When data analytics occurs within a user’s natural workflow, embedded analytics is the name of the game. Businesses have recognized the potential of embedding various BI solutions such as KPI dashboards or reports into their own application and thus improving their decision-making processes and increasing productivity. Formerly strangled by spreadsheets, companies have realized how utilizing embedded BI enables them to provide higher value within their own applications. In fact, according to Allied Market research, the embedded analytics market is projected to reach $60.28 BN by 2023, with a CAGR of 13.6% from 2017, and this is one of the business analytics topics we will hear even more in 2021.[1]

Figure 1. The Embedded Analytics

Figure 1 shows Embedded analytics is a digital workplace capability where data analysis occurs within a user's natural workflow, without the need to toggle to another application. Moreover, embedded analytics tends to be narrowly deployed around specific processes such as marketing campaign optimization, sales lead conversions, inventory demand planning and financial budgeting.[2]

Benefits of embedded analytics in your software application

Embedding analytics into your enterprise software application can bring huge benefits to your product. From increasing user engagement to providing new revenue channels to decreasing client churn, embedding analytics provides you with business opportunities. Here are five of the greatest benefits you’ll reap as a software OEM from embedding analytics into your app.

1. Sustainable competitive advantage over your peers

If you don’t have modern analytics embedded within your application that serves up actionable insights, you are falling behind your competition. Clients are coming to expect analytics on everything. More data is being produced than ever before and organizations want to capitalize on the wealth of insights locked in the software applications they purchase through analytics. By embedding the right modern analytics platform, you enable your end users to leverage new technology to get to the heart of data - insights - fast. When you choose to embed an analytics platform that focuses on innovation, like Yellowfin, you will always have the latest technological advances available to you and your customer base. This gives you a sustainable advantage over your competitors.

2. The ability to create an amazing analytical experience for your customers

When you embed a modern business intelligence platform, you are able to deliver new capabilities that will transform how your customers use your application. They will be able to code their own capabilities into their dashboards, for example, or get instant, automated insights without the manual graft of data discovery. They can collaborate over data and share insights in a governed platform. Modern embedded analytics also offers an enhanced user experience with improved UI and flexible design options.

3. Additional revenue streams via upsell opportunities

Because of the huge value brought to your customers through modern embedded analytics, you will gain the opportunity to add revenue streams and upsell them. The analytics module itself could (and should) become an additional income stream. Or, you could, for instance, include dashboards and embedded reports as standard in your application and reserve automated insights as an extra that your sales team can upsell to clients. A similar thing could be done with data storytelling capabilities like Yellowfin Stories and Present.

4. The ability to get to market fast

If you build your own analytics capabilities, you will inevitably run into build and deployment issues, set-backs, and delays. The longer it is before you get to market, the longer it is before you generate revenue from analytics. But with the right embedded analytics partner (note: you’ll be in business partnership with your analytics provider as you’re embedding their software into yours, so choose wisely), you will be able to get to market fast. [3]

References:

1. https://www.datapine.com/blog/business-intelligence-trends/
2. https://www.gartner.com/en/information-technology/glossary/embedded-analytics
3. https://www.yellowfinbi.com/blog/2020/02/what-is-embedded-analytics

Cite this article:

Thanusri swetha J (2021), Embedded Analytics, Anatechmaz, pp. 21