BPM Analytics
How can embedded analytics fuel innovation in product development?
Data analytics have become an integral part of modern businesses, with companies leveraging data to survive and thrive. Embedded analytics takes this a step further, combining data analysis and visualisation capabilities into enterprise applications. As a result, companies do not have to navigate separate analytics tools and can access real-time insights for data-driven decision-making through a single interface.
Businesses, especially product-led companies, are using embedded product analytics to enhance their internal operations, offer SaaS platforms to meet their customers’ business needs, and improve user experience for customer-facing products through innovation and enhanced product performance.
Embedded produce analytics for product-led growth
Driving innovation and product-led growth is one of the key objectives of modern businesses. Embedded product development analytics has emerged as a pivotal tool in helping businesses achieve this goal via enhanced user engagement and informed decision-making. Here’s how embedded analytics solutions are helping businesses fuel innovation in product development:
Enhanced user experience and engagement
Integrating seamlessly with user interfaces, embedded product analytics tools enable real-time data access within a single interface. This makes it easy for users to engage interactively with the data, resulting in enhanced user experience, satisfaction, and engagement.
Data-driven decision-making
Embedding analytics directly into core business applications allows businesses to harness the prowess of data for timely, informed decisions. These product development insights take the guesswork out of the product development process, allowing companies to identify trends and spot anomalies to optimise and innovate product features and enhance strategic planning.
Increasing product adoption and retention
Becoming a value-added feature of your product offerings, embedded analytics solutions encourage more users to adopt and engage with your product. This not only supports new user acquisition and long-term retention but also offers you access to a larger customer database to understand their evolving needs and fuel product innovation.
Opportunities for product expansion and revenue growth
Integrating product analytics into their value proposition also allows companies to unlock new revenue streams through premium analytics tools or advanced reporting features. Additionally, product development insights unlocked through these will enable them to identify opportunities for product expansion, discover unmet needs, and optimise product features accordingly.
Continuous improvement with feedback loops
Embedded analytics solutions also facilitate the creation of feedback loops that continuously gather and analyse user behaviour and product performance data. This information is critical in helping product teams to be innovative and improve the product continuously to better align with user needs and market demands.
Streamlined integration and development efficiency
Pre-build analytics components of embedded analytics solutions streamline integration with enterprise systems, cutting down development costs and deployment times. This allows businesses to be creative with the available analytics capabilities to meet their unique needs.
Centralised data for informed innovation
With embedded product analytics, businesses can centralise data from multiple sources, breaking down data silos and eliminating performance bottlenecks by making data accessible. This ensures all relevant stakeholders have access to consistent, reliable insights to drive product innovation.
Cost-effectiveness and flexibility
Embedded analytics solutions also offer cost-effective and flexible alternatives for implementing robust analytics features. This not only allows for scaling analytics capabilities as the product grows but also lets you add or optimise features as market trends and customer expectations shift.
Benefits of embedded analytics in product development
Embedded product development analytics not only drive product-led growth and innovation but also offer a number of benefits, including:
- Integrating real-time insights into their products, businesses can offer data-driven products that meet the evolving customer needs to get a sustainable competitive advantage.
- As users can access data within their day-to-day workflows, thus improving decision-making with a single platform, businesses can boost engagement through enhanced analytical experience.
- Companies can monetise data through innovative analytics features and premium services to unlock new revenue streams.
- With pre-build analytics solutions, companies can quickly offer tailored solutions, speeding up product development and deployment.
- Embedded analytics solutions also help companies free up resources that can then focus on enhancing core product features, facilitating continuous innovation.
These advantages play a pivotal role in not only streamlining operations but also fuel innovation through actionable insights and enhanced user satisfaction for sustainable growth.
How can Infosys BPM help leverage product analytics?
Data and analytics capabilities evolve into one of the key building blocks for a successful business. Embedded analytics solutions take this one step further, empowering businesses with real-time insights directly within their workflows to fuel innovation and growth. Infosys BPM offers a comprehensive suite of embedded and product analytics solutions across domains from finance and accounting, sales and marketing, and sourcing and procurement to supply chain, human resources, and operations services. Our Process Progression Model™ allows businesses real-time visibility into performance across these domains, letting them leverage data to guide their journey towards excellence through innovation, performance efficiency, and growth.
