Profiting from your BI Investment: 3 Simple Ways to Increase your Embedded Analytics ROI
Finding the right analytics tool can be a time-consuming process, from gathering technical requirements and planning a budget, to going through the process of a POC. But one question remains consistent throughout the entire process. How can I maximize my investment? We’ve put together three ways to make the most out of your embedded analytics investment.
1. Empower Users to Answer Critical Business Questions Fast
In the age of big data, the amount of information being captured daily is startling. Software companies take advantage of embedded analytics tools because they convert large amounts of their application’s data into easily understandable visualizations without the tediousness of developing analytics tools from scratch. Fully utilizing the value of an embedded BI tool, however, enhances your ability to deliver the right information to users fast. The first step to this is through establishing the right data resources. Customizing your user’s experience starts with anticipating the needs of your users. It also means understanding your user’s potential pitfalls when using your new features. And it means making the right data resources available to them in a clear and concise manner. All of this plays a huge role in their analytics experience.
2. Reduce Time Spent Developing your Own Analytics
Embedded analytics solutions allow BI/IT departments to spend more time focusing on the core capabilities of their product while empowering end users with new data insights. Once a solution reaches the implementation stage, you should shift the focus from your old reporting system to the new infrastructure and building up your analytics ecosystem. That can mean rolling out new capabilities in phases, or it can mean doing beta testing of major features. Whatever roll out strategy you use, the important thing to keep in mind is supporting users from the start. Your main goal should be to empower them to properly utilize new reports and dashboards. This is key because it means spending less time managing change over time. As users become familiar with new features, they can explore and edit reports on their own without having to reach out to your IT group.
3. With New Analytics Comes New Customer Insights
It’s important to take a step back both in the testing and implementation phases to see how your users are using your new BI capabilities. With robust reporting capabilities and self-service often comes new and interesting ways users use your data. These insights can be used when planning new reports, dashboards, or even product features. User feedback can also provide insight that will help you improve your user’s analytics experience and increasing your value proposition.
Make the most out of your embedded analytics solution by taking advantage of the features that save the most time and resources. This can result in an improved user experience while improving overall developmental efficiency. New capabilities can also enable users to address their own problems by providing them with the right resources and solutions. It also can empower them to dig deeper into data quickly, which can result in an improved understanding of customer needs as a project matures.