Different software users perceive the value of analytics features differently. For some, a basic dashboard with a few data visualizations is enough. But for many, advanced analytics capabilities like embedded self-service, predictive analytics, and workflow/write-back are necessities—and these users are happy to pay more for such sophisticated features.
With the competitive gap between basic and cutting-edge analytics applications widening, it’s not enough to simply embed dashboards from an off-the-shelf vendor. The most successful companies take the time to fully integrate unique analytics into their applications—and with competition being fierce, they must act quickly.
The New Status Quo
Nearly 50 percent of companies that don’t charge more for their embedded analytics say they can’t because their competitors already have a stronghold, according to the 2018 State of Embedded Analytics Report. What’s more, those survey respondents who indicate they doembed analytics are seeing big benefits for their end users, including a better user experience, increased satisfaction, and higher adoption.
Software company Symbox saw this firsthand when they partnered with Logi to overhaul their Digital Business Platform application. According to Director of Product Management Paul Gibbons, Symbox saw an opportunity to better serve their customers by enabling users to build their own custom reports.
The greatest value for any product manager is to deliver something that users love and can’t live without. In Symbox’s case, they delivered a product that immediately identified weaknesses and holes in business processes, translating to real business value for customers.
The cherry on top? None of Symbox’s competitors—even the biggest companies—could offer the same capability. Along with this strong competitive advantage, the team immediately saw an uptick in user engagement and a 25 percent increase in average order value. Plus, Symbox saved 50 percent in operational costs and got to market faster by partnering with Logi instead of building the analytics in house.
No Time to Waste
As Symbox’s success demonstrates, the benefits of embedding dashboards and reports (or modernizing the outdated analytics in your application) are immense—especially when it comes to beating the competition.
But just as important as embedding analytics is how soon you can get there. If competitors deliver sophisticated dashboards before you do, you might have to upgrade yours just to keep up. And if you’re too late to the game, you might not be able to charge more for those sophisticated capabilities at all.
Are you at risk for an analytics emergency? Watch for these 5 early indicators that your embedded analytics will fail.