You login to Amazon to buy an item. The website shows you all the information you need to make a purchase like product ratings, price comparison, video reviews and also suggests related products. It equips you with the relevant analytical information at the point of transaction to provide a complete experience, all in one place.
Amazon is able to do this with embedded analytics.
Embedded Analytics is the integration of analytical content like reports, dashboards and data visualizations, directly into business applications and workflows. It displays the relevant knowledge users need to make quick decisions, work smarter and efficiently. Simply put, embedded analytics places information where that information will get used.
Why must enterprises adopt Embedded Analytics?
- Executives and managers need immediate availability of actionable insights. Having to work on one application and check the analytics in another application is not user-friendly. Embedded analytics places insights right within the business application they use, eliminating the need to leave the application.
- Traditional business intelligence are independent systems that aggregate data from multiple sources and generate analytics to support managerial level decisions from a centralized view. Embedded Analytics on the other hand is laser-focused and provides the analytics needed to support a specific task or action.
- Enable users to drive real-time decisions by embedding analytics at business-critical points in applications like ERP, CRM, HR, etc. By bringing insights and actions on the same page, enterprises can enhance efficiency of business processes.
- With the potential of analytics increasing in value, embedded analytics has moved from good-to-have to a must-have tool. Deeper integration of analytics within application increases user adoption, thus driving high ROI. Also, the demand for embedded capabilities among customers will help enterprises unlock new revenue growth.
- Embedded Analytics democratizes data access as not just data analysts but any user can make use of information with public display of insights. It drives collaboration and accelerates time to value for data applications, thus saving cost.
- Transform user experiences on the web and mobile by embedding interactive analytics. Present deeper insights, increase collaboration and improve user engagement to gain competitive advantage.
How is Embedded Analytics used?
Data is more easily usable when embedded analytics comes into the picture. It helps organizations across many industries and departments make sense of their data. According to a recent study, financial services, technology, manufacturing and healthcare are among the top industries using embedded analytics.
Internal tools: Streamline workflows, increase productivity and enable quick decision making with embedded analytics integrated into internal tools. Users have access to dive deep into insights and look at the specific task at hand in the correct context and perform actions instantly.
Public web pages: Create engaging content with embedded analytics. Using a simple HTML embedded code, share real-time data visualizations, dashboards and reports. When enterprises want to share data that continually changes, embedded analytics can be the best option.
Third-party applications: A recent Pegasystems report found that, on an average employees toggle between applications 1,100 times every day leading to more manual errors and loosing focus on task. By allowing them to access relevant insights in the same business application, enterprises can optimize and empower their business processes.
In-product: Enhance end-user experience and gain loyal customers by embedding analytics within a product. Create data-rich, sophisticated experience that help customers to make an informed decision. With great UX and seamless integration, users won’t even recognize they are being guided by analytics.
More than 2.5 quintillion bytes of data is generated every single day and enterprises are racing to leverage this data trove to build better products, enhance their services and find new revenue streams. However, the reality is that on an average, enterprises analyze just 12% of their data. The rapid pace of technological advancement and the demand for better services among digital customers is driving the need to harness the value of analytics across business applications. Embedded Analytics plays a key role in putting analytics to use effectively and expanding the value of data. Any organization that genuinely encourages data-driven thinking must make use of Embedded Analytics. The market for embedded analytical tools too is steadily rising and it is projected to reach $77.52 billion by 2026.
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