Sit back children, as I, a very recently (as of this video) renown storyteller Justin Fraction,
tell you an amazing tale about Embedded Analytics.
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First up: What is Embedded Analytics?
Embedded Analytics can make keeping track of multiple data sources,
apps and services easier by combining them into one business intelligence platform.
It can increase your productivity, give you a way to monetize your
data and also maximize your revenue. With traditional or stand-alone analytics methods,
you’d collect data and perform analysis of your product from various sources.
With embedded analytics, you’d collect various analyses and statistics from
one specific application or service. So it’s the difference between putting a
single egg in a single basket and then repeating that a bunch of times versus
putting all your eggs in one basket. In our opinion: the second option is
more efficient and easier to handle. Embedded Analytics has 5 levels …
Level 1: Utilizes embedded analytics on the web through HTML or JavaScript coding.
Level 2: Uses secure custom portals to provide data security, end-user
personalization, and enterprise branding. Level 3: Provides two-way interactivity,
row-level controls, and interactive dashboards.
Level 4: Provides real-time connectivity and interactivity.
By the way, If your company uses SAP or Salesforce you may want to focus on this level.
Level 5: Provides notifications, alerts, and thresholds to trigger automated systems.
Which level you work to achieve with your embedded analytics solution will depend on the
size of your company and your company’s needs. When it comes to embedded analytics you have two
options: buy your solution or build your solution. Both have advantages and disadvantages
If you build your embedded analytics solution you’ll:
Be able to tailor your analytics to a specific use case.
And ensure your analytics are targeting the right datasets.
On the other hand, you’ll … Needed a dedicated team of programmers and
developers to code and maintain it in-house. You’ll likely need significant time to develop.
Your scalability will be limited to your development team’s capabilities and
Technical support might not have an immediate solution to unknown bugs and issues.
If you choose to buy your embedded analytics from a third-party analytics or business
intelligence vendor you may find that they are user-friendly, accessible, and scalable.
But there are some drawbacks like There’s a lack of customization so you
may not get all the features you need. Standardized solutions so you likely get
features that you don’t need. Your third-party vendor could go
out of business at any time leaving you without an embedded analytics solution.
Built or bought, embedded analytics provide several advantages.
Offers easy integration with other apps, services and software.
Provides customizable and highly accessible dashboards.
Facilitates improved data security, governance, and control.
Montetizes data through premium products and services.
Creates a company culture based on verifiable data and statistics.
Strengthens the overall customer experience.
Here are some examples of embedded analytics at work.
Internal embedded analytics works great when they’re used within
internal dashboards and web portals. You can pull records from your organizations
datasets which can be used in your company’s CRM (customer relationship management) software.
You can use your embedded analytics in a public space with things such as blog posts,
websites and online reports. That way you can keep the public
informed of any topics you deem necessary like products, services, news and events.
You can also use embedded analytics within third party applications which
will help you keep all of your relevant data in one place.
But of course you’ll have to find an ERP (enterprise resource planning)
or CRM software package that supports your embedded analytics solution.
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