In this guide, you will find all the keys to understanding that Embedded analytics are powerful. Can’t wait to find out why?
This cool guide will Include 5 chapters:
- A complete definition
- Impact on users
- The information to choose the right solution
- Trends for 2020
- And many other things
The aim of this guide is to compile as much information as possible, in order to give you not only knowledge about embedded analytics but also insights into its incredible potential.
At the end of each chapter, you will find all the resources you need and a link to a complete article on the subject.
So, are you ready to become an expert in Embedded Analytics? Go!
About the author
Hi, I’m Charles Miglietti. as CEO and co-founder of Toucan Toco which is a
data storytelling platform for fortune 500 companies.
Our goal? To help organizations make their data more meaningful and understandable through simple and beautiful graphics.
As we know the importance of making better decisions with all this information, I am pleased to write about Embedded analysis which is an added value that could be gradually grafted into your product and quickly provide insights.
For more information, see below.
A picture is worth a thousand words, so let’s watch a quick video to better understand our field of expertise :
I am glad to tell a personalized story through data storytelling, which is a real act of democratization of data, but I’m here today to share my experience and talk to you about embed analytics.
So, what is embedded analytics
- 1. Definition
- 2. How is embedded analytics software different than business intelligence software?
- 3. Examples : 3 ways embedded analytics boost the engagement rate of your SAAS or Software solution
- 4. Build VS Buy: How to choose the right embedded analytics strategy?
- 5. How to choose your embedded analytics solution
- 6. Discover 5 Trends that will influence embedded analytics market in 2020
- 7. How Toucan embeds differently
1- DEFINITION: WHAT IS EMBEDDED ANALYTICS? 💻
Embedded analytics is a technology that refers to the insertion of analysis and visualization tools, processed and designed by a third party company, directly into the user interface of the business application (CRM, ERP, EHR/EMR). Quite simple but relevant, why? Carry on.
Indeed, your users do not have to interrupt their workflow to find data using third-party tools: the analyses are integrated directly into your software platform, seamlessly in context. The user doesn’t have to go into another product/application and mine the data! And that is a great revolution!
More importantly, embedded analytics is a tool to make data accessible to non-specialists.
I can feel that you’re already thinking about your users.
So yes let’s empower them!
At Toucan an embedded analytics solution visualization provides actionable insights thanks to a real-time connection to data and seamless integration. Do you want to see? It looks like this, feel free to click:
The visualization provides actionable insights thanks to a real-time connection to data and seamless integration into our blog.
2- HOW IS EMBEDDED ANALYTICS SOFTWARE DIFFERENT THAN BUSINESS INTELLIGENCE SOFTWARE? 🚀
Let’s use an image: the business intelligence tool is like a map that we used to plan an itinerary before a long car trip. Embedded analytics is the GPS navigation inside your car that guides your way in real-time! So, turn up the volume, and enjoy the view.
More specifically, BI software is not integrated into the experience offered by your software or platform. These tools require navigation between separate interfaces to view reports, which requires users to navigate between multiple windows.
BI solution gives you an overview of data coming from many systems, but without offering an easily understandable context. On the contrary, thanks to embedded analytics, reports are integrated directly into your solution.
“A study conducted by Aberdeen Group reveals that 69% of business users are satisfied when the analysis software provides direct access to data.”.
You got it, the ability to see the data in context helps to inform the decision-maker and ultimately leads to better results.
Do you want some concrete tips? Sure. No problem ⤵️
Discover 6 key points to improve your business with embedded analytics solutions
So, how do you feel? Happy?🙂
Or, you still don’t see what embedded analytics can do for you?
Then let’s jump straight into an example with 3 impacts of embedded analytics on a software solution.
3- 3 Ways Embedded Analytics Boost The Engagement Rate of your SaaS or Software solution💥
As a software publisher, you evolve in a very competitive market. Your main objective is to increase user adoption.
So, find out how to easily increase the engagement rate of your product by integrating an analysis solution.
Today, Over 90% of software companies are embedding analytics tools in their applications.
How to explain this phenomenon? Mainly because embedded analytics improve your product and significantly increases the customer experience but not only.
Discover 3 ways in which this technology helps you to significantly boost your engagement rate!
#1 EMBEDDED ANALYTICS IMPROVE CUSTOMER SATISFACTION
Indeed, the implementation of an embedded analytics tool in your software or a SaaS solution allows a better contextualization of the information you provide. So, it’s a key-value that increases your customers’ satisfaction.
Offering good visualizations on your platform will help to amplify the usage of your product.
This observation is in a report by Logi Analytics (2017): 94% of product managers and developers said that embedded analytics is helping them improve customer satisfaction and 99% said it helps them improve the user experience.
In short, you allow them to work more serenely, and to gain the trust of their peers.
#2 REDUCE CHURN THANKS TO EMBEDDED ANALYTICS
The lack of direct access to understandable reports is one of the main pains expressed by professional users. A study testies to this: 84% of professional users want to have access to analytics within the applications they already use.
Faced with this situation, software or SaaS solution publishers have understood that the best way to increase the use rate is simply to invest in embedded analytics.
Read more about the improvements allowed by embedded analytics.
#3 EMBEDDED ANALYTICS BOOST YOUR CUSTOMERS ROI
According to a study conducted by Logi Analytics we’ve already mentioned, 98% of software publishers said that embedded analysis contributes to their revenue growth and differentiates their solutions from their competitors (94%).
How to explain this success?💰💰💰
The main answer is that implementing analytics technology in your software adds a convincing argument to your sales pitch: allowing your users to increase their ROI.
Read more about this just here.
Now is the moment when you are convinced of the benefits of embedded analytics and you ask yourself: “can I build it myself? Or do I have to buy this solution? “.
That is a good question, so let’s look at the 2 solutions together.
4- Build vs. Buy: How To Choose The Right Embedded Analytics Strategy? 🧠
In the match “build” or “buy” an analytics platform, adopting a binary vision is not always the right option! Indeed, each approach has benefits and risks, depending on technical specifications, resources, and budget your company intends to assign to this project…
There is, therefore, no simple yes or no answer to this question. Instead, best practices for embedded analysis are neither “build” nor “buy”, but are, in fact, closer to a partnership.
You are craving for explanations? Keep-up reading.
#1 Built embedded analytics: a great option for customization and autonomy if you have the human resource and a high budget
Some software companies choose to build a data analysis solution. What are their typologies and why do they make this choice? Several answers:
- Strong resources
- Need for specific customization
- Need for internal security standard
Actually, building your own analytics tool makes it possible to solve all security and stability problems internally. This may be necessary, if you are working with very sensitive data that requires specific security levels.
#2 Buy embedded analytics: simplify the delivery of your analyses, avoid engineering costs while maintaining control over your product
- Very fast time to market
- Cheaper TCO (Total Cost of Ownership)
- Maximum security guarantees
- Close collaboration with the third party company
You need more details? Can check our dedicated article out: How To Choose The Right Embedded Analytics Strategy?
Besides, the purchase of an integrated tool from embedded analytics, a software supplier, allows you to work closely with experts on the subject. And good news: product improvements can be made without additional internal developer resources!
With Toucan Toco, more than just a simple purchase, the use of our solutions gives you access to :
- 1. an expert resource
- 2. access to complete online documentation
- 3. training on the tool
- 4. newsletters to learn about all the integrated features.
5- How to choose the right embedded analytics solution?💡
In recent years, the Business Intelligence market has exploded. Therefore, if you want to include a reporting feature in your product, you can choose from dozens of suppliers. However, you should keep in mind that not all analytics providers are equal…
As a result, this guide will help you to choose the perfect fit for you!
First, you need to be careful because not all solutions on the market are adapted to your needs, your industry or your company. Plus, not all analytical products have been designed to be integrated. Some suppliers are even trying to offer integrated analysis offers that are the same products sold to direct customers, so be aware of that.
Finally, these tools don’t have the capabilities required for a truly integrated experience.
To precise, your choice here is more information on the criteria to look to choose the right provider.
#1 Which characteristics must you identify to find the right embedded analytics provider?
To save you time, we already have identified 5 differentiating categories to make your choice: User needs & skills, Technical needs, Data integration, Security and User experience. Using these criteria as a checklist will help you discover which supplier is best placed to provide you with embedded analytics!
Requirement and Skills: Is the product sufficiently scalable and flexible?
The implementation of integrated analysis tools is an important decision… One of the major criteria that will guide you in your choice is to ensure that the chosen tool is flexible enough to adapt to your environment.
Then, be sure about the quality of the UX of the embedded tools you choose. Why is this aspect essential?
Let’s take an example: if you provide a service to a customer (HR software, accounting or CRM) your priority is to make your platform simple and accessible with as little training as possible because these profiles are not necessarily technical. So, your requirement is to have a very easy and relevant tool.
To choose the right software it is essential to assess whether the proposed product has the technical capabilities necessary to meet all your needs.
1. Platform scalability
3. Is the data properly prepared for analysis?
4. This tool clears your data workflow
Read more details on our dedicated article: how to choose the right embedded analytics solution.
To ensure the proper use of your embedded tool, the solution you will choose must be able to integrate simply into the existing IT environment.
Because you want to be able to work with your existing data environment.
Customizable user experience
Therefore, seamless user experience is crucial for analytics success. So, choose an embedded analytics tool that allows you to white-label the user interface in such a manner that it looks like part of your broader application.
A “white label” approach means that users do not even know they are using a multi-product application. Cool, isn’t it?
As authentication and access control are essential issues for embedded scanning, it’s important to choose a solution that can work with your solution or software security model.
More details just here
6- Discover 5 trends that will influence the embedded analytics
market in 2020 🙌
From a wide variety of industries, many successful companies, have understood the importance of equipping their employees with the necessary tools to make data-based decisions. Do you want to be a part of that?
#1 EMBEDDED ANALYTICS TOOLS WILL GENERATE VALUE, NOT JUST REPORTS
Can’t wait to know the rest of its qualities? Read on!
To differentiate themselves from the competition, B2B Software solutions or web platform providers, have understood that the key is to present data in the form of readable visualization which 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. All of this by viewing the data generated in real-time in their work tool.
#2 THE RISE OF CUSTOMIZED EMBEDDED ANALYSIS SOLUTIONS
It is important to know that embedded analysis providers work with a wide variety of industries and data sources. Consequently, 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, and to each business expertise.
#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.
So, they want the data to be as intuitive and easy to understand as the rest of the application experience. Quite understandable, isn’t it?
#4 BRING SERVICE TO THE NEXT LEVEL
By purchasing a complete integrated analysis solution, you can facilitate data mining through self-service. So, users are free and independent to consult their data at any time.
And it’s an advantage for you as well because, your user will no longer have to ask the support to create ad hoc reports to create reports for you: they can do it themselves, in a very easy way.
#5 THE RISE OF REAL-TIME ANALYTICS
The fact is, real-time data analysis has the potential to transform the way organizations operate. More 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.
Discover all the detail of the trend of 2020 in our complete article about the embedded analytics market.
I hope this guide helped you to understand the power of an embedded analytics solution.
After quite a bit theory, would you like to see what our solution looks like? This is just ⤵️
And How Toucan Toco embeds differently?
Look how fast it is.
It takes 30 seconds to embed it 🚀
Toucan offers a dedicated data visualization platform for SaaS product teams. It’s game-changing for visionary product teams who wish to give their customers a high-quality perception of their services by relying on reporting components within their solution!
It allows them to build beautiful visualizations quickly, easily and without development skills that they can integrate safely and lightly into any web application.
Unlike custom development, our product allows data visualization that is 10 times faster, more robust and industrialized, which increase the value of the underlying data.
Do you want a demo of our solution? Talk to our expert!
And feel free to write a comment below.