What is Embedded Analytics?
In this video, you’ll learn that analytics are embedded in virtually every consumer-facing web application and in many enterprise applications such as CRM, ERP, and finance.
On the corporate side, companies generally embed analytics to increase revenue or deliver a better customer experience. Whether consumer or enterprise, application users have come to expect some type of analytics and often it’s the part of the application they interact with most.
In both scenarios, developers must decide whether to build or buy the embedded analytics platform. In addition, they have choices about how deeply to embed analytics in the parent application.
What is embedded analytics? Increasingly, we see analytics embedded into almost every web application, whether you're on a consumer website like your energy or utility bill, your phone bill, you see visualizations, dashboards built into those, and then within the corporate environment within things like customer relationship management, financial applications, supply applications. Again, you've got analytics built into those, and people increasingly expect that as a built in feature.
And more and more, it kind of becomes the face of the application. People interact with these visualizations, these dashboards as their primary interface with that application.
Increasing Revenue and Keeping Customers Happy
If you're a software company, you're looking to embed analytics, the kind of goals you probably have in mind are really two goals. Number one is increasing revenue. This could be a line item that you charge more for, and then number two is customer satisfaction. You want to keep your customers, and you want to really keep those customers happy. So, by embedding really compelling, beautiful looking analytics, that's a great way of doing it.
Buy Versus Build
The current state, again, if you're a software company, there's really probably two current states that you have. The number one is you have homegrown analytics built in. You've built that maybe in version 1 or version 2 of your product. It's kind of a checkbox line item. You did the minimal, acceptable version of analytics. And really, it needs to be improved.
The other current state, maybe you've got some embedded legacy technology, maybe from five or ten years ago, and it's really showing its age. It looks out of date, it's not compelling.
So, you really have a choice when it comes to embedding modern analytics into your product, which is buy versus build. I'm gonna drill more into that kind of topic later on, whether you bring in some external technology or whether you build it yourself.
Expanding Analytics Consumption
But, really, the goal here is to expand the consumption of these analytics to all the users within the enterprise, and you do that by making it super intuitive to use. People should not need training classes to learn how to do those.
And the other way is by making it compelling, and part of that is making it look really attractive, having these beautiful looking visualizations and dashboards, which are super, super easy to use.
And when it comes to actually the embedding process itself, there's a range of options here from light to deep. This includes things like white labeling through to deeper API level embedding through to just rebranding through to extending the analytics, adding additional connectors and additional visualizations.