In the past, the ability to view automated reports based on data information was only available to major corporations who could afford to build elaborate and costly data warehouses. Today, however, instant reporting capabilities are available in most business applications tools such as customer relationship management and financial management software. This is due to the growth in popularity of embedded analytics (EA) included in business applications other than traditional business intelligence platforms.
As a form of technology that makes business intelligence and business analytics more accessible, embedded analytics can offer a variety of benefits to your company. Learn how to lower costs, improve user experience and more with EA tools.
Lower Initial Costs
An important aspect of running a successful business is keeping costs down in regards to the software and tools needed to run the day-to-day activities. With its increase in popularity, using EA tools now minimizes onboarding time and eliminates the need for ongoing technical resources, which is a huge change from similar tools used in the past.
Since you don’t have to pay a technical support team to perform the in-app integration for the weeks the initial setup used to take, an EA advantage is the initial cost. As it can be up and running in minutes, often without the help of someone who is an IT specialist, the cost of EA tools is often lower than custom-coded or standalone options, making them a more appealing option to many business owners.
Lower Ongoing Costs
In addition to an affordable initial cost, EA tools also offer lower ongoing costs. Since data is easy to update or change, the embedded code doesn’t change very often or at all, and the dashboard is simple to use, there’s usually no need for maintenance, tech support, and upgrades throughout its use. Business owners love this as they don’t have to worry about unexpected costs down the line.
Improves Customer Satisfaction
EA benefits the customer’s experience as well when it’s installed behind your customer-facing storefront. Regardless of the industry you do business in, this can benefit you by providing targeted product recommendations to your customers or subscribers. Not only does this improve customer satisfaction but it has shown to decrease churn and lead to repeat sales and larger purchases.
Using embedded analytics allows users to spend less time switching back and forth between different tools and applications as they can be integrated into the other platforms you use. This allows users to spend their time on more essential tasks, increasing overall productivity. According to a recent survey by Gartner, 84% of business users prefer having access to analytics within the applications they’re already using, as it’s more efficient and easier to use.
Gives You A Competitive Edge
One of the biggest embedded analytics advantages is how content-specific analytics can be used to stay ahead of the competition. When used correctly, the business applications you use with embedded analytics installed can provide you with the information needed to handle any challenges that your company faces. It can be used to provide you with insight into your customers, strategically raise and lower price points, and ensure your customers are satisfied with their experience.
There are a number of ways in which embedded analytics can be used to increase revenue. It can improve existing applications to make them more appealing to new users while also reaching a larger demographic of potential customers. Additionally, by offering new opportunities or services specific to the collected data from a customer, you can reduce churn and monetize your products.
Leads To Better Decision Making
Using embedded analytics tools gives users fast access to insights that can assist them in making more informed business decisions. This can be essential when quick decisions need to be made, as users don’t have to reach out to individual departments to receive the necessary data information. Embedded analytics benefits development teams as well, as insights go both ways. Not only do users have access to business insights, but your development team has access to user insights. This not only helps to improve current products, but it can inspire new products as well.
Embedded analytics benefits have caught the attention of the business world, and we can expect to see them being implemented in applications more and more over time. According to Market Research Future, the use of embedded analytics tools is expected to grow 14% each year and become a $52 million market by the year 2023.
Don’t wait until then to bring this useful tool to your business. Get ahead of the competition and learn about what our embedded analytics solutions can do for you and your company now