Embedded analytics is a rapidly growing field of business intelligence. Many companies are looking towards it to simplify data reporting and streamline business processes. But with dozens of different kinds of embedded analytics, and thousands of different uses for those analytics, it can be difficult to know how exactly it can help your business.
To Simplify Reporting
The most common way companies utilize data analytics is to simplify their data reporting. Rather than expecting employees to know how to properly utilize complex software to access data that’s relevant for them, embedded analytics can be used to help make sure that important data is easily available to whoever needs it when they need it.
For example, an advertising company might want to analyze aggregated consumer data to better tailor their product marketing to their target audience. The average employee of that firm might not know how to navigate software to even access this data, let alone use it in a meaningful way. If the data are not presented in a way that’s easy to understand, they could even become confused about its implications and make costly mistakes.
Embedded analytics ensures that all members of a team can easily understand data and keep on the same page about its implications.
To Quicken and Streamline Workflows
Time employees spend navigating software is time that’s not being spent working towards your company’s goals. Relying on data collection software to self-report its results is inefficient, as is wading through piles of data you don’t need to find the data you do. With embedded analytics, accessing relevant data is made extremely easy, so you can spend more time actually putting that work to use.
A financial company needs a good way to assess risk, but there’s often no clear way to know which data points are relevant and which aren’t. Traditional data collection software expects its users to sift through hundreds of different data points to find relevant data, which costs valuable time and money. Through embedded analytics, financial analysts can separate the signal from the noise at a glance, as well as use visual dashboards and intuitive design to explore information down to the smallest level.
To Diagnose Issues In Real-Time
One of the greatest strengths of embedded analytics is its ability to turn real-time generative data into usable reporting. Through displays updated in real time, managers and operations directors can see trends play out and results happen.
For applications where real-time reaction to data is crucial, like manufacturing, this allows users to diagnose issues much faster than traditional analytic software. A plant manager can see operations in real-time at every level of a facility and know exactly where productivity is dropping and inefficiencies are happening. At a glance, users can know exactly where problems are occurring and step in to solve them far faster than before.
To Improve The End User Experience
One of the most effective ways to increase user satisfaction with your product is to increase the value proposition. If your product is more useful to the end-user than competitors, then it’s likely that your market share will increase. A sure-fire way to make your product more effective is to embed analytic software into the end-user experience.
Companies in many different fields have started to use embedded analytics to improve the end-user experience, even in ways that might seem invisible. For example, Amazon and Netflix’s star ratings are a form of embedded analytics, using aggregated user data to help customers find the product that’s right for them.
Exercise apps like FitBit or Strava take the concept to the next level, auto-aggregating a user’s data for them in ways that are easy to understand, helping their users to track trends and improve their workout routines.
Embedded analytics tools have many different uses in almost every sector of business. Those listed above are just a handful of the most common ways that embedded analytics can improve your company.