Updating an old analytics offering tends to be one of those constantly pushed-off features. If customer churn is slow and revenue isn’t really declining, it’s easy to wait. Unfortunately, new data shows the longer you wait, the harder it will be to catch up—or even keep up—with your competition.
Our 2018 State of Embedded Analytics Report indicates companies no longer have time for do-overs. New analytics capabilities are being integrated (and commoditized) faster than ever before, and the competition is creating enormous pressure—making it nearly impossible to monetize late-to-market capabilities.
Does your analytics initiative need a jump start? Take these steps to get going:
Step 1: Invest in Embedded
The value is clear: More than 80 percent of our 2018 survey respondents who have already embedded analytics say they will continue to invest in the coming year. For companies that have not yet embedded analytics, nearly 30 percent plan to increase their investments in the next year.
Companies that do not invest in embedded analytics aren’t doing themselves any favors. Continued investment is key in order to beat the competition, enhance offerings with the latest features, and keep up with shifting market standards.
Step 2: Set Realistic Priorities
Successful application teams realize every embedded analytics project has to start somewhere. Providing minimum viable analytics to customers is necessary before offering more differentiated experiences. In fact, nearly 90 percent of survey respondents that do not currently offer basic features like interactive dashboards and reports say they plan to add them in the next 12 months.
Don’t be afraid to start with the basics—just be careful not to stop there. By setting realistic priorities, you can gradually layer in more sophisticated analytics features that will drive long-term value and adoption. In the next year, expect sophisticated capabilities such as predictive and real-time analytics to become more prevalent.
Step 3: Use an Analytics Development Platform
Companies that either build their own analytics or buy a bolt-on solution find these are simply not sustainable ways to provide useful applications now or in the future. The 2018 State of Embedded Analytics Report shows both methods fail to support customization or long-term innovation. Mission-critical applications—those essential to running a business—need more than minimum viable analytics.
By using an analytics development platform, you can:
- Offer the widest range of robust features and capabilities
- Support the most differentiated user experience
- Dramatically increase user adoption
- Boost revenue
The bottom line: If you keep postponing the update to your application’s embedded dashboards and reports, you’ll soon find yourself churning customers and losing revenue. Start taking action now to stay ahead of the curve.