Five years ago, embedding even basic visualizations was a powerful way to differentiate a software application. But like every other technology, the capabilities that make up embedded analytics are far from static.
The world of BI is constantly moving in the “better, faster, stronger” direction, which means the outer bounds of features are constantly expanding for embedded BI tools. As new capabilities emerge, older features like basic data visualizations—which used to feel modern and innovative—have become commoditized. Everyone has them, and everyone is implementing them in roughly the same way.
When basic features alone aren’t enough to set an analytic application apart, is there still a way for product teams to monetize embedded analytics? Yes—but it will take more than data visualizations.
Logi recently put together this visual framework to show the shifts from basic BI capabilities to more modern, advanced features:
As basic business intelligence capabilities fail to set their product apart, innovative companies are creating more unique analytic applications by implementing advanced features and newer capabilities. Even features that fall somewhere in between “cutting edge” and “old news” can be monetized if they’re integrated in a unique, hard-to-replicate way. These may be capabilities like UI integration, white-labeling, writing back to the database, and the ability to kick off workflows.
The more advanced features you integrate into your analytics, the more future-proof your application will be. Things like embedded self-service and a truly seamless user experience (easier said than done!) will delight your customers and set your product apart in your market.
More capabilities are being added every day. We’ll soon see new levels emerging with elements that may just be theories right now. In the future, new levels may incorporate emerging capabilities like smarter data preparation, predictive analytics, prescriptive analytics, and maybe even artificial intelligence. As these innovative features become more commonplace, they’ll earn placement on the model—and yesterday’s capabilities will be labeled as “basic.”
In the competitive software world, customers are always ripe for churn. As product teams differentiate their applications by embedding more advanced capabilities—with seamless UI, integrated workflow and write-back, in-app self-service capabilities, and advanced predictive and prescriptive analytic tools—they’re able to win over new customers and keep their current ones.