The availability of low-code and no-code interfaces is driving significant changes in the embedded analytics marketplace, as they ensure non-technical employees can more readily avail themselves of these benefits.
A recent TechTarget article examined the evolution of embedded analytics, highlighting some salient areas organizations should investigate for more opportunities, including:
New Product Offerings
Software vendors are increasingly looking to embedded analytics to drive the creation of new products or solutions. With this technology, these companies can improve their product lines and offer more analytics capabilities without actually building analytics functionality into the solutions themselves. In addition, the inclusion of embedded analytics allows vendors to market themselves as more data-driven and tap into conversations surrounding analytics, insights, and digital intelligence.
Subpar Reporting Tools
Reporting features in software packages that fail to deliver is another common area that could benefit from embedded analytics. For example, if an organization is underwhelmed with its ERP’s reporting capabilities, it can easily embed customized reports to deliver the level of insights needed to guide business decisions.
Many everyday business decisions can be streamlined and made more efficient with embedded analytics. The TechTarget article offers a manager reviewing a proposed employee pay increase as an example. The manager would likely first need to confirm that the raise is on par with what other team members with similar levels of experience are earning. A custom HR workflow with embedded analytics could integrate all the data required to confirm this information without requiring the manager to leave the system and research data in different repositories.
Embedding analytics in decentralized environments where metrics are collected from multiple systems can provide a huge efficiency boost. For example, users can more efficiently identify potentially urgent problems and get a clear understanding of the source of the problem—making it significantly easier to manage before productivity is negatively affected. In addition, embedded analytics can help evaluate model performance, both at each edge location and in aggregate, and update the models as needed from there.
Head over to TechTarget for more on the above and what we can expect as companies increase their usage of embedded analytics.