Analytics has become a foundational requirement for every application. In fact, according to our recent State of Embedded Analytics Report, 85 percent of respondents say they have embedded some form of analytics within their applications.
Why? It’s hard to pick just one answer, but at its core, embedding weaves analytics into the context of business applications on which users already rely. In turn, this reduces the insight-to-action gap and brings a whole host of other benefits to companies.
According to our 2018 survey of 500 members of application teams, these are the four leading benefits to embedding analytics:
#1: Make Your Users Happy
Our survey respondents indicate that embedded analytics has overwhelmingly allowed them to satisfy their end users. More specifically, 93 percent of application teams say it improves their user experience, and 67 percent of companies say time spent in their applications increased after they embedded analytics. Additionally, 94 percent of our survey respondents report higher customer satisfaction due to embedded analytics.
#2: Gain a Competitive Edge
With the majority of respondents now offering embedded analytics in some form, it’s become nearly impossible to compete in a broader market without it. This explains why 92 percent of application teams report an increase in competitive differentiation because of embedded analytics.
Leading companies are seeing even more benefits by evolving analytics beyond basic dashboards and reports. When application teams embed sophisticated analytics capabilities—including advanced or predictive analytics, the ability to kick off a new workflow, the ability to write back to the database, and artificial intelligence—they’re able to better differentiate their products from their competitors. Application teams embedding these capabilities become stronger competitors in their markets and are able to improve win rates and reduce customer churn better than those offering only basic features.
#3: Free Up Development Resources
Inevitably, giving end users more information means they’ll eventually ask for more data visualizations, new features, or more data sources. And when users can’t answer their own questions, they send ad-hoc requests to their application teams—which eats up developers’ time and distracts them from innovating on their core product.
By embedding self-service analytics, organizations can empower users to get the information they need without asking for help. The 2018 State of Embedded Analytics survey shows that nearly 50 percent of respondents have reduced the number of ad-hoc requests they receive by embedding self-service analytics.
#4: Boost Value and Revenue
Survey respondents report that 51 percent of their application’s value comes from embedded analytics. What’s more, 96 percent say embedded analytics has helped them increase overall revenue, and 68 percent say they’re able to charge more for their products because of embedded analytics.
Given this concrete value, it’s no wonder that investment levels in embedded analytics are on the rise. Seventy-eight percent of companies plan to either increase or maintain spending on embedded analytics in the next year. And for companies that are not currently embedding analytics, 29 percent have decided to increase their investments in the next year.
See more survey results in the full 2018 State of Embedded Analytics Report >