Top Benefits of Embedded Analytics to Your Business
It may sound all ‘techy’ but understanding embedded analytics, its concepts, features, and functions can just be one simple answer to help your business grow in many aspects including its product and service improvements, marketing success, sales, and revenue. By just incorporating this feature in your business systems or software applications, you might dramatically grow your business faster than before.
How do you understand embedded analytics, anyway? How does it differ from business intelligence? To begin with, let’s define analytics. In general, it means gaining various data, converting these from one format to another, and using business intelligence to come up with actionable insights and plans as based on the pieces of information gathered and analyzed.
This refers to the technology that incorporates analytic features and capabilities into a particuvilar business or computer system itself, or a certain software application. From the name itself, it differs from business intelligence in a way that the analytical capabilities and features are already embedded within a system or software application. Whereas, business intelligence makes use of an independent system in analyzing the data gathered from multiple sources.
Business intelligence and embedded analytics are both beneficial in unique ways. For example, business intelligence is ideal for professionals whose job focuses solely on interpreting and analyzing data. On the other hand, embedded analytics allows any user to learn insights and take action based on the data provided within the application itself.
Why Embedded Analytics is Good for Businesses
Some features of embedded analytics within computer systems and software applications are: dashboards, data visualizations, self-service analytics, interactive reports, visual workflows, mobile reporting, and benchmarking. What can these features do for businesses, anyway? And why are they beneficial?
1. Improves overall user experience.
Anyone who needs access to important data and its interpretation wouldn’t need to switch from one software to another if an application has some analytical tools embedded in it already.
For example, a weight loss fitness app might include important features such as a 30-day exercise plan with various types of workouts and a meal planner. However, if it doesn’t show and process analytical data such as how much calories you’ve burned after every workout and what’s the breakdown of nutritional values of every meal, users might not find it as efficient as it should be because they would need to use a separate application to track their progress real time and determine what next steps they should do.
2. Encourages productivity.
In the workplace, using embedded analytics in your computer system enables your employees to access data and learn some insights in a shorter span of time. Switching back and forth from one software application to another would otherwise take up more time. So, the less time spent on a task, the more things your employees can accomplish each workday.
Being able to track the company’s progress, they could see where they could improve as individuals and what specific efforts they can contribute for the business.
You may also want to read: Discover Insights from your Business Data using Analytics
3. Helps increase sales.
Say, you are a restaurant owner. As part of your service, you have also launched an app that enables your customers to view your menu, check prices, place their order straight from the app whether it is for takeout or made in advance for dining in, rate the service and the menu, and write reviews for their experience.
Through this app, your customers can also see the number of food deliveries usually made in a day, which items on the menu are the top sellers, and the average time it takes the crew to serve the food or deliver it at your doorstep. These stats are based on the ratings your previous customers have given you. So, the more positive ratings you earn, the more customers you’ll gain. Plus, think about those repeat orders. In this world filled with deception in advertising and marketing campaigns, consumers highly appreciate it when they see transparency in a business. This in turn could generate more sales.
4. Improves marketing effectiveness.
Embedded analytics in your business applications is highly crucial in tracking your marketing campaigns and in determining whether they have been successful. Having a feature that enables you to compare your current campaign to your past strategies would be valuable to help you come up with new concepts for the next ones.
5. Provides insights on how to improve products and services.
You need to see data that reveal the satisfaction level of your customers to your products and services. Analytical tools can help you determine where you can improve or what you can change to make your products and services more satisfying to your target market. Check out this related article about effective analytics tools.
6. Helps users to do more informed decisions.
In e-commerce sites where ratings and reviews are shown for each product, customers can make a more informed decision before buying something. This is important nowadays as more and more customers become more willing to try a product if they can check first whether it has positive ratings or if previous buyers have expressed specific advantages they experienced when they use the product.
Top Benefits of Embedded Analytics to Your Business
This is especially true for businesses whose target market comprises individuals who highly value data and transparency. When consumers of this kind see your brand as something reliable in providing data and interpreting its significance in a manner that’s easy to access and convey, they can be compel him to trust your company more.
8. Helps predict future trends in the industry.
Where is your business heading? That’s a vital question you should always ask yourself as an entrepreneur. Using effective analytical tools allows you to see current trends in your industry and predict what would be the possible trends in the future. This enables you to adapt to these fads and changes that your target market keeps up with.
How about you? How has embedded analytics helped your business? We’d love to know!