Embedded analytics offers many benefits to end-users, but it also offers scalability and revenue to the companies providing analytics to their clients. These benefits can influence customer decision-making, generate new clients, and significantly improve your bottom line.
Let’s take a look at the 5 main benefits of an embedded analytics solution for application vendors.
1. New Revenue Opportunities
Data analytics is a virtual necessity in today’s market. To stay ahead, you need to provide an analytics solution to your clients that’s part of a product or service, which can increase customer satisfaction, adoption, and market positioning.
Upgrading your offerings also gives you new revenue opportunities. It’s a great way to catch the attention of new clients and retain your current clients, since it works with your existing software.
2. Decrease Churn
If a client isn’t getting the solutions they need from your service, they’re more likely to switch to a vendor that gives them the functionality they’re looking for. Analytics offers a competitive advantage, so clients are more likely to seek more insights and better analytics to gain that edge.
When you upgrade your current analytics, your existing clients will gain new capabilities and be more inclined to stay with your service. You’ll also show your clients that you’re always looking to improve your service for them, ensuring long-term loyalty and trust.
3. Expanded Licensing
Embedded analytics isn’t limited to a single-case use. Upgrading your embedded analytics functionality gives your application a broader range of functionality and a larger potential user base, since more departments and teams can use the service and gain more value from it. As a result, you’ll see more product licenses from new and existing clients.
4. Monetization
Giving clients the ability to customize their application with different modules outside of the main functions maximizes your flexibility and the value of your service. An analytics module is a lucrative extension of your customization options, thanks to the high market demand for improved analytics solutions. As a result, you’ll increase your revenue.
5. Quicker Time to Market
Analytics and business intelligence solutions used to require weeks or months to deploy. This not only monopolized resources, but it also diverted the attention of developers away from other important projects. Embedded analytics reduces the development time and time to market, allowing you to invest time and attention to your core competencies.
BONUS – Competitive Advantage
Everyone wants data analytics. But not everyone offers it. And building out new services or capabilities in your application takes up time and resources, not to mention that you need a team that can handle the project. Embedded analytics is the specialty of your provider, so you can count on their expertise to give you a solution that works well for your service and end-users. If you’re competitors are building out their own analytics offering – then you’ll be way ahead of the curve.
Embedded Analytics With Izenda
At Izenda, embedded analytics is our specialty. Our solution seamlessly embeds into your existing platform and is invisible to your end-users, which gives you the ability both to scale and to get your service to market faster. This is our core business, so request your demo today to see how we can elevate your service!
