Does it seem like all the tools meant to make work easier just make things more complex?
Establishing a data-driven culture can feel clunky at first. Even with top-of-the-line business software, your business is missing out on huge opportunities if they’re spending time toggling between BI tools and multiple critical business applications.
Becoming truly data-driven means using insights to support both your major business decisions and many of the smaller decisions your employees make every day. However, without embedded analytics, your team may not be using the data available to the fullest.
Integrating advanced analytics into your software tools goes far beyond a productivity boost. In fact, you’d be shocked how big incorporating data visualization and modeling into tools like a CRM, ERP, or HCM can make on your bottom line. Embedded analytics can even make a huge difference for your customers, too!
Here are the results you can expect when you start working with embedded analytics.
Better decision-making improves agility
If you’re already using BI tools, you know the power data plays in making decisions with confidence. But, if you’re only making big decisions based on monthly reports, you may not be seeing the results you expected from transitioning to a data-driven approach.
Embedding analytics provides the power of data at the point of each little decision your teams make throughout the day. Instead of switching between different software tools or struggling with analysis paralysis, embedded analytics provide the most relevant information in easy-to-understand dashboards and data visualizations so employees gain rapid insights to make decisions faster.
With embedded analytics tools like Sisense, employees can manipulate blended data and see trends with predictive analytics without leaving their current application. This offers the agility to take advantage of new business opportunities at a moment’s notice and make informed decisions that align with the company’s objectives. Now, revenue-driving decisions don’t need to involve requesting reports from IT or spending countless hours in meetings.
We all know agility offers a competitive edge, and embedded analytics make it easier to trust your team to quickly and confidently make the smaller decisions that can have a big impact.
Strengthening customer experience with big data
Typically, when we talk about BI tool use cases, we focus on the strength of analytics for internal use. Using data within your customer service, operations, human resources, and marketing tools can make a huge difference in making impactful business decisions. But, both B2B and B2C companies can reap substantial benefits from embedding analytics in their customer-facing applications, too.
For example, embedded analytics in your product can connect customers with valuable machine learning and AI decisions that make your product an indispensable part of their workflow. Feeding data you’re already collating and blending through your product can create powerful new revenue streams, offer cross-selling and up-selling opportunities, and dramatically increase the stickiness of your product. In fact, 94% of companies say they see higher customer satisfaction metrics due to embedded analytics.
Meanwhile, adding embedded analytics and data visualization through tools like Tableau into commercial apps can provide customers insights into their financial, health, or professional performance. Consumers are more interested than ever in using data to optimize myriad areas of their personal lives, and embedded analytics offer the automation necessary to present actionable insights to drive self-improvement.
Streamlined workflows for more productive, deep work
Let’s face it: switching between apps is distracting and takes up a ton of time, but it often feels unavoidable when we’re consulting emails, tools, and reports to complete a simple task. When the average employee uses over 90 applications a month, there are a lot of opportunities to get off track or make small errors that cause big headaches.
Embedded analytics doesn’t just offer the insight you need to stay in the tool and remain focused on the task at hand. These solutions also feature automation that can simplify tasks and trigger workflows based on KPIs and recorded outcomes. AI-powered automation helps employees prioritize important work and streamline workflows more effectively.
Groundbreaking 2003 research measuring productivity found that even small mental gaps from switching between applications can decrease productivity by 40%. Keeping employees engaged and productive means empowering them to dive deep into tasks, and embedding analytics plays a big role in keeping employees on track.
Generating revenue and cost savings
The biggest concern for companies considering new software is whether they’ll see an equivalent ROI. While traditional BI tools can offer extremely valuable insights, they may fall short of meeting ROI goals if adoption is slow. One of the most powerful aspects of embedded analytics is how easy it is for users to adopt and use data within their existing workflows.
When teams are using the data available to them in tools they’re already comfortable with, they’re more likely to make data-informed decisions that offer new opportunities for revenue. Embedding analytics can even decrease costly errors from copying and pasting across applications.
Even back in 2015, BARC research showed that companies using embedded analytics saw on average 8% higher revenue and 10% lower costs. Now, 96% of business professionals say embedded analytics contributes to revenue growth in their companies. It’s clear that embedded analytics isn’t only delivering ROI; it’s also presenting new ways for companies to earn money and cut costs across the business.
Reaping the benefits of an embedded analytics solution
In our data-driven business culture, advanced analytics are becoming table stakes to maintain market share in a competitive industry. Embedded analytics is a must for businesses that want to leverage new business opportunities and increase revenue quickly. Even if your company is already using traditional BI tools, embedded analytics may be the secret to achieving the ROI and competitive edge you’re looking for.
Not sure what your company needs in an embedded analytics solution? Contact us today at 855.718.1369 and we’ll help you find the perfect business intelligence tool to support your business goals.