The complete guide to embedded analytics
Consider the experience of a sales executive trying to identify potential growth opportunities. With conventional data analysis, the sales executive would have to sift through a slew of data from different applications and different dashboards to gauge their performance.
With embedded analytics, sales people can work smart and skip the grunt work. They can view real-time sales data and customer insights directly within their CRM system rather than toggle between multiple applications or dashboards. This not only saves time but also helps streamline processes and increase productivity.
In this blog, we’ll delve into the benefits of embedded analytics and some of the key applications and tools available.
What is embedded analytics?
Embedded analytics is the integration of data, analysis, and visualisation capabilities within an existing business application or system. This allows users to access, analyse, and act on data in real time without needing separate analytics software.
The significance of embedded analytics lies in its ability to provide businesses with valuable insights that help improve decision making. By incorporating embedded analytics in an organisation’s existing systems, companies can gain a deeper understanding of their data and use it to drive strategic decision making.
The benefits of embedded analytics
The primary benefit of deploying embedded analytics is that it allows access to data insights in real time. This allows businesses to make data-driven decisions quickly and efficiently, leading to improved decision-making and better business outcomes.
But what sets embedded analytics apart from traditional business intelligence tools, for starters, is that it is user-friendly and accessible. It eliminates the need for specialised training and technical expertise, allowing all employees to access and interpret data on their own. This saves your business time and resources while also empowering your team to make data-driven decisions without relying on IT or data analysts.
The future of embedded analytics looks bright, with many experts predicting significant growth in the market over the next few years. According to a recent report by MarketsandMarkets, the global embedded analytics market is expected to grow from USD 26.77 billion in 2017 to USD 51.78 billion by 2022 at a CAGR of 14.1%.
One major factor driving this growth is the growing amount of data businesses are generating and the demand for quick and easy access to insights from this data. As more and more companies adopt technologies such as the Internet of Things (IoT) and big data analytics, the volume of data they generate increases as well. Embedded analytics allows the c-suite to get a birds-eye view of the processes and develop strategies to improve them. CFOs can manage cash flow, improve returns on investment and margins, and meet regulatory and compliance requirements.
Another factor contributing to the growth of embedded analytics is the increasing demand for personalised and tailored customer experiences. By integrating analytics tools directly into their software, businesses can provide personalised recommendations and offers to customers in real-time, improving customer satisfaction and loyalty. For example, marketing teams are constantly on the lookout for an audience they can convert to customers. With embedded analytics, marketing teams can leverage the insights to target specific customers to generate guaranteed returns.
Some business applications of embedded analytics
We can see the benefits of using embedded analytics in many business scenarios, from financial analysis and sales reporting to customer service and supply chain management. Some applications of embedded analytics include:
Monitor and analyse financial data, such as revenue, expenses, and profitability, to make more informed financial decisions and improve your overall financial performance.
Track and analyse sales data, such as revenue, customer acquisition, and product performance, to identify trends and opportunities and make more informed decisions about your sales strategies.
Monitor and analyse customer data, such as satisfaction levels, service quality, and churn rates, to improve customer service and retain more customers.
Supply chain management:
Monitor and analyse supply chain data, such as inventory levels, delivery times, and supplier performance, for optimizing supply chain processes and improving overall efficiency.
*For organisations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like living organisms will be imperative for business excellence. A comprehensive yet modular suite of services is doing precisely that. Equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organisations that are innovating collaboratively for the future.
How can Infosys BPM help?
Infosys BPM provides new hassle-free ways to satisfy customers and align business operations with market needs. With our proprietary Process Progression Model, we provide embedded analytics service offerings and actionable business insights for the c-suite to drive metrics in existing BPM operations.