Embedded Analytics in ERP Software: Why It’s Important

In today’s fast-paced business environment, data is the backbone of success. Businesses that leverage data effectively can gain a competitive edge, drive operational efficiency, and deliver exceptional customer experiences.

However, data alone is not enough.

It’s the ability to extract actionable insights that truly empower organizations. Embedded analytics in ERP software is changing the way businesses use their data.

What is an ERP System?

An ERP (Enterprise Resource Planning) system is an application to manage and integrate core business processes. ERP systems provide a centralized platform for data storage, retrieval, and processing.

This enables organizations to gain several benefits. They can streamline their operations, enhance efficiency, and make informed decisions to name a few.

What is Embedded Analytics in ERP?

Understanding Embedded Analytics for ERP Systems

Embedded analytics software in ERP systems means users access analytical tools directly within the ERP software. This method eliminates the need for separate business intelligence tools. It provides users with a cohesive and relevant view of their data. The familiar ERP interface displays the data.

The Difference Between Traditional Analytics and Embedded Analytics for ERP

Traditional analytics solutions often involve extracting data from various internal systems to analyze within external BI software. This often includes ERP software, HR software, IT asset management systems and more.

Using traditional business intelligence software can provide valuable insights. However, it can also create other challenges. Issues such as:

• data silos
• increased complexity
• disjointed user experiences typically arise
• exploding costs

Embedded analytics in ERP software addresses these challenges by bringing the analytical capabilities directly into the ERP software. This enables users to interact with enterprise analytics directly within their existing workflows.

Using Qrvey, enterprises go a step further. By using Qrvey to help consolidate or modernize legacy systems, they can offer a better user experience. Furthermore, the cost savings of consolidation can amount a significant savings for larger enterprise software applications.

How Does Embedded Analytics in ERP Work?

Seamless Integration of Analytics into ERP Workflows

ERP software embeds analytics to seamlessly integrate with the existing ERP workflows and processes. Users can see dashboards, reports, and analytical tools in the ERP interface. This eliminates the need to switch between different applications.

This streamlined approach enhances productivity. Additionally, it promotes data-driven decision-making across various business units.

Real-Time Reporting in ERP

One of the key benefits of embedded analytics in ERP software is the ability to access real-time data. Traditional BI tools often rely on data extracts or batch updates. This often results in outdated or stale information.

With embedded analytics, users can access real-time insights directly from the ERP system. This creates opportunities for better business users to make better decisions. When they are using the most current information available, business users will make better decisions.

Key ERP Embedded Analytics Features

Interactive Dashboards and Data Exploration

Embedded analytics in ERP software often includes dashboards and data exploration features. Users can create customized dashboards that display key performance indicators (KPIs), metrics, and visualizations relevant to their specific responsibilities. Solutions with granular drill-down features offer users the ability to get at the root cause of issues.

Self-Service Analytics for ERP Users

One of the significant advantages of embedded analytics in ERP software is to provide self-service analytics capabilities. Rather than relying on dedicated BI teams, users can create their own reports. Users without assistance from data engineers can now create custom reports.

This empowers users to explore data on their own. They can uncover insights and drive data-driven decision-making within their business units.

Read our guide to the top 3 self-service analytics mistakes teams make.

Advanced Analytics Capabilities (AI/ML, Predictive Analytics)

Modern embedded analytics in ERP software often incorporates advanced analytics capabilities, such as artificial intelligence (AI), machine learning (ML), and predictive analytics. These features enable organizations to:

• uncover hidden patterns
• identify trends
• make data-driven predictions

Looking ahead to future scenarios and getting ahead of possible challenges and opportunities is one of the biggest benefits.

Multi-Tenant Data Security

In a multi-tenant SaaS environment, data security is of utmost importance. Embedded analytics in ERP software must incorporate robust multi-tenant data security features. This ensures that each tenant’s data remains isolated and accessible only to authorized users.

This includes things like:

• granular access controls
• data masking
• encryption mechanisms to maintain data integrity
• compliance with relevant regulations

At Qrvey, we offer a native semantic layer to address this multi-tenant analytics challenge. Having a turnkey solution means engineering team can ship faster and build less themselves.

Advantages of Embedded Analytics in ERP Solutions

Improved Decision-Making with Data-Driven Insights

By embedding analytics directly within the ERP software, organizations can benefit from better decision-making processes. Users can access relevant data, reports, and automation within the context of their workflows.

Informed decisions based on real-time information and comprehensive data analysis create real time-savings. All businesses today need to move faster and more efficiently.

Enhanced Operational Efficiency and Productivity

Embedded analytics in ERP software streamlines data access and analysis. This reduces the time and effort required to gather and interpret data from multiple sources.

By providing users with a unified view of their data within the ERP environment, organizations can:

• enhance operational efficiency and productivity
• enabling employees to focus on core business activities
• avoid manual analysis
• overall better business decisions

Better Customer Experiences with Data-Powered Insights

In today’s customer-centric business landscape, data-driven insights are crucial for delivering exceptional customer experiences. Embedded analytics in ERP software can provide valuable insights into customer behavior.

A purpose-built system will go further. Businesses that understand preferences and trends gain a competitive advantage. This allows them to tailor their products, services, and interactions to meet customer needs more effectively.

Embedded Analytics in ERP vs. Traditional Analytics

Comparison of Embedded Analytics and Traditional BI Tools

While traditional BI tools can provide valuable insights, they often require separate installations, data extractions, and specialized skills. In contrast, embedded analytics in ERP software offers a seamless and integrated experience.

This empowers users to access and analyze data within the context of their existing workflows and processes. They also avoid having to build their own data models inside of data warehouses.

Overcoming Challenges of Siloed Data and Disjointed Analytics

Traditional analytics approaches can lead to data silos and disjointed analytics, where data resides in multiple systems and requires manual intervention and integration. Embedded analytics ERP solutions address this challenge by providing a unified view of operational data.

When users can analyze data from various sources within the ERP environment, it’s a win-win for everyone. After all, no one wants to integrate their data over and over again.

White-Labeling For a Seamless Experience

Embedded analytics tools are embedded into ERP software platforms. With a comprehensive white-labeling approach, users often will not know that a third-party solution is in use.

Embracing the Future of Data-Driven ERP

The Importance of Embedded Analytics for Modern ERP Systems

In today’s data-driven business landscape, embedded analytics in ERP software is no longer a luxury but a necessity. Organizations that embrace this approach can unlock the true potential of their data. Customers of a multi-tenant ERP system can drive better decision-making, enhance operational efficiency, and deliver exceptional customer experiences.

Is the ERP Software Industry Growing?

Yes, the ERP software is growing. According to a forecast by Market.us, they expect the market to double between 2023 and 2030 to a $100b market globally.

How Qrvey’s embedded analytics solution helps ERP software companies create a better self-service analytics experience

Qrvey’s best embedded analytics tool is designed specifically for enterprise software companies, including ERP providers. A robust self-service analytics function enables them to provide their customers with a seamless and intuitive experience.

With Qrvey, ERP software applications can easily integrate advanced analytics capabilities directly into their ERP applications. Qrvey saves companies from the expensive and time consuming development effort.

Security is priority number one. By leveraging Qrvey’s multi-tenant data security layer, ERP software companies can ensure that each customer’s data remains secure. This powers a unified and collaborative analytics experience with embedded analytics.

This approach eliminates the need for separate BI tools and streamlines the entire analytics workflow. Users of Qrvey’s embedded analytics solution get the benefits of increasing productivity, better decision-making, and improved customer satisfaction.

As the demand for better analytics continues to grow, enterprise software companies that prioritize embedded analytics will win in the long run. They are more likely to:

• meet their customers’ evolving needs
• stay ahead of the competition
• open new revenue streams

Let’s chat about how Qrvey can empower you to build less software and deliver more value to your customers.