Today, data drives everything from strategic business decisions to workout plans. As a result, analytics, visualization, and dashboards are becoming necessary in business software, online websites, and consumer apps. With people needing quick access to data for better insights and decisions, embedded analytics has become inevitable in our work.
Unlike traditional analytics software, embedded analytics platform puts information and data in the applications people use every day, rather than in a separate application. It also offers data-rich insights that drive more intelligent business decisions.
If you want more results from your embedded analytics platform, this guide is for you.
7 ways embedded analytics can help your organization achieve more
Embedded analytics help organizations make quick and better decisions, and bring data-led insights into existing workflows. It also stops users from having to leave their main work software, switch to an analytics product, and then return to the initial software just to find information for a decision; it's all now within the same product experience.
The list can be long, but we will only include the seven best ways to get more results from your an embedded analytics platform.
1. Improve BI user adoption
User adoption is the acceptance of a new system or process in technology. It is essential for organizations who intend to move from an old system to a modern, more advanced procedure like business intelligence (BI). User adoption is also vital to the new system's success as it tells people how the software will benefit them and how they can contribute.
According to a BARC survey, the average adoption rate of business intelligence (BI) among medium-sized business employees is 15%. It means one in ten people at companies using BI platforms uses the solution for day-to-day work. One report found that organizations utilizing BI embedded into existing operationally focused software experienced higher user adoption and satisfaction than on-premise BI solutions. So, if an organizations want optimum results from its embedded analytics platform, BI user adoption is the first thing they must look at.
2. Improve BI effectiveness
Many business owners think small organizations do not need to analyze their data. The same goes for business intelligence, as many organizations believe it will not add any value to their business. However, this is untrue as business intelligence (BI) is essential as the correct data can help any business, regardless of size.
Business intelligence extracts essential data and insights from unstructured data and transforms them into valuable business information. Organizations then use this data to make strategic and decisive decisions.
Improving the BI of an embedded analytics platform is also crucial for businesses to achieve business goals. With this, they can understand customer preferences, market trends, and purchasing habits.
3. Support pervasive BI
Pervasive BI refers to the idea that a maximum number of employees should use BI tools. Its goal is to provide every employee with the correct information at the right time to make informed decisions in their day-to-day work. Pervasive BI also helps lead the entire organization to improved performance and efficiency.
However, for many organizations, BI is a platform managed only by the IT department to establish a business strategy. But embedded analytics breaks down barriers to data and makes BI more universal. It places reporting and analysis of business data into the hands of everybody who uses the company's core applications.
In place of waiting for the IT department to follow the report request, more users are involved in the analytics process. As every member of an organization has better access to data and analytics capabilities, they can make better business decisions and get efficiency.
4. Trusted environment, better user experience
Regarding data analytics, most organizations rely on dedicated tools like CRM or HR or applications that only do analytics. With embedded analytics, the reporting and analysis occur within the familiar and trusted environment of core business applications.
Data analytics may cause intimidation for everyday users, but embedding tools within applications that users already understand will create confidence in them. It will also allow for making better data-driven decisions. Above all, embedded analytics creates a seamless experience between business data and its analysis.
5. Faster time to market
Dedicated analytics development requires expertise, time, and resources. Achieving speed, reliability, and scale with a homemade solution becomes challenging. That is where an embedded analytics solution comes into play. It removes the burden of maintaining infrastructure, storage, and computing power. An organization can be confident that an analytics solution will work 5x, 10x, or even 100x users.
The right embedded analytics solution puts an organization in a position where it can go to market faster by shortening the analytics development time.
6. Expand revenue streams
Embedded analytics impacts your business as much as it affects your application. It can open the door to new revenue streams while helping your business grow its opportunity size. An organization can build new lines of business around embedded analytics services like white label dashboards to expand customer satisfaction and the scale of a business. It also enables an organization to unlock more up-selling and cross-selling opportunities.
7. Data-driven culture
An organization makes data a critical component of the applications and processes with embedded analytics. Organizations aim for their employees to use data and make better decisions. Embedded analytics expands business intelligence to a broader range of departments and business applications to promote the commitment to data and analytics, creating more data-driven organizations.
Employees who use core business applications with integrated analytics capabilities react quicker to threats and opportunities while feeling empowered. It also helps employees build charts and reports to analyze business performance at any time. With this, decisions are made on accurate and timely information.
Advantages of using embedded analytics platforms
Embedded analytics offers a variety of benefits for organizations that look to use their copious amounts of valuable data. These benefits include:
The embedded analytics market is anticipated to grow to $77.52 billion by 2026. With embedding analytics, an organization can identify and rectify the issues that bar productivity, create workflow bottlenecks, and lead to unnecessary spending. As the insights are directly available within platforms an organization already uses, the employees can quickly and seamlessly identify the areas for improvement and opportunities that drive revenue.
Scale data-driven decisions
Embedded analytics assist organizations make wise decisions as it gives insights into the proper existing workflows. It does not require users to leave a tool, switch to another analysis product, and then return to the initial means to use the information for a decision.
With embedded analytics, the entire organization can access comprehensive, accurate, timely, and easy-to-digest information to make informed choices on the go. As a result, IT teams focus on higher-value tasks.
Higher ROI on Products
Organizations make tons of valuable data, but it often goes unused. However, with embedded analytics, this is not the case. It provides more flexibility with data and enables user-friendly insight sharing internally and externally. Organizations can also determine who sees what and present reports and visualizations privately.
With embedded analytics, a business can also generate revenue from customers or partners who pay for deep, data-driven insights. They can also utilize this information to improve their products or services without hiring additional people seamlessly.
The actionable insights gained from embedded analytics can also assist an organization in boosting its competitive edge. It provides a user-friendly app experience with integrated access to real-time data. Not only this, but embedded analytics also offers up-to-date knowledge of market or industry trends, customer behavior, and patterns with opportunities of getting ahead of competitors.
Higher customer satisfaction
With embedded analytics and easier access to data, customers can quickly find answers to their questions without reaching for additional support. They can also ask questions that make sense to them and get real-time insights where needed.
Modern embedded analytics also increase customer satisfaction, not limited to predefined questions or static reports. Instead, they allow users to explore data in depth and answer any questions they might have.
Yellowfin embedded analytics: An end-to-end, self-service solution
After reading all the ways, embedded analytics can help your organization and its competitive advantages for a business, you might already be wondering whether there is one product that covers it all.
Fortunately, there is Yellowfin that poses itself as a one-size-fits-all solution for all data analytics needs. Yellowfin makes the entire analytics workflow more straightforward to understand. It connects and prepares an organization's data, and builds dashboards to prepare management reports.
From action-based dashboards, self-service BI and automated business monitoring to data stories and reports, Yellowfin embedded analytics is an analytics solution designed for getting maximum productivity and increased revenue from your product.
Try the best embedded analytics solution
Ready to integrate data and analytics more closely with your product or software's everyday experience? Try Yellowfin embedded analytics with your own data for yourself with our free trial demo.