Hi Sai,
The current project where i am working is known as Embedded Analytics. If i clearly understood your question this approach satisfies you. Unfortunately there is no concrete information on this. But let me provide you some links which might be informative & useful for you.
Dashboards in SAP Business Suite based on BI Content
Dashboards in SAP Business Suite based on BI Content
Above link provides you the list of dashboard, its prerequisites & configuration.
Guide to Embedded Analytics inside the Business Suite: A Webcast Summary
How to integrate the Standard dashboards from BI to BO.
Getting Started with Business Suite Analytics
Hope it helps, Revert for any clarifications required.
--SumanT