Analysts at Gartner found that 37% of organizations have implemented AI tech in some form or the other – this is a whopping 270% uptick in the past four years.
The implementation of AI is made simple through software products (like yours), eliminating the need for any in-house development or AI talent. But the numbers also suggest that the market for AI is divided into two halves:
- power users – companies that rely on AI to drive decision-making thanks to actionable insights
- adoption laggards – companies that are leveraging AI but missing the easy-to-act-on analytics part to bring actionable insights to their decision-makers
Find out in this article, how two AI software vendors overcame this to understand better the value of their software and tell you how you could gain from embedded analytics.
There is a small section who are seeing incredible value from AI, while others either hesitate to invest or don’t implement at scale. And that for two main reasons: first, companies don’t really understand how the software itself works, and they need to understand their added value through concrete evidence. To overcome this challenge, you need to clearly demonstrate the value that AI could drive for a prospect, cutting through the “black-boxed” nature of AI technology.
Remember, 63% of companies will see a revenue increase from AI adoption. High performers are 3X times more likely than laggards to report revenue gains of over 10%. What if you could make this value tangible to your customers right at the outset? What if companies could go into AI SaaS adoption with clear expectations, increasing their revenues and transparency?
Those questions are not coming from an ideal point but can be resolved with an available technology named Embedded Analytics, and more specifically embedded analytics dashboard. What is it? What’s it about? Embedded Analytics helps to convert prospects who are at the edge, still unsure of AI’s value by showing them how this feature brings them actionable insights.
The Stakes are too High to Ignore
Broadly speaking, AI software adoption is still inconsistent. Some companies understand really well the importance of this “augmented intelligence” while others have many reasons to be reluctant to adopt AI, as price, complexity, and the fact that that kind of AI-Powered software requires highly skilled data specialists people, difficult to find. But the growth that technology can bring to an ISV has been widely endorsed by experts and big companies as Google, to the point that it would be hard to foolishly miss out.
As a software provider, you can leverage embedded analytics to show customers how they might garner measurable value, in a variety of scenarios, from AI.
And that’s where Embedded analytics deliver insights breaks because it helps stakeholders to act with more accountability and communicate their initiatives through an easy-to-understand analytics solution. Plus, their challenge is to surface insights to prove a business value them to demonstrate value, this is why it’s essential that the data communicated is easy-to-use and simple to share. Embedded analytics a win-win technology because it helps your clients help them make better business decisions meanwhile you expand your revenue stream.
As the concrete always speaks better than the theory, here are two AI software providers who have successfully navigated these challenges to build and deliver standout offerings. One is Suplari, an AI procurement management company, that leveraged embedded analytics to create insight-rich dashboards for much wider audience. Another is Weave Labs, a sales support solution.
3 Ways Embedded Analytics Makes a Difference for Your Software Product
In today’s data-driven world, embedded dashboards are almost a staple in any software product. In the AI segment, particularly, this brings three benefits:
1. Make the value loud and clear
To a technical user, the value of investing in AI is clear. But business users and your customer’s procurement teams could struggle to understand the exact processes of your offering, obscuring its ROI. This leads to a long-drawn demo and sales process, delaying the adoption and bringing down your profitability.
Embedded analytics solves this by translating the perceived benefits of your software into clear and measurable outcomes.
Take, for example, Weave Labs. The company’s Robo Analyst platform reads long reports to extract the most relevant information. Instead of having to go through pages of reports, users can simply look at Robo Analyst for the most important data before making a decision. How do you quantify the value a company can get from reducing human efforts and replacing it with AI?
Weave Labs went down the embedded analytics way – it created a reporting dashboard that showed that 20-50% of the research material pouring into the company was being assessed vs. the meager 1% that happened via human efforts. So, just by adding a usage management dashboard, Weave Labs made its value-added obvious to his clients.
2. Get heard by a wider audience
You AI software product could have a large potential customer pool, beyond existing user roles by using embedded analytics. Indeed, embedded analytics dashboards are very simple, to use, to understand, and can be customized according to the needs/roles for each user. Consequently, by this simplicity of access, use, and sharing of insights, embedded analytics doesn’t just involve the technical people, but potentially all the employees of a company. Thereby, by reaching out to a wider audience, embedded analytics can definitely increase your customer base and boosts the revenue-generating potential of the software.
Consider the case of Suplari. Initially, a customer was using Suplari to optimize a specific workflow – but soon wanted to explore other use cases. Suplari could not only optimize a company’s processes, but it could also extract insights into the process performance.
So, the company Suplari decided to utilize embedded analytics dashboards to would both empower decision-makers and add accountability to their approach. Nikesh Parekh – the CEO explains “Especially during Covid-19, companies were and still are interested in finding fast solutions, and Suplari enables them to quickly get up and running.” As a result embedded analytics
helps them to serve this purpose and transformed operations across the customer’s value chain, exponentially lifting Suplari’s revenue potential as well.
3. Resonate with business and technical users alike
Embedded analytics can add an element of data storytelling to a software product, giving users a contextualized picture instead of raw data. Right now, particularly, your customers don’t want to waste time in crunching numbers and sifting through reports – they want a clear designed dashboard that would speed-up the right decision-making during a crisis.
By mixing in-depth AI-based technology and data storytelling accessible to all users (regardless of their technical know-how), Robo Analyst Weave Labs aims to tackle untapped markets.
Sorting it All, Without a Snag Anywhere: Get Started Today
At the end of the day, your goal is to strike a balance between complex and sophisticated AI, and simple and actionable insights.
And so, begin with a smart move in the right direction – start small when adding embedded analytics to an AI software product. In conversation with Nikesh Parekh (CEO of Suplari) and Nosa Omoiguy (CEO of Weave Labs), it was clear that one needs to stay customer-first. You already have a customer base to guide development, You can work with your customers to build the right use case – and this is a simple process.
In sum, here the ability to demonstrate the embedded analytics value is a no-brainer in today’s hyper-competitive market where new AI startups are mushrooming every day. Especially since it steers that reporting feature in your AI software could open new doors for revenue.
Toucan Toco is also offering a free workshop on feature building – to help you define use cases, formulate data models, and design an embedded UX to match your customer’s needs.
You can subscribe to updates right here, or email me at firstname.lastname@example.org to participate in the workshop
Thanks to the companies Suplari and Weaves for their confidence and expertise. Working with ISVs at the cutting edge of technology is a great opportunity for us, and we know that hand in hand we can offer even more powerful and profitable software.
Speak you soon
ABOUT TOUCAN TOCO
Our mission: tell Business Performance Stories through interactive Data and Data Storytelling.
Our users: Marketing, Production, Finance, Human Resources, SalesForces, and Top management of Big Companies.
From 4 partners to 90 employees in 5 years, we were self-financed until 2019, thanks to the support of more than 100 clients, for more than 300 projects, including Renault, Crédit Agricole, Elior, Icade, Nexity, EDF, GRDF, BNP Paribas, Heineken, Marques Avenue, Euler Hermes, BIC, SNCF… We have completed our first funding from Balderton Capital and the former founder of Business Object to accelerate our development in the United States.
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