Embedded analytics is the future of Bl.
84% of software vendors see embedded BI as the next major trend arising from the growing demand analytics.
This next major trend can be huge for your business. But with the rise of embedded analytics, comes the rise of questions including cost. Industry research shows that most organizations plan to increase their analytics investment or keep it steady. Does it make sense to spend this money for my product? Yes. A BI platform with self-service reporting tools delivers high ROI for your business. Particularly through these areas:
- Saving time through the elimination of manual reports
- Saving time by reducing errors
- Improving decision making
- Goals are aligned across the organization, especially with senior management
Here are a few factors to consider when it comes to cost:
- License Fees – Understand everything that is included in this fee. Is there an annual fee? Does it depend on how you deploy the analytics within your product?
- User Fees – The best option here is an unlimited number of users. Once you get into cost per user or usage, the cost of the solution can rise quickly as your users adopt the solution.
- Maintenance Costs – What does it cost to maintain the solution? This includes time as well as the cost of any needed hardware and software.
- Future Enhancement Costs – To keep the solution compelling, you will need to deliver enhancements. Are they included in the subscription or will costs increase?
- Cost to Scale – In addition to the licensing elements, you have to look at the cost of other technologies required to scale. How easy will it be to manage the growth? If you have to manage growth through code rather than in an admin UI, costs will increase.
Make sure a commercial Bl vendor offers flexible pricing that minimizes payment until you can monetize the software. The pricing should also be predictable, especially in high-volume environments.
If you decide to not embedded analytics within your product, make sure you’re prepared for the costs involved in having your employees manually craft reports and dashboards. Every moment spent on tasks that could be automated is money and time wasted.
If you choose to use a developer tool kit, your developers will continue to build reports. When choosing a self-service BI platform to embed in your application, it is important to look at what you can embed. Even some that claim to be embedded do not allow for reports and dashboard designs to be embedded, they only embed output. That limited self-service will keep your team writing reports as well.
We’re happy to offer a lower total cost of ownership than other popular BI and analytics platforms. Our OEM-friendly standard license gives you an annual subscription and unlimited use. The subscription-based licensing of our platform serves as a safeguard to innovation.
Let us know if you’d like to chat more about the cost of embedded BI.