BPM Analytics
Harnessing data profitability through embedded analytics
Data is a crucial building block of strategy for every business today. Everyone is offering dashboards and reporting capabilities that leverage data analytics to uncover critical strategic insights. But what if you didn’t have to use different applications to access your analytics and reporting tools and could view key insights and trends within natural business workflows?
Embedded analytics makes this possible, offering real-time reporting capabilities and interactive data visualisation within the enterprise business application. This allows your customers to view, edit, or create custom dashboards directly from the interface, connect multiple data sources for easy access, and maintain total control over data security. This can not only help boost customer satisfaction but also monetise data and unlock new revenue opportunities for enhanced profitability.
Monetising data analytics capabilities with embedded analytics
With every company storing and managing vast amounts of data to support their operations, investing in embedded analytics solutions can help you monetise data analytics capabilities. Here are five ways embedded analytics can help unlock new revenue opportunities:
Tiered access for premium insights
AI-driven analytics have revolutionised the insights businesses can gain from available data. From descriptive to prescriptive analytics, the AI revolution has allowed companies to turn these insights into business growth. Through tiered access, you can offer premium data insights to the highest-paying customers, not only creating a VIP experience for them but also generating additional revenue through value-added services. Additionally, these varying levels of access can help you cater to different user needs, increasing your customer base.
White-label analytics solutions
Offering Platform-as-a-Service (PaaS) and white-label embedded analytics solutions can allow your clients to brand analytics solutions as their own, helping them expand their service offerings without building the infrastructure from scratch. This can help you build a loyal customer base and generate new revenue opportunities.
Low-code/no-code analytics tools
Low-code/no-code platforms can empower your users to integrate, customise, and maintain their analytics tools without deep technical expertise or dependency on IT teams. This not only helps your customers save costs while scaling their operations flexibly but also allows you to reach a wider customer base that is seeking user-friendly, low-maintenance solutions.
Custom dashboards
Custom dashboards and reporting capabilities are compelling ways to monetise data analytics and harness profitability through embedded analytics. Customers often value the ability to design and manage their own data visualisations, and helping them create tailor-made dashboards for their unique needs can help you unlock a new revenue source.
Product add-ons
Offering embedded analytics solutions as a product add-on is an effective way to monetise the existing data and reporting solutions. Integrating advanced analytics capabilities into the core product can help enhance its functionalities without a complete rebuild. This way, customers can leverage embedded analytics benefits to scale up their analytics capabilities with ease. As a result, you not only boost customer satisfaction but also unlock a continuous revenue generation opportunity from the value-added service.
These strategies can help companies not only boost customer satisfaction and reduce churn for enhanced retention but also make customer acquisition easier while reducing the cost of acquisition. As a result, companies can transform embedded analytics into a powerful tool for unlocking new revenue opportunities and driving long-term profitability.
Finding the right embedded analytics solution
Choosing the right solution is crucial for maximising embedded analytics benefits and driving growth and efficiency. Some key factors to consider when choosing a third-party vendor include:
- Affordability: Ensure the embedded analytics solution you choose offers robust features without exceeding your budget.
- Support: Be sure to look for providers that have a strong customer support team and can handle any challenge quickly.
- Agility and ease of use: Choose a platform that will easily integrate with your enterprise system and would require a minimal learning curve.
- Granular permissions: Opt for an embedded analytics solution that offers you enhanced control over data access and flow management for enhanced security.
- Active development: Choose a vendor who is continuously innovating and improving its platform to keep up with the evolving analytics capabilities.
How can Infosys BPM help monetise your data offerings with embedded analytics solutions?
Data and advanced analytics tools are among the key building blocks for modern businesses. Embedded analytics solutions can help take them to the next level through real-time reporting and data visualisation capabilities within enterprise business applications. Infosys BPM offers embedded analytics services that can integrate seamlessly into existing business processes to provide real-time insights and performance visibility across domains. With offerings encompassing domains, including finance and accounting, sales and marketing, sourcing and procurement, supply chain, human resources, operations, and credit, market, and risk analytics, you can leverage our proprietary Process Progression Model™ to drive efficiency and unlock new revenue opportunities.
