When to incorporate analytics into line-of-business applications
Modern businesses are data-driven entities, and as such, they need to have strong analytics capabilities in order to make data-informed decisions. This has led to the growth of line-of-business analytic applications, which allow business leaders to get contextually aware insights from their data.
Business leaders who want to give their users contextualized analytics are increasingly deploying packaged line-of-business analytic applications. The best practices detailed here can help data and analytics leaders understand when—and when not—to choose a packaged solution.
In this article, we will explore the following:
- What are line-of-business analytic applications?
- When is it appropriate to use a packaged solution?
- What are some of the benefits of using a packaged solution?
- How can you determine if a packaged solution is the right choice for your business?
What are line-of-business analytic applications?
Rather than utilizing out of the box visualizations or charts, line-of-business applications present data in a way that is unique to the use case at hand. These customized experiences are designed to help business leaders make better decisions by providing them with contextualized analytics right within an existing application.
There are a number of different line-of-business analytic applications available on the market, and it is important to consider which one best fits your business needs. In order to do this, it is useful for organizations to know the benefits and drawbacks of each application available in the market today.
For example, a company might decide to use a packaged solution if they are looking for a turnkey solution that is easy to deploy and use. Alternatively, a company may choose to develop their own line-of-business analytic application if they need more flexibility in the type of data that they can analyze or the way that the data is displayed.
When is it appropriate to use a packaged solution?
When deciding whether or not a packaged solution is the right choice for their business, organizations should consider a number of different factors. For example, a business leader might choose a packaged solution if they want to get insights from a common set of data sources.
If the use case and data being consumed are fairly common, it is most often appropriate to use a packaged solution even if the business has the capabilities to develop their own line-of- business analytic application. In this scenario, time and resources can be devoted elsewhere to more complex data challenges.
In other cases, if a company does not have the time or resources to develop their own solution, then they may want to consider using a packaged application.
What are some of the benefits of using a packaged solution?
There are three key benefits that come with using a packaged solution for your business:
1. Ease of use
Packaged solutions are often very easy to use, which can be a major advantage for businesses that do not have a lot of experience working with analytics applications. In addition, these applications are often turnkey solutions, meaning that they are ready to be used right out of the box.
2. Time savings
A business leader can save time by using a packaged solution. That is because most of the work related to deploying and maintaining the application will be handled by the vendor who developed it.
3. Cost savings
Packaged solutions are often less expensive than developing your own line-of-business analytic applications for your business. This is because the vendor who develops the packaged solution will have already invested in research and development, which can save your business time and money.
How can you determine if a packaged solution is the right choice for your business?
When considering whether or not to use a packaged solution, it is important for organizations to assess their needs and capabilities.
In order to do this, data and analytics leaders should ask themselves the following questions:
1. What are our business needs?
You should first define the business needs that you are looking to address with a line-of-business analytic application. For example, is your business looking for an application that will allow users to get data from a specific data source? Or does your organization want a solution that can be used across different data types and sources?
2. What type of access do we need?
Packaged solutions come with a variety of access options, such as web-based, desktop, or mobile. It is important to determine which type of access will work best for your business.
3. What are our development capabilities?
In order to develop a line-of-business analytic application, your business must have developers that are able to work with data and analytics tools.
4. What is our budget?
When considering whether or not to use a packaged solution, you should consider how much money your business can afford to invest in the application. Packaged solutions are often less expensive than developing an application of your own, but they also tend to be less customizable.
5. Do we have the time to deploy and maintain the application?
Packaged solutions often come with pre-built templates that make it easy for businesses to get started. However, businesses should still be prepared to invest time in order to get the most out of the application.
6. What is our experience with business intelligence?
Businesses should keep in mind that packaged solutions are not customizable, which may be an issue for companies who have extensive development capabilities. This is why it is important to consider your company’s experience with implementing line-of-business analytic applications.
If you do not have a lot of experience with this type of application, then it may be better to use a packaged solution.
Packaged solutions can be a great choice for businesses that want to take advantage of analytics but do not have the time or resources to develop their own solution.
In addition, packaged solutions are often very easy to use and can save businesses time and money. However, it is important for data and analytics leaders to think carefully about their needs before deciding if a packaged solution is right for their business.
By using these questions as a guide, organizations can determine if a packaged line-of-business analytic application is truly the right choice for their business.
The future of line-of-business analytics
As the business world becomes increasingly competitive, leaders are looking for new ways to differentiate themselves from their competitors. Not only does this mean providing your employees with better tools and resources, but it also means giving them contextually relevant information that can help improve decision-making.
By using line-of-business analytic applications, businesses can provide their employees with the insights they need to make better decisions and stay ahead of the competition.
In the coming years, we can expect to see even more innovative line-of-business analytic applications as businesses continue to invest in this technology. In particular, we can expect to see more advanced applications that are able to provide employees with real-time insights.
While there are certainly benefits to using a packaged solution, it is important for businesses to assess their needs and capabilities before making a decision. By doing so, data and analytics leaders can ensure that they are getting the most out of their line-of-business applications.