In the era of digital business, disruption happens quickly, a fact that was never more apparent than during the recent COVID-19 pandemic. Sudden changes in consumer demand very quickly reverberated through global supply chains, proving tried-and-tested strategic assumptions worthless. Businesses in all industries learned how important it is to make major course corrections based on the latest data.
In both pandemic and normal times, the make-or-break decisions on which success depends require timely, actionable information, presented clearly. But too often, there is simply too much information. Business managers face the impossible task of sifting through it in search of nuggets of value. And in a world in which minutes and seconds matter, there is no time to export data into an analysis engine, then wait for answers. What’s needed are analytics and reporting tools that are embedded within applications, capable of presenting users the information they need, in context.
Across a broad range of industries, embedded analytics can make all the difference. For example:
- Pharmaceuticals. The process of drug approval involves hundreds of agencies worldwide. Embedded analytics provides pharmaceutical decision-makers an analytics dashboard that globally paints a clear picture of the entire process. Result: Regulatory roadblocks are identified, and resources are brought to bear quickly, with life-saving potential.
- Financial services. Enabling a firm’s customers to analyze and view their finances gives them the information they need to make important portfolio decisions on their own. Result: The financial services company operates at a high level of efficiency while increasing customer satisfaction.
- Engineering. Sensors in automobile braking systems generate critical performance information in real time. Result: Performance trends are detected as they develop, enabling an equipment supplier to head off maintenance issues before they happen.
There are other good reasons to embed analytics within applications. When the analysis happens locally, data need not be uploaded into a separate analytics engine that might be performing analytics for thousands of other customers at the same time. That avoids a serious performance bottleneck. Also, keeping data local improves security by sidestepping a vector of potential data compromise. Because your data never leaves your application, only you, and not bad actors, can see it.
The recent COVID-19 pandemic underscored the fragility of the world’s apparent order. The times we live in may be uncertain, but there’s no need to let uncertainty paralyze decision-making at your organization. The OpenText™ Magellan™ platform implements artificial intelligence technology such as machine learning algorithms to transform big data into self-service visualizations. OpenText™ Magellan™ BI & Reporting embeds reports and dashboards in a broad spectrum of business applications, delivering the insights in context that decision-makers need to guide their organizations through the most disrupting challenges.
Here’s where to find out more: https://www.opentext.com/products-and-solutions/products/ai-and-analytics