5 Embedded Analytics Benefits for Businesses
Data is the new currency. It drives innovation, informs critical decisions, and keeps businesses ahead of the competition. But how can organizations ensure that this valuable resource is not only accessible but also leveraged to its fullest potential? The answer lies in embedded analytics. In this article, we'll explore five compelling reasons why embedded analytics is no longer a choice but a necessity for modern businesses.
1. Empowering Data-Driven Decisions: Data is at the core of business evolution in the era of digital transformation. But raw data alone is like crude oil; its true value emerges when refined. Embedded analytics serves as the engine that transforms data into meaningful insights. Whether you're a SaaS company, service provider, or any data facilitator, this approach adds tremendous value to your offerings. It fosters higher product adoption, new revenue streams, and an enhanced customer experience. The end-users, in turn, crave data insights that guide their decisions, both in business and everyday life. According to research, analytics adoption is expected to rise to 50% by 2023.
2. Seizing Opportunities Through Data: In today's hypercompetitive environment, businesses can't afford to lag in data utilization. Data insights enable swift decision-making, crucial for staying agile and competitive. Businesses need actionable information at their fingertips, from understanding customer behavior to evaluating the ROI of digital platforms. Embedded analytics not only gives you a competitive edge but also creates new opportunities. The absence of analytics hampers business growth and reduces opportunities for your end-users, posing a dual risk: lost business and decreased customer satisfaction.
3. Rapid Deployment and Reduced Costs: Building an in-house client-facing analytics application can be time-consuming and expensive. Hiring and retaining top-tier experts, ensuring long-term maintenance, and support drive up costs. Third-party embedded analytics solutions present a more cost-effective and faster alternative. With most off-the-shelf embedded analytics solutions being low-code and plug-and-play, deployment becomes a breeze. Organizations can go to market faster, speeding up their return on investment. An external partner keeps the analytics platform up to date, fosters knowledge sharing, and offers future-proof scalability.
4. Gaining Traction in Enterprise Markets: SaaS companies often seek to tap into larger enterprises to boost their deal sizes. Data-driven decision-making, backed by advanced analytics offerings, is an asset in this endeavor. Analytics showcases product maturity, helps stakeholders make sense of complexity, and simplifies ROI demonstration. Embedded analytics solutions provide a streamlined way to meet the needs of large businesses, offering actionable reporting modules, localization features, and advanced analytics. Your enterprise clients won't even notice third-party technology integration, thanks to native integration capabilities and complete customization. This perceived innovation and analytical capabilities future-proof your product.
5. Meeting the Growing Demand for Data Insights: Interest in data insights is on the rise across various industries, even among consumers. End-users generate substantial data within their preferred tools. Unleashing this data potential can enhance decision-making and operational efficiency. Research shows that end-users consider self-service analytics crucial to their business operations. Businesses can gauge their customers' appetite for analytics through feedback surveys, online reviews, in-app surveys, and actual usage. Offering basic reporting dashboards with embedded analytics for a select group of users can generate invaluable feedback and prove the value of analytics. Embedded analytics has evolved from a competitive advantage to a business necessity. It is not just about data; it's about transforming data into a strategic asset for businesses and their end-users. By embracing embedded analytics, organizations enhance usability, reduce development costs, and ensure better user retention. In the fiercely competitive landscape of SaaS, digital services, and IoT providers, embedded client-facing analytics is a game-changer. It not only elevates customer experience but also drives business growth.
Interested in making analytics a meaningful investment for your product and users? Book a discovery call with one of our product experts and experience how Onvo can help you achieve growth.
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