Original Equipment Manufacturer (OEM) reporting tools are data analytics products. Often they are designed to give Software as a Service (SaaS) companies specialized, built-in analytic solutions that seamlessly integrate with their existing applications. Organizations utilize OEM analytics solutions, more commonly known as embedded analytics, into their existing application to offer analytics as part of their product experience.
Today, there is a highly competitive market of OEM reporting tools targeting SaaS companies. A report by Allied Market Research predicts the global embedded analytics market is set to reach $60 million by 2023. With the rise in demand for OEM reporting tools, more organizations require the analytics solution they buy to perform more than just basic functions. SaaS providers choose OEM reporting tools based on their commercial aspects rather than the basic IT capabilities, and now require tools to increase their customer acquisition and income generation and reduce customer churn.
OEM reporting helps increase the value of a product, create a seamless user experience, and provide easy-to-understand data insights. They offer a complete suite of pre-built analytic functions, features, and data connectors for SaaS applications to include in their products.
It's common to use third-party platforms to enhance the capability of existing applications. Organizations know that development from scratch is a lengthy process, especially without existing expertise in-house, so more are choosing to integrate instead. A support strategy for integrating third-party systems, software, and components is better known as OEM (Original Equipment Manufacturer).
OEM (Original Equipment Manufacturer) software is a technology sold to hardware and software organizations. They embed it into their products and offer it as part of their hardware or software bundle.
Organizations are constantly looking to expand their customer base by incorporating business intelligence into their product. OEM analytics is an efficient approach for these businesses. It is an analytics software developed by an OEM platform company for an OEM technology company to offer to their customers as a part of their product.
Purchasing OEM analytics eliminates the need for software product owners to build their own analytics modules. By choosing to embed OEM analytics rather than build, the product owners shave off months to years of development time and time to market. As a bonus, they get specialist software with advanced analytics out of the box.
OEM reporting tools can be used in many industries, allowing businesses to collect and analyze data for various purposes. The primary usage of reporting software is to provide accurate data that users can easily understand and take necessary actions.
Aside from its primary purpose, what are the capabilities that make an OEM reporting tool perfect?
Let us discuss some features that make an OEM reporting tool stand out among others. These features have been categorized into functional and commercial features:
Following is a list of functional features that depict how a perfect OEM reporting tool should work.
Ease of using an OEM reporting tool is crucial for improving customer engagement. These tools should have an attractive set of features and workflows that cater to the needs of each user.
As an example, consider the analytics features of Yellowfin, a popular OEM reporting tool. Yellowfin has everything, from beautiful pre-built dashboards to user-friendly self-service reporting.
Software companies always prefer OEM reporting tools that seamlessly integrate with their product. Seamless integration is necessary to ensure proper communication between applications. Users should be able to access the same data from all sources in the same format for a seamless user experience. When users have access to their data in a consistent way, they can get better insights and faster results.
For further information on seamless integration, check out Yellowfin's feature to integrate seamlessly with your product.
For a truly seamless experience, users should be able to customize the look and feel of their OEM reporting tool. This feature is known as white labeling, and it is important for organizations that want to offer analytics as a true part of their own application.
Customization does not end with the visuals of the user application. An OEM reporting tool should be able to serve the same data to multiple business groups. It should offer tailored solutions based on their separate needs. A reporting tool should be flexible enough to allow users to customize the tool components – and even build their own for their specific requirements.
Yellowfin is a great example of such a reporting tool. Users can extend Yellowfin's open platform with custom code to cater to their special needs.
Data discovery and governance are key features required by an efficient OEM reporting tool. These tools enable users to explore their data, discover patterns, and share insights with others. These self-service analytics capabilities allow them to get the most value from their data. The more data engagement these tools allow, the better their users will understand trends, outliers, and patterns in their data. This data engagement can be in the form of data visualizations, stories, presentations, etc.
Yellowfin is an example of an OEM reporting tool that offers data discovery features in different ways.
Any organization employing a third-party tool is always looking for the best way to automate its tasks. A perfect OEM reporting tool takes care of all the hard work on behalf of the company. These organizations can then offer automated analytics features like data modeling, discovery, visualization, and analysis for the end-user's convenience.
To understand how automated analysis works, consider Yellowfin's Signals feature. It allows automatic monitoring of data and highlights any changes that occur within it. Signals is also part of an analytics suite that combines automated data discovery, action-based dashboards, and data storytelling into an integrated platform. It enables users to extract transformational value from their data.
Following is a list of commercial features an OEM reporting tool should be capable of providing to make their buyer organizations stand out.
The ultimate success of an OEM reporting tool depends on the return on investment (ROI) it's capable of generating. OEM reporting tools should provide a rich set of functionalities that add to the value of its organization's product by making it more appealing to its customers.
An efficient feature that sets an OEM reporting tool apart is its provision of an analytics roadmap. Complete visibility of an analytics plan allows aligning data analytics to the overall business strategies of an organization, resulting in customer satisfaction.
Organizations want to provide the most optimal analytics features to their customers to make their applications the best in the market. For this reason, they will always choose OEM reporting tools based on their competitive advantage. To create this differentiation for retaining customers, an OEM reporting tool should have some unique features that set them apart from other tools. For example, they can provide higher data quality and reliability that drives better decision-making in accordance with strategic goals.
Employing a third-party tool always carries a threat to data security and compliance. Data is very sacred for organizations and they cannot compromise it. A perfect OEM reporting tool should ensure compliance with organizational policies. These tools should offer data security to prevent data loss or inconsistencies.
Organizations that embed third-party tools require communication with their vendors in case of any complications with the tool. A perfect OEM reporting tool should offer a support model to handle organizations' queries and complications.
An OEM reporting tool should provide the best level of analytical detail. This results in customer retention as customers will be more inclined to stick to a product that offers them more value.
With the growing embedded analytics market, the OEM reporting tools industry is likely to expand in the next few years. To stay ahead of their competitors, organizations would have to keep up with what these tools have to offer.
OEM reporting tools are increasingly becoming an essential element of the SaaS environment. Understanding the features of these tools is important to choose the type of reporting tool that meets your business needs.
For a better understanding of how these tools work, head over to Yellowfin to see an OEM reporting tool in action.
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