Embedded analytics are the future! This technology turns knowledge into action and helps companies achieve their strategic goals. They allow them to monetize the valuable asset of their own data. In this article, we want to present our vision of the next opportunities through 5 emerging trends in the Embedded Analytics sector.
#1 Embedded analytics tools will help you generate value, not just reports
Many companies, from a wide variety of industries, have understood the importance of equipping their employees with the necessary tools to make data-based decisions.
However, their employees (from sales, marketing, HR or financial services) are not data analysts: they need to be equipped with a solution adapted to business users.
To differentiate themselves from the concurrence, B2B Software solutions or web platform providers have realized that the key is to present data in the form of readable visualization that adds fundamental value and to their product.
Also, thanks to the implementation of embedded analytics tools, the trend is now to provide easier access to key indicators. This allows their users not only to generate reports but also to respond precisely to specific problems – related to their industrial or service sectors – by visualizing data generated in real-time in their work tool.
Thus, users have a better understanding of the value that B2B Software solutions or web platforms can have on their business!
The integration of a data analysis service within a digital platform makes it possible to “take the service to the next level”, and this generates a return on investment: 98% of software publishers said that embedded analysis contributes to their revenue growth and differentiates their solutions from their competitors (94%).
#2 The rise of customized embedded analysis solutions
Embedded analysis providers work with a wide variety of industries and data sources, they have a 360-degree vision that allows them to develop tools that adapt to a variety of markets.
Each industry uses data relating to the specificities of its activities.
It is, therefore, necessary to offer a service that adapts to the needs of each potential customer…. Let’s take the example of public transport.
An embedded analytics tool makes it possible to collect very specific data on users, regularity or safety in order to improve services… in terms of action, public transport companies can increase the number of subways during peak periods, better regulate traffic flows in certain stations, strengthen surveillance in stations where there are incidents.
All this information can be seamlessly available in your transport company’s internal application or can be accessed as open data to users, through a public application – to facilitate their itinerary.
#3 Highlight data generation
According to a study by the Aberdeen Group, 69% of professional users are satisfied when Softwares provide direct access to data. They want the data to be as intuitive and easy to understand as the rest of the application experience.
And for good reason: Today, employees who are not trained in data analysis feel that a lot of information could be used for their work, but this data is not being used to its full potential because of the lack of tools adapted to their daily use…
To answer this pain, integrating impactful data visualization within a B2B solution makes it possible to bring in employees their desire to be data-driven.
By investing in an embedded analytics tool, as a software provider, you allow your users to be more analytical, without changing their working habits.
#4 Bring service to the next level
By purchasing a complete integrated analysis solution, you can facilitate data mining through self-service.
Your user will no longer have to ask the support to create ad hoc report to create reports for you: they can do it themselves, in a very easy way.
Give your end-users the ability to view, create, modify, interact and collaborate on any dashboard. They will be able to work with real-time data and a fully browser-based solution – accessible from anywhere and on any device.
When customers can trust that the information they generate is relevant and usable, they accomplish more and get the most out of your application…
#5 The rise of real-time analytics
Real-time data analysis has the potential to transform the way organizations operate. Rather than basing decisions on past events, companies can use real-time data to predict future performance.
This immediate decision-making is particularly important in the retail or service industries. Companies which invest in an embedded analytics product can exploit data in real-time will be able to identify weaknesses and bring new products/services to market faster!
Integrating real-time data into software or on a web platform makes it possible to stand out from the competition and offer a contextualized service to increase the use of a platform.
Please play with one of our embedded chart example below:
Myriam Taider, Content strategist @Toucan Toco