EmbdeEmbedded analytics helps to leverage data that your systems collect from various connected devices. Since artificial intelligence has infiltrated our daily lives, it has become easier for companies to offer consumers Everything-as-a-Service offerings. DataRobot Senior Director and Impact Analytic, LLC founder Jen Underwood discusses in her blog the importance of embedded analytics today.
Why Use Embedded Analytics?
Since companies are moving towards Software-as-a-Service, they need to be more user-specific. You must make embedded analytics an integral part of your SaaS applications to maximize benefits and lengthen product efficacy. In fact, in this pro-app market, embedded analytics is the secret weapon to increase your customer’s application adoption rate. Be it product development team or marketing, IT support or customers, everyone should get profited from embedded analytics.
The Analytics Usage Report: The Advantages
Logi Analytics released its 6th yearly State of Embedded Analytics Report for 2018 where more than 500 development teams participated. It has compiled some startling statistics. Following are the reasons that will compel you to think about the importance of embedded analytics:
- The respondents conveyed that their SaaS offerings are valued more because embedded analytics is forming the base of their applications.
- 96% observed that their overall organizational revenue has increased favorably. 68% reported that they could hike prices of products with the embedded analytics feature.
- To keep up with the new product releases, companies must launch features faster in the market. That is not possible with in-house analytics. They must resort to embedded analytics to prevent new products becoming obsolete within days.
- Companies would see a 19% hike in revenue growth if they implemented embedded analytics rather than taking the ‘bolt-on approach.’ 92% experienced an increase in competitive advantage, 90% reported reduced consumer churn rate, and 91% talked about increased win rates.
To view the original article in full, click on the following link: https://www.jenunderwood.com/2018/06/19/state-of-embedded-analytics-2018/