Friday, April 23, 2021

Embedded Analytics - Know How to Turn Your Data into Meaningful Insights

Businesses are not only busy adapting to technological innovations, but they are also coping with enormous amounts of data in an unprecedented way. It is necessary to utilize data gathered from various offline and web sources and analyze it properly. However, that is easier to plan than accomplish! To implement effective data analysis, it becomes necessary to use embedded analytics. The embedded analytics tools, also known as BI solutions, are quite popular, and companies hailing from diverse industries are using such solutions. That explains why Microsoft power bi developers are so much in demand.

What is embedded analytics- after all?

You can think of embedded analytics as extensive, comprehensive, and data analysis capabilities woven into specialized applications. By using such advanced BI tools, a business can get a clearer picture of emerging trends developments, and they can make strategic decisions too. Understanding customer requirements becomes simpler too. The embedding analytics tools can deal with huge amounts of data, and that includes unstructured data too. Businesses can use these applications to generate reports, share such reports, and figure out aspects affecting the operations. 

What are the benefits of using embedded analytics for businesses?

There are many advantages of deploying embedded analytics solutions for businesses. Worldwide, thousands of entities are opting for Microsoft power bi service providers or BI solution experts. 

  • A better understanding of trends- For businesses that want to stay ahead of rivals in a competitive environment, it is important to figure out emerging market trends before others. This becomes easier when effective BI solutions are used. By using such tools, businesses can figure out upcoming market trends. They can tweak their marketing strategies and take effective measures to adapt to the changes at the right time. It helps them get a competitive edge.
  • Better customer relationship and retention- Nowadays, the buyers have become choosier than ever before. They are well informed as well. Unless a company can interpret and understand changing needs of the consumers, it will lose out to the rivals. By using embedded analytics tools, businesses can figure out changing preferences of the customers. This is possible by using the data analysis capabilities of such tools. When customer needs are better addressed, they are likely to stick to the company.
  • Better analysis of market and products- By using apt embedded analytics applications, businesses can get a better understanding of the market scenario. It becomes easier to figure out the markets where the sales figure is below average and where sales are soaring- for example. Using such advanced analysis tools also enables the brands to learn about the popularity and demand of products- region-wise and price range-wise. 
  • Cost-saving- When suitable embedded analytics applications are deployed, businesses are able to cut down unnecessary expenditures. By analyzing data gathered from multiple sources, they can figure out areas where excess money is being spent and how such expenses can be curtailed. 
  • Reduced stress on employees- Using embedded analytics tools enables the businesses to reduce the workload on employees effectively. By power bi implementation, businesses can automate a large part of data analysis, report creation, and sharing procedures. So, the employees are not overburdened with such tasks. They can focus on other areas of operation, and burnout does not take place. 
  • Enhanced revenue- By deploying apt BI solutions, businesses can enhance their revenues in the long run. By using such advanced data analysis tools, they can analyze the market situation, understand customer needs better and take moves that turn out to be beneficial. So, the hurdles and risk factors hurting the revenue are effectively minimized. 

Things to plan before deploying embedded analytics solutions

There are major advantages of deploying BI solutions in a company. However, this is something that should not be done in a hurry! Before opting for any embedded analytics solution or even hiring a Microsoft power bi expert- it is imperative to evaluate certain aspects. These are:

  • In any company, a certain type of IT setup is used. This includes specific software applications and hardware setup. It has to be seen if the embedded analytics tool is compatible with existing applications and setup or not. It does not make sense to deploy a BI solution that is not compatible with existing applications or online services used by the entity. Compatibility with the OS and devices used is a must. 
  • Not all embedded analytics solutions have the same feature set. They may have different types of report generation and sharing capabilities- for example. These tools do not fare the same when it comes to integration with cloud services and database applications. So, it is necessary to check out the feature list present in such applications. Businesses also need to check out if the features in such specialized applications are necessary for their needs or not. 
  • Deploying a BI solution is not as simple as installing typical software in the PCs on your office intranet. It may be necessary to train the employees (or a section of them) in handling the application properly and using the features. So, the type of support and training provided by the BI solution vendor is something that should be checked. 
  • The licensing cost of the BI solution is a factor that businesses can’t overlook. Based on the user number and usage need, the licensing cost may vary from one company to another. It is better if the BI solution vendor offers a trial version of the application. The good thing is most BI solution vendors offer various packages for the target users. Microsoft Power BI also has a free version-though that is meant more for personal usage.
  • It is important to assess the learning curve and ease of usage of a BI solution. If the application is laden with features, but the UI is intimidating- it does not cut much ice. The solution should be intuitive, customizable and the learning curve should not be steep. 

Wrapping it up

Deploying an embedded analytics solution can be quite profitable for any business- for sure. However, selecting the right BI solution is also important. At times, it may be necessary to seek the services of consultants or experts who specialize in deploying such BI solutions

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