The challenge with embedded analytics is it remains costly and difficult to implement. But if done smartly, organizations can reap many benefits.
As people use software, they throw off impressive volumes of data. How often do they access the application? What features do they prefer? To answer these questions, product builders are increasingly embedding analytics into their apps to drive user engagement (by 26%) and even to increase revenue (by 44%).
Companies that are embedding analytics with user expectations and desired experience in mind are realizing opportunities to improve customer satisfaction and usage, increase ROI, innovate, disrupt, and drive meaningful change in their business.
That’s the word from ThoughtSpot, which released a report, which finds companies that embed analytics with a differentiated user experience increase engagement and revenue. A majority of product builders, 55%, are embedding analytics into their apps. Among these, more than 60% report they have experienced increased engagement, 57% increased revenue. Another 44% agree that embedded analytics had positively impacted revenue, with just over a quarter (26%) citing a positive effect on engagement.
The challenge with embedded analytics is it remains costly and difficult, the report’s author state. Nearly half (47%) of respondents cite budget constraints as one of the biggest challenges stopping organizations from building an embedded solutions, while 39% are concerned with slow time to market.
“Even if companies manage to build these systems, the research shows these projects do not attract and retain users, as they either fail to provide meaningful insights relevant to the user, or are too complicated to use,” the report states. “Companies can’t simply embed analytics. They need to rethink the kind of UX these embedded analytics provide. Nearly 80% cited the need for better customization tied to specific business needs, while more than half noted the need to empower users to intuitively find their own answers.”