Four Signs You Need to Invest In Analytics

By November 10, 2016Analytics

Software companies need to provide customers with embedded BI and analytics so end users can analyze data for insight.Organizations of all scales and scopes recognize the need for embedded BI’s analytics capabilities. Industry research shows that most organizations plan to increase their analytics investment or keep it steady.

Yet, many businesses and enterprises fail to grasp exactly how much they need effective analytics technology. Many of them underestimate their investment budget or invest in the wrong projects. The same report reveals that only 23.5 percent of surveyed organizations have a clear data strategy.

Software companies face this same problem internally and within the products, they provide their customers. Investing in the right BI platforms offers added value with every product delivery.

To help your organization decide how and why it needs to invest in analytics, look for the following signs.

No Data Organization Strategy

Quick, where do you keep your figures for the percentage of resolved service complaints? Can you compare these numbers to your operating costs during the period of the complaint? Does it take hours if not days to collect this information, check its accuracy and then form conclusions? Those are the kinds of questions your customers need to answer. With an investment in analytics, you can enable them to pull that data up in seconds.

The issue lies with unused or underused data having nowhere specific to go. This may have more to do with storage concerns and workflow. An analytics program gives them a logistical shot in the arm as demand for structured data increases.

Without the ability to analyze it, your customers can’t monetize their own data. And your software company loses an opportunity to tap into that monetization without a BI and analytics tool.

Data and Reporting Don’t Factor into Decisions

When a local government wants to embark on a big public works project, they first put the project area to a massive study. This process moves slowly in the public sector. But the result gives lawmakers reams of information to hash out the finer details of project budgets, timelines and design decisions.

Lawmakers can pull out highlights from the report to justify their decisions to constituents. Which of these sounds more convincing to you? “This project will likely reduce travel times between the interstate and downtown by 15 minutes.” Or “this project intends to improve traffic flow.”

A business using this type of decision making can expect repeatable results and measurable benchmarks that can affect future decisions. Analytics will make both you and your customers smarter and add to your collective genius over time.

Reporting Takes Too Long

You can’t afford to manually create a regular report in today’s business world. Every moment spent on tasks that could be automated is money and time wasted. That’s time to spend acting on the insight gained from the data analysis.

Many organizations would be shocked to learn the real costs they spend making employees manually craft reports. At least they would if they had the analytics capability to determine those numbers.

Customers Look Outside of Your Application for Solutions

Every organization needs an analytics solution, so your application better include one. But your customer’s can’t rely on an IT team every time they need insights. Help them democratize insight. Choose embedded BI to give every user the ability to analyze data so they can follow where the data leads them.

Choose wisely and your customers can do this all within your application. Izenda’s embedded BI software provides an integrated, white label component to your existing application.

Our system can seamlessly integrate into your application user’s workflow tools.

Learn how Izenda offers the best OEM embedded BI software solution to meet your needs and the needs of your clients.

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