Embedded Analytics- Accelerating Product Usage and Revenue Growth

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Embedded Analytics- Accelerating Product Usage
and Revenue Growth
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Introduction
Leverage seamless user experience and revenue
growth Embedded analytics is the incorporation
of analytic content and capabilities within
applications, like business process applications
(e.g. CRM, ERP, EHR/EMR) or portals (e.g.
intranets or extranets). Integrating pertinent
data and analytics inside applications assists
users in working smarter and more effectively by
resolving high-value business issues. Most
essentially, embedded analytics is a tool to make
data accessible to non-technical users. At
present, about 90 of software companies are
embedding analytics tools in their applications,
as per the State of Embedded Analytics Report.
(Source Toucantoco)
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Many modern businesses know that seizing a new
customer can cost five times more than retaining
an existing customer. Hence, companies are
increasingly making retention a vital component
of their business strategies. Concerning
independent software vendors (ISVs), customer
retention is directly linked to product
adherence. In the present data era, embedded
analytics can play an integral role in improving
product adherence, as demonstrated by the
equation below. Embedded Analytics X Product
Usage Revenue Growth Yes, PAL, you read it
right! Embedded analytics is capable of improving
product usage by augmenting product adherence,
which can lead to revenue growth for ISVs.
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Embedded Analytics - Vital Considerations
Prosperous embedded analytics projects are not
merely appealing depictions of data, they need to
generate insights and actions. What will suffice
your present customer base and win over novel
customers? Mentioned below are vital factors and
features that can make your applications
analytics stand out and drive revenue.
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1. Take Into Account the Overall User Experience
Primarily, to monetize the embedded analytics in
their applications, product managers must
consider the complete user experience. Dashboards
and reports must integrate effortlessly into the
remaining application both concerning actions
and branding. If youre let down by an
unconnected user experience, they might abandon
your application completely.
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2. Incorporate Workflow Action
Analytics must drive action, not merely visualize
data. By incorporating workflow capabilities into
your embedded analytics, you enable your users to
take actions from within your application
whether its about sharing findings with
colleagues or starting a new process. Integrating
analytics in the host application workflow
enables you to build captivating and thoughtful
use cases that actually differentiate your
application from the opponents.
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3. Embedding Self-Service Analytics
By incorporating self-service capabilities into
your embedded analytics, you authorize users to
ask novel questions and explore their data for
exquisite answers devoid of help from your tech
team. Its a win-win situation users customize
your application so it fits varying use cases
than ever, while you minimize the number of ad
hoc analytics requests your tech team has to
manage. Self-service analytics can also result in
valuable insights into your customers, enabling
you to witness what sorts of dashboards and
reports naturally emerge in your product in
response to customer requirements you didnt
expect.
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Product Usage Tomb

• There are three vital aspects of this tomb
• Democratization Make analytics accessible to all
  types of users.
• Contextual analytics Deliver actionable insights
  within particular contexts of business workflow.
• Deep analytics Intensify the accessibility of
  analytics to make the product.
• Lets have a closer look at each level

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1. Democratization
Analytics should be accessible to all is a
crucial aspect towards augmented product usage.
Modern analytics platforms serve a wide array of
self-service proficiencies. Here we present a few
strong analytics capabilities ISVs should watch
out for given democratization. AI-Powered Inline
Data Preparation Formerly, IT teams were
responsible for data cleansing and preparation.
At present, BI and Analytics platforms deliver
AI-powered self-service data preparation
proficiencies to swiftly cleanse, transition, and
enrich data.
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• Conversational Analytics Users must have the
  insight theyre looking for by asking simplified
  questions to an AI-powered conversational
  assistant.
• Automated Insights Users can acquire a deeper
  understanding of their data visualizations, and
  find out vital insights, through AI-generated
  auto-narratives.

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2. Contextual Analytics

• Contextual analytics needs effort at different
  levels. Lets discuss three vital elements that
  authorize this layer below.
• Effortless Integration Makes certain that both
  the ISV parent application and embedded analytics
  are hassle-freely integrated. This is attainable
  by allowing SSO SAML authentication, embracing
  an in-built design studio within the analytics
  application to ensure look-and-feel uniformity
  and using a dynamic API library to plug any
  bridges in integration.

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• Contextual Embedding This helps place insightful
  reports and dashboards within business workflows.
  Advanced embedded analytics platforms deliver
  rich and robust dashboards that authorize users
  to munch insights and interact with the
  fundamental data for deeper analysis. The
  responsibility is on the application provider to
  make sure these dashboards also possess
  pulverized access control mechanisms in place.
• Embedding AI-Powered Analytics Proficiencies
  Such as conversational analytics, automated
  insights, predictive analytics, and generative
  AI, can thereby assist users to easily access
  contextual insights on a real-time basis.

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3. Deep Analytics

• The profundity of analytics proficiencies a
  platform delivers is directly associated with a
  users ability to enhance the overall product
  adherence required for high user retention.
• Lets have a closer look at a few capabilities
  ISVs should seek.
• Dynamic Visualization Alternatives Modern
  businesses operate with a broad range of data
  types, such as discrete and continuous data,
  geospatial data, and qualitative data. ISVs
  should make certain their embedded analytics
  provider delivers a broad spectrum of
  visualization alternatives to shield the entire
  gamut of vital data types.

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• Predictive Analytics Triumphant businesses often
  have historical data readily available. But to
  drive decisions successfully, you require
  foresight. Modern analytics platforms provide
  predictive analytics capabilities to serve the
  purpose. A few vital aspects that ISVs should
  check for include the breadth of the forecasting
  model and the depth of pre-built ML models
  supported.
• Trend Analysis This deep analytics proficiency
  assists users in understanding the underpinning
  data over the data (historical and forecasted)
  available.
• Scenario Analysis This helps users recognize/
  evaluate the impact of decisions made based on
  outcomes. For instance, it might help them
  recognize the impact of spending on sales or any
  modifications in profit percentage on sales.

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How Businesses Are Employing Embedded Analytics
to Streamline Revenue Growth
Attain Quick Time-to-Market Committed analytics
development needs expertise, resources, and time.
It can be challenging to attain speed,
reliability, and scale with an indigenous
solution. By capitalizing on Software-as-a-Service
(SaaS) embedded analytics solutions, the worry
of maintaining infrastructure, storage, and
computing power is eliminated and you can be
assertive that your analytics solution will.
Perhaps, the right embedded analytics solution
positions you in a place to go to market faster
by minimizing the analytics development cycle.
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Inflate Revenue Streams An embedded analytics
solution can greatly influence your business as
much as it influences your application. Embedded
analytics can pave the way to new revenue streams
and help develop opportunity size. You can create
new lines of business around embedded analytics
services- like white-labelled dashboards as
avenues to expand customer loyalty and scale your
business. This helps you unleash more upselling
and cross-selling opportunities.
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Give Rise to Value, Not Merely Reports Your
application developers should emphasize creating
novel features and enhancing core functionality,
not merely custom-developing an extensive
analytics engine or coding reporting features
that require constant updates. With the right
embedded analytics, you need not start from
scratch to cater to customer demands. This helps
your developers to enhance core features and
functionalities.
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Conclusion
Embedded analytics and BI solutions are handy off
the shelf, allowing your business to leverage the
dedicated RD, infrastructure, and development
effort of a vendor that possesses BI and data. If
you lack this core competency in-house, choosing
to buy is a definite alternative. By removing the
hassle of development, your business will be free
to invest in capturing additional value for you,
your developers, and your customers. If youre an
ISV seeking sophisticated and reliable embedded
analytics providers, Smartinfologiks Analytics
can be a perfect solution. Analytics is an
influential BI and analytics platform that can
help you meet your business needs.
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If youre an ISV seeking sophisticated and
reliable embedded analytics providers,
Smartinfologiks Analytics can be a perfect
solution. Analytics is an influential BI and
analytics platform that can help you meet your
business needs. Witness the impact it can have
by getting started with Smartinfologiks
Analytics. Wish to have a glimpse of what we
deliver? Schedule a personalised demo at your
ease. Modernize Your Analytics Offering With
Smartinfologiks! We are at your service whenever
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