Benefits of Embedded Analytics
Content Marketing Manager, Sigma
The global embedded analytics market is expected to grow from $34.50 billion in 2019 to $67.04 billion by 2025. Companies in a wide range of industries are eager to experience the benefits that embedded analytics brings. These benefits range from increasing team performance to boosting product value, ultimately delivering a better bottom line.
According to research published in AnalyticsWeek, of the 500 project managers, software developers, engineers, and executives surveyed, 96% said that embedded analytics contributes to their overall revenue growth, and 92% reported an increase in competitive differentiation.
The payoff of embedded analytics is enormous. In this post, we explore five specific benefits of embedded analytics you can expect to see once you implement it.
What is embedded analytics, exactly?
But first, let’s define what we mean by embedded analytics — it’s a lot more than simply allowing people to view reports within portals and applications. The most valuable embedded analytics platforms allow users to engage with the data. You can authenticate users through internal and external web pages and apps while maintaining data permissions directly from the analytics tool. The key benefits of embedded analytics come from the tool enabling a community-driven approach to data, where people can bring a variety of perspectives and knowledge to bear on a given question or problem.
Flexible data sharing
Sharing data allows users to apply the efforts of others to their questions and build upon one another’s work. It also facilitates collaboration, which is essential to accessing more accurate insights at a faster rate.
Embedded analytics gives you flexibility in how you share insights. You can securely share dashboards and visualizations internally, or you can share them out to partners and customers. This functionality varies by platform. In Sigma, you would generate and embed a unique, secure URL of the specific dashboard or visualization you want to share, then place that URL into an iframe with your web page or application. When you generate the URL, you define precisely what your viewers see and access.
A key differentiator of embedded analytics is its security. Rather than sharing Excel spreadsheets with limited restrictions that lack sufficient security, you can have confidence that your analytics will only go as far as you want them to. The right embedded analytics solution can provide security all the way dow to the row-level, so you can ensure the right data remains in the right hands at all times without limiting how and where it’s shared.
Traditionally, data analytics informs high-level, strategic decisions and is reliant on BI teams. The embedded analytics process is more efficient, so there’s nothing stopping teams from surfacing data-driven insights for tactical and operational decisions in addition to strategic decisions.
Because embedded analytics allows technical and non-technical users to participate, business users across the organization (as well as partners and customers) can generate insights. Business users in marketing, sales, finance, and operations can explore real-time data to inform the important-but-smaller-scale decisions they’re making daily. These often include departmental metrics or KPIs.
The efficiency that’s inherent to embedded analytics translates into improved productivity. Business users can access the insights they need quickly, directly from the web pages and applications that are part of their workflows — there’s no need to switch back and forth between systems when a question arises.
Additionally, a few embedded analytics platforms (including Sigma) allow you to set permissions for specified users to conduct queries and produce ad hoc reports from the web page or application. Line of business teams can handle their information needs without help from the BI team, making them much more efficient. And data teams can then focus on projects that require their technical skills. But even if you choose a platform without this ad hoc capability, you’ll see a rise in productivity and insight-driven decision-making in the organization.
GIVE IT A GO
Sign up for a 14-day trial to test out Sigma and our embedded analytics capabilities. Try it out here.
High adoption delivers ROI
Unlike many supposedly self-service analytics tools, platforms with embedded analytics capabilities have a high adoption rate. In fact, on average, platforms with embedding functionality have twice the adoption rate of those without embedding.
The ease and convenience of using embedded analytics encourage people to use it. And once teams start seeing the impact of applying insights to their day-to-day decision-making, they’ll use it even more.
Valuable data products
Thanks to the ubiquity of data generated in myriad ways, many organizations produce unique, valuable data that customers and partners would eagerly pay to access.
These companies can use embedded analytics to quickly transform their data, reports, and visualizations into a product. Data products serve as an additional revenue stream or boost the value of existing products or services. This results in an organization that is more competitive and delivers greater value to its customers and partners.
The benefits of embedded analytics drive interest
There’s no questioning the value of embedded analytics, and it’s no wonder that interest in platforms with this capability is so high.
Embedded analytics encourages a culture of collaboration, resulting in more accurate insights. It serves as a booster to team productivity, delivering faster, better decisions on a range of levels. ROI is reliable, both from an adoption standpoint and a product-creation standpoint.
In short, when you implement embedded analytics, you can expect to reap competitive and financial rewards.
Learn more about what to look for in an embedded analytics platform and how to implement embedded analytics effectively — see our Definitive Guide to Embedded Analytics, Dashboards, and Reports.