A closer look at the far-reaching benefits of embedded analytics and how it can change the way you view and use your data.
Data and analytics go beyond dashboards and basic reports. For a business to truly benefit from data, it needs to be put in front of the right user at the right time – this is where embedded analytics comes in.
While business intelligence tools collect and analyze data in an effort to support business decisions, embedded analytics incorporates these capabilities into a user’s applications and systems. In a nutshell, embedded analytics presents users with data that is relevant to their daily activities within the applications they’re using. Using embedded analytics, users can bypass a high-level view of business data and rather focus on the data that will provide them with actionable insights.
Here are just a few of the ways that embedded analytics can make a difference to how you do business.
In order for data to be effective, it needs to be used in a persuasive way. By presenting employees with relevant insights within their usual business applications, embedded analytics makes it easier for people to think more analytically while they work. Along with a developing a data-driven culture within your organization, the software will also monitor application usage, allowing you to further refine processes and products.
Acquiring and transforming data into pertinent insights takes time, resources and money but embedded analytics can speed up this process. This means that your business will see a return on investment in a much shorter period of time.
A number of large organizations such as Amazon have found that embedding analytics boosts sales, encourages repeat business and leads to higher levels of customer satisfaction. In fact, Amazon has outranked its competitors in terms of customer satisfaction for the last 7 years. Even Netflix has seen a reduction in customer churn because of embedded analytics.
Think of how much time employees could save in their day if they didn’t need to switch between business applications and tools to find the information they need. In most organizations, spreadsheets are used to collect, analyze and distribute data but this also means that the risk of data corruption is high and there is very little data validation. Embedded analytics removes the need for spreadsheets and manual data capturing, analysis and distribution. When analytics teams no longer need to deal with an influx of ad hoc requests, they can focus on new products that can grow your business in different ways.
Embedded analytics helps businesses generate more sales by solving customer problems and decreasing customer churn rates. It can also be used to refresh applications to draw in new users and attract new markets while encouraging existing customers to purchase value-added functionality.
Transforming your customer applications using embedded analytics will allow you to influence user behavior and stand out from your competitors. FitBit is one example of a brand that uses embedded analytics to gain a competitive edge and reinforce their unique value proposition with customers.
Embedded analytics allows you to rebuild your business on a solid foundation of data, giving you the opportunity to expand your business, refine your processes and increase customer satisfaction levels in ways you never thought possible.