Harness the Power of Embedded Analytics for Business Processes and Decision Making

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Whether you are scaling your first product or running an established B2B software company, implementing in-depth analytics is crucial to help you improve efficiency, enable faster decision-making, and elevate your financial performance.

While the power of analytics is well-established, if analytics are not implemented or executed correctly, they might as well not be utilized at all. Oftentimes, the conventional DIY approach to building analytics infrastructure is full of inefficiencies and risks to the business. There is, however, another powerful approach to business analytics. This is called embedded analytics.

Let’s dive into how the conventional approach of engineering analytics differs from embedding analytics, and the advantages that embedded analytics can bring to business processes and decision-making.

The Traditional Approach of Engineering Analytics

In many organizations, software developers may prefer to create their own dashboards, reporting, and graphic tools for use within products and applications in an effort to reduce costs, but this approach can often yield the opposite results. While engineering analytics is a popular approach, we find that it has some drawbacks, such as:

• Wasted investment
  When implementing a DIY analytics project, businesses often get stuck in the development phase, with deadlines not being met and deliverables failing to meet expectations. Resources are then side-tracked to debug analytics instead of focusing on software development.
  

• Decreased efficiency
  Building analytics in-house can be relatively straightforward, but the constant demands for upkeep can slow operations down. With performance issues and backlogs of feature requests piling up, hours of valuable time can be spent optimizing analytics platforms and tools.
  
• Analytics not built to scale
  Once hard-coded analytics are deployed, it becomes more difficult to make any adjustments, improvements, or additions to those capabilities. As an organization scales, the data provided by analytics might not be as relevant or valuable, lacking actionable insights for improvements within the organization.
  

Data-Driven Insights with Embedded Analytics

Today, as companies increasingly look to harness the power of data, many are turning to embedded analytics to provide users and customers with relevant, data-driven insights. Embedded analytics are the integration of analytics content and capabilities within applications and portals across all areas of the business, such as your CRM, ERP, and intranet. By embedding analytics, organizations can integrate world-class analytical capabilities and rich content, including visualizations, reports and dashboards, directly into their applications and products.

With embedded analytics, you create a portal that seamlessly guides users to relevant information, including reporting and measurement of your products to showcase their capabilities and effectiveness. This enables additional awareness, context, or analytic capability to support business decision-making. The data may come from multiple systems or aggregated views, but the output is a centralized overview of information. The key is that the data informs a decision or action in the context in which that decision or action takes place.

By using pre-built data models, visualizations, dashboards and reporting capabilities, an embedded analytics platform can be white labelled to maintain your organization’s branding and can be deployed across many key business activities.  

Some benefits of embedding analytics include:

• Empower smarter decision-making
  With embedded analytics, every decision that users make can be informed by relevant data.  
  
• Faster time to market
  By embedding analytics with a pre-built platform, implementation is faster and less expensive than starting from scratch and shrinks the development cycle from months to days.
  
• Customizable and scalable
  By deploying ready-made visualizations and content, organizations can continuously improve and effortlessly scale their tools to suit the ever-changing needs of their users without dealing with the complexities of adding new features.  

Modernize your Business with Embedded Analytics

Data is the new currency, and analytics is the key that unlocks its value. At Fastloop, our data integration experts can help you implement embedded analytics across your organization to unlock actionable insights and drive success.  

Get in touch with us today to operationalize data with impactful analytics that deliver transformative business insights, outcomes and value.  

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