Why Modernize Your Application with Embedded Analytics?
The emerging trends and use cases of embedded analytics consistently keep the buzz around. And why not? As Embedded Analytics can increase the value of your product by 43% and enabling you to charge 25% more than your current product pricing.
A research study shows that BI and Analytics tools have failed to penetrate more than 25% of an organization. Even in these 25%, Most users use it once or twice a week.
There could be several reasons to it such as, unavailability of Analytics at point of its use, lack of persona specific interactive dashboards, Incorrect use of visualizations and much more. Lower BI adoption is an alarming fact for organizations and Product companies and need to think through to overcome the challenge. Modernizing the application or a platform with Embedded Analytics is the best way to take it to the next level.
Let’s understand embedded analytics in further details. This blog will help you explore more in depth the key factors and considerations while upgrading your analytics capabilities to the next level.
Points to Ponder While Thinking Embedded Analytics
● Gel with Host Application
Embedded analytics features should be compliant with host applications. Their look, feel, and operation should be complementary to host applications.
● Buy vs. Build
Buy or Build your own embedded analytics capabilities is a dilemma that every company faces at least once.
To develop the end-to-end analytics functionality, In-house development team would take years to develop the best-of-breed features which will distract them from enhancing the core Business capabilities.
While some of the best embedded analytics solutions which are no code or low code and focuses just on analytics than coding, which helps in reducing time to market for organizations.
● Types of Embedding
Different types of Embedded Analytics are available, and one should choose the correct one based on their needs and consultations.
Detached Analytics: Companies can use the detached analytics model for embedded analytics. Here, the analytics portion runs separately from the host applications. However, they are truly connected using URLs for interoperability and shared authentication & authorization mechanism
Inline Analytics: In Inline Analytics, the analytics features are offered within the host application but as a separate module. User needs to navigate through different tabs within an application to use the analytics functionalities.
Fused analytics: It is preferred if a tight integration between analytics and operations is required. Here, the analytics components like dashboards, graphs, charts, etc., are displayed side by side with the operational data. This is also referred as ‘Analytics at Point-of-Use’, as this increases BI adoption.
Who are The Users/Consumers of Your Dashboard or Report?
Analyzing personas to develop dashboards for embedded analytics is one of the best approaches. Here, you need to develop relevant dashboards, keeping in mind the personas at the heart of decision-making.
Once you have chosen the persona, you wish to create a dashboard for, you will have to understand their goals in detail. For instance, the goal of a salesperson is to have as many sales as possible. So, the dashboard in their regular operations should provide appropriate metrics to track the progress being made and helps sales team to go after right set of customers.
What Should Be Criteria to Select BI Tool for Embedded Analytics?
- Primarily, the Analytics tool should be seamlessly integrated with the host application. Otherwise, its experience will not be up to the mark.
- The scalability of the BI tools should be similar to the application’s scalability.
- Support to Technical teams – Strong user communities with multiple use cases and samples should be present in public domain along with good API documentation.
- Customisation is an important feature when custom applications are being considered for embedded Analytics.
- The extensibility of analytics is essential to have far-reaching impacts.
- Data architecture should be simple, precise, and straightforward.
- Embedded Solution should be capable to implement Enterprise security models and governance. It should be able to implement Row Level Security Measures to get the full control over the data and its shareability.
Should Your Product/Application Have a Single Flavor of or Multiple Flavors?
1. Basic – It should become part of product so that users get accustomed to using BI or analytics.
2. Advanced Business Intelligence – Multiple dashboards considering different personas, one or more business processes which supports features like, Drill down, Drill through, action driven, etc.
3. Predictive Intelligence – Above two are still showing “What happened” but Users should be able to see “what would happen”. This will make them more curious and might help them foresee things coming their way.
Benefits of Modernizing Applications with Embedded Analytics
● Get a Competitive Advantage Over Your Peers
Numbers, Performance Data and Analytics is important for any business to analyze the information and take necessary decisions for betterment of pro-active business decisions. But having them at a right place within an application or a product along with persona driven dashboards and visualizations makes more sense.
This increases the decision makers engagement with an application or product and increases the overall product value by making the analytics available on fingertips.
● Ability To Create Best Analytical Experience for Your Customers
Having a customer centric and role-based analytics within the product creates simplified experience for its customers.
- Interactive dashboards,
- Slicing & dicing of the data,
- Availability of multiple data points in a single view Enhances the overall analytical experience for its customers.
It increases the Business Intelligence Adoption and data-driven decision making within an organization.
● Additional Revenue Stream and Upsell Opportunities
Embedding interactive analytics capabilities in the product or an application could be an additional revenue stream for your business!
Yes. It’s completely true. As it will provide end-to-end insights for decision makers within an application without making any significant efforts. Customers are always ready to pay more when they see more value/ROI in your product.
It can also be offered as a separate module by charging extra or can be bundled with the premium offerings and use it as a USP while marketing your product.
● Allows You to Focus on Uplifting Your Core Product
Choosing right embedded solution for your product will reduce your development efforts drastically and let you think on uplifting your core product with more focused efforts.
Intellify’s Embedded Analytics Solutions
Intellify offers the best embedded analytics solutions regardless of the organisation’s technical ability. So, integrate Business Intelligence with your organisational applications with ease. A trusted name in the industry and a proud Microsoft partner for more than seven years, Intellify offers a bouquet of services, including Business Intelligence, Data Analytics, Data Visualization, Artificial Intelligence and Application Modernization. Choose Intellify’s advanced services today!
*Research credits: Microsoft Sponsored Ekerson Group’s research- ‘The ultimate guide to Embedded Analytics’