Independent software vendors increasingly find customers want a modern business intelligence and analytics solution integrated with their core application. Your customers don’t want the hassle of figuring out how to make a third-party BI tool work with somebody else’s application and their data.
To help you figure out how to implement BI and analytics with your core application, we’ve collected some resources that we’ve created or have found that other experts offer.
First, you need to understand what type of analytics solution you have today. Are you using a legacy BI tool, or have you built it yourself? Traditionally, software companies add business intelligence either by building a solution that leverages existing systems or by creating a custom solution in-house. It is as those applications mature, as companies attempt to increase sales, retain customers and diversify, that issues and challenges with these in-house solutions emerge. Use this guide to assess the stage of BI in your application:
Once you decide to integrate a new analytics platform with your application, a key question needs to be answered: Do we build or do we buy an analytics solution? Within the next 36 months, 75% of Independent Software Vendors’ (ISVs) future software revenue will come from Business Intelligence and Analytics embedded within their solution, according to a survey from Tech Target. The following guide should help you choose whether to build or buy:
No product manager or executive will approve any path for adding modern analytics to your application without some real numbers. That’s why we created a calculator to forecast the costs and revenue of building in house. And it enables you to compare that build with buying an analytics solution. It’s not enough to know how much a BI solution costs. You’ll also want to know what revenue is possible with the addition of BI to your application:
But what if you already have a reporting solution built in house? Does it fail to meet your customers’ needs or create too much work for your team in support and creating reports? For many ISVs, a new product launch, a major enhancement, the need to improve speed to market, or lower development costs presents an opportunity to revisit the decision to buy vs. build. This next paper should help you decide on upgrading or replacing your existing homegrown BI tool:
Assuming that you’ve chosen to integrate a third-party analytics solution with your application, now you’ll need to choose what’s right for your company and customers. According to the Eckerson Group, there are many factors to consider before selecting an analytics tool to embed in your applications, “ranging from technical features (such as software and data architectures) to business capabilities (such as pricing, support, and services). Selecting the right software is not easy. It takes considerable time to find a product that will meet your requirements, but the payoff is considerable, especially if you plan to charge clients for new analytics features.” These analysts can get you started on the right path with the following reports:
- Embedded Analytics: The Future of Business Intelligence
- Which Embedded Analytics Product is Right for You
More resources exist to aid in your decision-making process. What do actual customers think of the analytics platforms available for integration? G2 Crowd uses customer reviews and other data to rank embedded BI and other software. Or visit Capterra’s website to learn about Izenda and other BI platforms from customers’ perspectives.
What challenges will you face with self-service BI? And what are the payoffs? Starfleet Research can answer those questions in the 2017 Benchmark Report on Self-Service Business Intelligence, where you’ll learn that 84% of top performing companies cite cost as a top reason to deploy self-service business intelligence and 93% of companies “agree” or “strongly agree” that self-service business intelligence enables them to gain faster (and better) insights.
For some quick reads on information in this extensive report, check out these blogs:
- How to Solve the Top 5 Challenges with Self-Service BI
- How Do You Measure Performance with Self-Service BI?