How Embedded Analytics Help Businesses Drive Adoption and Growth
The past few years have seen an explosion in business use of analytics. With the rise of digitization, businesses of every category are generating more data than ever before both internally and externally. From an organization's perspective, people are not using data to that extent because decision platforms and action platforms are different.
Taking actions from the data, which helped them make decisions are not visible from those platforms. There was a push from the organization's end that data-driven decision making should be implemented. So, analytical platforms came into the picture resulting in vast analytics implementations. The number of analytics users has grown up which is visible in the sales of an organization, however, the ground-level reality of adoption was still gloomy.
According to the report, "adoption of self-service tools is way down 20%, the statistic is based on the number of users who have access to self-service tools and actually use them. The percentage of users with access has risen from 39 % to 47 %, but the percentage of those users who take advantage of the tools has fallen off from 56 % to 45%.
If you combine these statistics, you can confirm that adoption hasn't grown with increased access, the raw number of users hasn't really changed.
Often, analytics implementations have been approached as multi-platform integration. This basically means that users would have to toggle between different systems and solutions implemented to get the information they need to do their work. The report - 2018 State of Embedded Analytics highlights the growing investments in embedded analytics platform has helped companies counter these adoption challenges.
What is Embedded Analytics?
According to Gartner, Embedded analytics is a digital workplace capability where data analysis occurs within a user’s natural workflow, without the need to toggle to another application.
With embedded analytics solutions, all critical information sources can now be accessed in one convenient place. For example, if you want to do more than just to see top-level KPI dashboards, you no longer need to switch over to a separate analytics tool or other sources to “fetch” that information or update charts and graphs. It can easily be done within your environment. This provides immediate time-savings that allow users to make important, more informed decisions more conveniently.
Let’s have a look at some of the benefits of Embedded Analytics platform
# Visibility into what is happening- The main challenges that many companies face at one point or another is a lack of visibility into data. Previously there was Silos people do not have access to what they require when they need it. So, with the time organizations started putting more focus on visibility at the point of action. On the whole, companies need to leverage several systems in a centralized way to make sense of information and support better decision-making.
With embedded analytics tools in place, data can be streamed to create real-time insights into what is happening. This includes areas like quality control, sales pipelines, account management, marketing campaigns, etc. Combining all the required data for business activities into a single platform leads to better overall visibility. It helps business users develop a better understanding of how their actions impact others’ activities or departments and quickly act on it.
# Quick time to value- Traditional business intelligence looks at information monthly or weekly, and sometimes even daily. Embedded analytics companies not only enables to improve; it provides the insights needed to ensure better customer-focused initiatives. It also provides support for more effective customer service and overall operational efficiencies, leading to an obvious value associated with analytics adoption.
One of the enterprises we serve was facing low user adoption on their Qlik Platform. Managers and CXO's didn’t have time to open/access their dashboards for their day to day use to take stock of the business operations. Our ready-to-use custom development portal - Accio Qlik, helped them a lot, as its biggest consumer was their sales team. They have integrated Accio in their CRM and they have started getting the analysis resulting in higher adoption in the next six months.
It includes – incentives, targets, actuals, what are the key accounts to focus on, where would they end up if they go with that velocity and more. So, from here they’ve got the actual value which was truly high.
Therefore, finding a meaningful way to manage the data has become a necessity, especially when it’s data that can help your organization or partners succeed. Embedded analytics improves user experience while increasing end-user adoption and growing revenue.
It keeps users in the applications they use every day and puts valuable data in their hands that they can use to make decisions or glean insights quickly and easily.