VIDEO: Why Your Business Needs Embedded Analytics: 4 Key Competitive Advantages

Hello, I’m Justin Fraction and we need embedded analytics so that we know things. Knowing things helps you and your company survive in a very competitive market. Did you know that marketplace top performers gain up to 20% of their total annual revenue from embedded offerings? Reduced churn rate, increased revenue, improved product adoption, increased sales, and a sustainable unique selling proposition are a few competitive advantages of embedded analytics.

But wait, there’s more info coming your way, so let’s dive in. According to Insight Software, 90 percent of software companies embed some form of analytics in their applications. Why? You stand to gain more revenue from including embedded analytics in your Software as a Service (SaaS) product than you would lose from not including it. InsightSoftware discovered that 78% of commercial application teams charge more just for integrated analytics and so could you because people will pay it.

Hanover Research found that 87% of 1,931 analytics end users say that they use their analytics, “often or very often” to make business decisions. So there’s a large audience there. Bold BI, which integrates embedded dashboards into their applications, noted that their telecom clients love the Increased Revenue, Reduced Churn Rate and Increased Usage, Improved Communication Efficiency, and Increased Connectivity … they get from using Embedded Analytics.

InsightSoftware has also discovered that 90% of users appreciate the far-reaching effects of Embedded Analytics if done well. For your information, best practices include: Considering the Overall User Experience, Integrating Workflow Actions With Embedded Workflow Capabilities, Reducing Security Friction Points, and embedding Self-Serivce Analytics with Open-Source Tools. Consider the target audience of your software. Are there things they’d want to know at a glance?

The answer is probably, yes. Are those also things they may want to share with clients or the general public? The answer is likely yes as well. So give them to them. Embedded analytics software can and should provide functional features that make your users’ lives easier. Take a look at your user base and provide focused solutions tailored to your audience. Make your analytics solutions more collaborative, have a forward-looking dashboard, give your audience actionable analytics statistics and you may even want to consider offering some features of your analytics software for pay.

Speaking of payment, maybe this is the third time I’ve implied this so let me say this directly, feel free to monetize. Maybe upsell your dashboards by providing different tiers, have them present as a paid addon, in addition to a product, offer paid customization, or charge for updates for your solution. According to cumil.io, for companies that provide embedded analytics 20% of their revenue usually comes from things like the above. According to Insight Software, 98% of commercial software companies say that there is a definite ROI from their analytics offerings.

So if you’re thinking about providing embedded analytics in your software packages: go for it. If your package already has embedded analytics present in it, then go ahead and monetize certain aspects of it. For more videos on embedded analytics, you can visit our website by clicking this link. Or you can subscribe by clicking here, right there … that button. Finally, if you want to watch more videos on embedded analytics then check out this playlist we made just for you. See you next time!