CorSource CEO Eileen Boerger has been on a rant lately, a rant about how important it is for B2B software vendors to embed analytics into products. She’s presented on Cloud Business Intelligence for webinars, at SaaS U and next week at the premier industry event for software creators, SIIA Maximize. Why is she so passionate about Embedded Analytics? Read on to learn why it’s essential to your competitiveness as a company and how you could be just leaving money on the table.
Let’s start with terminology. Embedded Analytics is an integration of analytics into existing software products that brings users a range of analytical functions including: dashboards and data visualizations, self-service analytics, benchmarking, mobile dashboards and visual workflows. Wrap this up and your customers make more timely and accurate data-driven business decisions.
Most of your customers likely have a stream of data flowing in from multiple sources, but the likelihood that they know where this data lives or what to do with it is slim. Your customers need a way to bring their data to life.
Embedded analytics, as opposed to analytics in separate systems, results in higher usage because users are familiar with the current software environment and regularly visit the systems used for business and operations. Plus they discover more certainty in their decisions as key business processes become more data informed, and they move beyond simple reporting.
What happens after deployment of Embedded Analytics at your customers’ businesses? An Aberdeen Group Report from 2013 cites an 80-90% improvement in these key areas of business: customer response time (quicker), cycle time of key processes (shorter) and knowledge and sharing (more collaboration). Put this together and it means that these companies are running at a higher performance than their competition, in part due to the analytics efforts of their software platform vendors.
What happens for ISVs and OEMs after Embedded Analytics is deployed? There are quantifiable and qualitative results. The year over year Renewal Rate increased 13%, and the average deal size increased 18% according to a 2014 Aberdeen Report. On the qualitative side software vendors reported these advantages: 73% said the analytics differentiated their products and developed a competitive edge; 46% reported improved end-user experience which protected their installed base from moving to other platforms; and besides create net-new revenue streams (39% agree) it increased the average customer value (29% agree).
While your doing the above you are also developing an analytics mindset at your company and with your customers through education, training and socializing your ideas. One piece to note is that by working with an analytics vendor as opposed to doing it in-house you save valuable staffing resources for your core product and develop a close relationship with Business Intelligence platform experts, thereby creating a better quality product.
Bottom line, if you are not doing this you are not leveraging a competitive edge available to you, and you are letting potential revenue slip by.
Ready to learn more? Watch Eileen’s recorded webinar on embedded analytics, come to her presentation at SIIA Maximize on May 21 or visit us at Booth 7. We look forward to talking with your about your data challenges and opportunities.