How Finance Organizations Can Use Embedded Analytics to Improve and Inform Decision-Making
by Al Perlman on TechTarget
The importance of embedded analytics is only becoming evident as more technology is integrated into the Enterprise. According to the author Al Perlman “The innovation of Embedded Analytics into Modern financial management systems is proving to be extremely valuable in allowing business decision makers to gain deeper insights to improve and inform decision making for day-to-day business events.”
Some of the day-to-day operation processes that can benefit from embedded analytics:
- Customer satisfaction
- Approval routines
- Compensation changes
- financial and operational business processes
The benefits do not stop at improving business processes, the ability to gather business intelligence “Big Data” is improved exponentially. Allowing for real-time access and reporting of data allows decision makers to make highly informed decisions based on the most up-to-date information. Also, access to automated and embedded business intelligence data makes monitoring business activities easy for decision makers.
Mr Perlman also expresses that since the BI data is embedded in the context of an approval or workflow task, it delivers real time insight at the point of the decision. Choosing the right solution for embedded analytics is the key to receiving all the benefits.
Financial Technology (FINTECH) is moving at the speed of light… but, unfortunately most financial management and ERP systems don’t have the proper infrastructure to make the most of embedded analytics. Legacy systems in most financial institutions are not capable of handling embedded analytics, so the move to updated enterprise cloud applications would be a benefit for most business processes.
The Benefits are many for what Embedded analytics can do for your financial business:
- Real-time monitoring of business activities with Benchmarking
- Enterprise business processes – front to back office
- Compensation compliance with company policies
- Mobile Reporting
- Visual Workflows
What it comes down to is satisfying the decision maker’s analytics needs at the exact moment they might question something within the process they use everyday. Software companies have long recognized the value of embedded analytics to their customers (and the resulting benefits to themselves), but internal application developers have been slow to integrate these embedded capabilities between analytic and operational apps.
There is increase pressure and expectations on internal IT departments that more people should have access to analytic information, especially the decision makers for the enterprise.
The Complete Guide to Embedded Analytics (slide share)