Data isn’t just for data scientists. Decision-makers in every area of business will do their jobs better if they have analytics available. Unfortunately, too many companies are still requiring their teams to use manual reports, standalone dashboards, and other cumbersome tools to get the analytics they need. If getting access to the right data means searching through multiple different platforms to find simple pieces of information, decision quality will suffer, as decision-makers revert to less reliable forms of information—or even to making decisions based on impulse. Instead, companies should utilize embedded analytics to bring the data directly to its teams, offering insights inside the business applications teams are already using. Seamlessly blending analytics and daily business operations is revolutionizing how companies make data-driven decisions. Companies are prioritizing embedded analytics for broadly used tools such as customer relationship management (CRM) systems and enterprise resource planning (ERP) systems, but embedded analytics capabilities are useful for industry-specific applications and specialty tools as well. In this article, we’ll discuss the benefits of embedded analytics and then provide some pointers for how to get started.
There are several good reasons that embedded analytics may make sense for your business—some obvious and some less so. If you’re navigating any of these challenges, it’s worth exploring how to bring embedded analytics to bear on them.
Often, the most obvious challenge for analytics users is that it takes too long to get data—either by navigating through a second system or by asking a data team member to pull a report for you. Embedded analytics speeds the process up, allowing you to access data within the applications your users are already working in, leading to a more streamlined and efficient user experience. This increases the usage not only of your analytics, but also of your other systems, while also driving end user satisfaction and loyalty.
Providing real-time data within business applications, embedded analytics empowers immediate and well-informed decision-making, which is essential in today’s ever-changing business environment. Whether it’s customer service reps needing instant information during calls or sales teams requiring up-to-date customer data, embedded analytics places vital information at their fingertips.
Integrating analytics into commonly used applications encourages broader engagement with data analytics across the organization. This promotes a culture that values data-driven decision making and gives your team a competitive edge by enabling faster reaction to market changes and more proactive business strategies.
Embedded analytics can be customized to meet the specific needs of numerous user groups within an organization, ensuring that each department receives pertinent insights. Reports can also show insights tailored to each viewer and their role—with the same report in the same place showing each individual contributor exactly what they need from their data.
With these benefits in mind, how can you get started with embedding analytics into your existing systems? We recommend a few steps.
One underrated benefit of embedded analytics is that a small, focused implementation can still drive significant benefits. Start by thinking about a use case that makes sense for your organization. For instance:
This can also include analytics for clients or customers, depending on your business model. Think about any data from within your organization that a user of your system would want to know, and you can probably build an embedded analytics function around that need.
As is often the case with analytics, having high-quality data, organized well, is a prerequisite to doing anything useful. If you don’t have a clearly defined data strategy and data model, start here. Where does data come from? How is it transformed? Where is it stored? And what formats are most useful?
In addition to a plan, we recommend having two specific tools fully established before getting started: a data mart and a data warehouse. The data mart will be the ultimate source of the analytics you embed, and will give you the ability to share cleaned, secure data into your analytics tools. The data warehouse will power these analytics, giving you the capability to work with the data you need at scale.
Finally, create the analytics reporting and embed it into their product or platform. Think about who needs to be able to see the data, what they’ll use it for, and format they’ll find most useful. We recommend conversations with your end users to get on the same page, making sure you’re aligning with their actual needs. Starting with a group that can provide iterative feedback and then expanding it from there will help you better match your needs.
Despite the many benefits, embedded analytics can pose some risks and challenges to implement effectively. Is it best to build or buy in this situation? How do you ensure the security of your data?
Ensuring your data is secure is critical, as integrating analytics into business applications can heighten the risk of data breaches. Organizations must also ensure they have the necessary infrastructure and expertise to implement and manage embedded solutions effectively.
By integrating analytics into products, businesses can unlock new revenue streams, provide their team with deeper insights into customer behavior and market trends, and make strategic decisions that drive growth. This solution also bridges gaps between departments, fostering better collaboration through shared insights and a unified data approach. And by streamlining operations and enhancing decision-making, embedded analytics also leads to significant cost savings.
In short, embedded analytics is both a major advancement for data-driven businesses, and a way for non-data-driven businesses to build their capabilities. As this technology continues to evolve, businesses will continue to find new use cases for embedded analytics are expected to grow, presenting exciting prospects for the future of business intelligence.
At Spaulding Ridge, we’re excited about the possibilities embedded analytics opens for our clients. With Sigma Computing as our preferred tool, we offer solutions that provide a user-friendly interface, seamless integration with existing tools, and scalability to your business, all with robust enough security and compliance tools to keep your private data under wraps.
Interested in learning more about how embedded analytics can transform your business? Contact Spaulding Ridge today, and let’s explore the possibilities together.
