Can Embedded BI Make My Software Business More Competitive?
If your business creates software products and applications, you know how competitive the market can be, and you are always looking for ways to gain a competitive advantage. In this article, we discuss the competitive advantages of adding analytics to your product offerings.
‘If you embed analytics within your product or application, you can provide partners, suppliers, vendors and customers with a tool that supports fact-based decisions and metrics within a familiar application.’
Gartner states that embedded BI provides benefits to users when, ‘data analysis occurs within a user’s natural workflow, without the need to toggle to another application.’ When your users enjoy this benefit, your application or product is likely to attract more clients and retain those clients by providing productivity and avoiding user frustration.
For example, if you have created a financial application that provides information on investments and services, you can add augmented analytics and embedded BI to your application to allow your users to perform analytics to determine how successful their investment strategy is and where their money is being leveraged. A health or fitness application can also provide analytics to analyze fitness regimens and results, medical results for medications, i.e., blood pressure reduction following a new medication protocol, etc.
Harvard Business Review states that employees spend up to five weeks a year toggling between applications. That’s a lot of wasted time! If you can promote your own application and product with embedded BI, you can offer your end users a seamless experience and allow them to gain insight into data, which gives you a competitive edge and sets you apart from other service providers in the market.
If you embed analytics within your product or application, you can provide partners, suppliers, vendors and customers with a tool that supports fact-based decisions and metrics within a familiar application. These self-serve embedded BI options are suitable for all types of software products and applications, and allow you to integrate dashboards, to monetize data within products and to create a value-added experience for customers. You can drive user adoption and build loyalty using analytical workflow.
Remember that your competitors are always looking for ways to gain an advantage and, when it comes to competitive advantage, nothing is better than customer loyalty. To gain that advantage, you will want to make your end user’s life easier with embedded BI that helps them see and analyze data, optimize time and enable valuable insight so that they can make the right decision, make recommendations and suggestions to solve problems and to capitalize on opportunities.
Providing this information within your popular application helps the user to adapt to their own business needs and will ensure software product adoption with positive enterprise outcomes. These tools are easy-to-use and do not require a data scientist or IT professional. They make analytics easy to use and to understand which your customers will appreciate.
‘Gartner states that embedded BI provides benefits to users when, ‘data analysis occurs within a user’s natural workflow, without the need to toggle to another application.’
You can find out more about the Smarten Embedded BI And Integration APIs solution and add powerful functionality and access to existing ERP, SCM, HRMS, CRM or any other products. Provide analytics capabilities within existing products without major Investment. Your business users and your customers will appreciate the ease-of-use and access and you will gain a competitive advantage. Read our White Paper: ‘Making The Case For Embedded BI And Analytics.’
