5 Reasons why you should incorporate Embedded Analytics in your products
The data that your product generates is like uncut diamonds. It holds an enormous potential value, but only after it is cut, shaped, and refined, the worth of the data produced by your products skyrockets. By incorporating Embedded Analytics in your products, you provide your customers precious and valuable diamonds, rather than offering them raw gemstones.
Add value to your customers based on data generated by your products and applications
There are multiple ways you can add value to your customers with Embedded Analytics in your products:
- Intuitive visualizations, showing key KPIs, aggregated data and trends over time.
- Monitor KPIs and send alerts and actionable insights in a timely manner
- Self-service analytics (‘Excel-like’), which can be done from within your product
- Diagnostic analytics – explaining ‘why it happened’
- Predictive analytics – presenting ‘what will happen’
- Decision support system and contextual analytics – embedding analytics directly into your product workflows, directly in the context that decisions are made by your customers will maximize the value of your product.
Increase your total available market (TAM) and generate incremental revenues
When you increase the value that your customers generate by using your products, you are able to increase your revenues for your products. And once you generate incremental revenues from the same customer base and through the same sales process, this significantly improves your profitability.
Customers are seeking out-of-the box analytics which will be operational from day one, instead of lengthy and risky add-on analytics projects.
Performing two projects, one for implementing your product, and a second one for developing a BI solution which will present and analyze the data generated by your product, is long and expensive. Furthermore, many of these BI development projects fail due to the difficulties of having a third party connecting and extracting data prom your products. Customers nowadays realize that, and therefore they require that analytics will be an integral part of the solution they wish to purchase.
Embedded Analytics allows your customers faster ROI while purchasing your products and applications.
With Embedded Analytics, your customers can generate maximum value from your product from day one. When your customers analyze the ROI of purchasing your product with embedded analytics, it will show much faster ROI than they would have seen if your product is offered without Embedded Analytics. This means a faster sales cycle for you, with higher success rate.
Other vendors are already offering Embedded Analytics in their products and applications. If not – offer Embedded Analytics as a differentiator.
Given all the above, it is not surprising that more and more vendors are offering Embedded Analytics in their products. This is becoming the benchmark. Don’t stay behind. And if your competitors have not done it already, incorporate Embedded Analytics in your products as a differentiator and stay ahead of the pack.