all, embedded analytics could also provide additional revenue streams. For example, app vendors can generate additional income by providing extensions of their software to add value to their customers.
Embedded Analytics ExamplesEmbedded analytics software can be utilized in many use cases in every data-driven industry. Here are a few examples of how industries such as manufacturing, banking and healthcare are benefiting from it:
Embedded Analytics in ManufacturingA plant floor manager is responsible for a manufacturing plant’s entire production process, from when raw materials enter the plant to when the product exits the plant for distribution. The plant manager could use manufacturing analytics to see operational KPIs related to how the plant is performing and to:
- To meet forecast production
- To reduce and eliminate production line downtime
- Improve supply chain agility
Embedded Analytics in BankingBanking analytics allows users in the banking industry to aggregate large volumes of data about borrowers for benchmarking and to better assess risk through intuitive visual dashboards. The real-time data lets users take fast and informed business decisions backed up by insights and also:
- Understand customer’s spending patterns and push compelling offers on their credit / debit cards
- Detect fraudulent transactions, as well identify and monitor suspicious account holders
- Suggest investment opportunities to customers based on their existing portfolio
Embedded Analytics in HealthcareHealthcare organizations, hospitals, and doctors’ groups use healthcare analytics to access, analyze and process patient data in a timely manner in order to improve performance by delivering data-based quality care. They’ve been able to:
- Improve patient satisfaction and quality of care by streamlining tedious processes related to making appointments, processing insurance, and providing referrals.
- Provide patients with more personalized treatment and improve overall patient experience.
- Reduce readmission rates by leveraging population health data against personal patient data to predict at-risk patient.