Creating New Opportunities Through Embedded Analytics
As a business leader, you’re probably already aware that more data is being collected than ever before. But what you might not know is how to leverage the records you have to gain a competitive edge. These days, data-forward organizations are using embedded analytics to create new opportunities — not just to drive efficiency, but to create new revenue streams.
What is Embedded Analytics?
Embedded analytics is about making analytic content and functions available within everyday business process applications like CRM, ERP or portals such as intranets. Analytic functionalities might take the form of:
Dashboards, charts and graphs
Data tables and reports
Filters and tools for data exploration
Though embedded analytics shares similarities with traditional business intelligence tools, there is an important difference between them.
Business intelligence involves using multiple applications to extract and transform data from different sources into reports and analyses. These applications are often highly technical and require users to switch between interfaces. Embedding analytics on the other hand, means integrating reporting and analytical capabilities inside applications users already work with. It results in more accessible data for non-technical users, allowing them to derive actionable insights in real time.
Monetizing Your Data
The use of data could be the differentiator whether a client works with you or another financial institution. For example, financial institutions often collect data on consumer spending. If the data is anonymized and benchmarked, it could be used by all kinds of businesses — from retailers and restaurants to fitness companies and accountants — to understand the spending behavior of consumers in a specific region or demographic. Businesses can compare their performance to their peers and make changes to their pricing or operations to be more competitive. Such data might also help them to spot business opportunities they previously missed.
Embedded analytics allows you to:
Present data as a visualization to deliver a differentiating customer engagement
Integrate functionalities like dashboards and benchmarks into client-facing applications so you could increase revenue while helping your customers succeed financially
Delivering Value Faster
When analytic functionalities are embedded into frequently used applications or internal web portals, they’re more likely to be utilized by users. Dashboards, data and charts can be grouped together so they can be analyzed in context in order to drive better decisions.
By eliminating the need to switch between different business systems and applications to access targeted data, embedded analytics raises productivity and puts users in the driver’s seat. Whether it’s to provide advice to an external client or make an internal operational decision, the dashboard, data and analytical insights are right there. With real-time, data-backed intelligence at your fingertips, you can add value at every client meeting and deepen customer relationships.
Improving Customer Engagement
If you’re looking to drive online traffic and engagement, you might also consider incorporating embedded analytics on public web pages to keep your audience informed of relevant developments. When you share continuously updated information, you can position your business as a digital leader and stand out in the marketplace.
Embedded analytics enable organizations to act faster, make better decisions and be more relevant to their customers. By making it easier and more convenient for users to engage with data, banks can turn information they already collect into valuable products and intelligence that ultimately increase their revenue.