This past year was another one for the books in the ever-expanding embedded analytics market. As 2017 winds down, let’s look at how embedded analytics stacked up by examining the three major trends fueling users’ demand for analytics inside the applications they already use.
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Trend #1: Disparate Tools Continue to Harm Efficiency
Most organizations are constantly looking for ways to increase productivity and efficiency. But the time and effort users waste by toggling between multiple tools is often overlooked in the quest to work smarter. Switching between applications is not only time-consuming, it also restricts users’ ability to glean business insights. Statistics show that many users continue to grapple with this issue, leading to stifled adoption of embedded analytics.
- Almost 67 percent of business users say they find themselves switching to separate analytics tools to get the data or analysis they need
– Logi Analytics: 2017 State of Analytics Adoption Report - 23 percent of professionals are still using spreadsheets as their primary tool for data analysis
– Dun & Bradstreet/Forbes Insights: 2017 Enterprise Analytics Study - Toggling between applications can waste one to two hours per employee each week
– Nucleus Research: Augmenting Intelligence with Embedded Analytics - 82 percent of business owners, marketers, and salespeople are losing multiple hours per week managing different technologies, performing data entry, and reconciling reports
– HubSpot Research: 2017 Tools Report
Trend #2: Embedded Analytics Drives User Satisfaction and Adoption
Switching between multiple tools is a hassle, so it’s no surprise that users don’t like being forced to leverage standalone applications to analyze their data. As we’ve seen the toggling problem starting to be eliminated in 2017, users are increasingly likely to use analytics when it’s embedded in their applications.
- 82 percent of application teams say the time users spend in the application increased after they embedded analytics
– Logi Analytics: 2017 State of Analytics Adoption Report - 60 percent of users leverage embedded analytics on a regular basis, compared with just 21 percent of users who adopt and continue to leverage standalone self- service analytics tools
– Logi Analytics: 2017 State of Embedded Analytics Report
Trend #3: Embedded Analytics Is Becoming a “Must-Have”
There is a direct correlation between successful applications and embedded analytics. As a result, IT departments and commercial software providers alike are beginning to realize that the longevity of their applications is tied to their ability to seamlessly integrate analytics.
- 98 percent of commercial software companies say embedded analytics contributed to revenue growth
– Logi Analytics: 2017 State of Embedded Analytics Report - The global embedded analytics market will be worth $51.78 billion by 2022
– MarketsandMarkets: Embedded Analytics Market by Component - Application teams estimate that embedded analytics makes up 54 percent of the overall value of their applications—up from 45 percent last year.
– Logi Analytics: 2017 State of Embedded Analytics Report
Next Steps
Will 2018 be the year your organization embraces embedded analytics? Evaluate your current capabilities by taking our Analytics Maturity Assessment Quiz.
