How Can Embedded BI Help ISV Partners Improve Revenue and Market Visibility?
Recent research reveals that 67% of companies surveyed say time spent in their applications increased after they embedded analytics. Why do you suppose that is?
If you are a business manager or executive and you want to make the most of your technology investment, there are many reasons to consider embedding analytics. The most obvious reasons for embedded analytics relate to team member support. Using data contained within your business solutions and applications in a way that is more meaningful and more accessible to your users will reap many benefits.
‘Consider embedded BI and augmented analytics for your customer-facing solutions, and for work processes that incorporate your suppliers or other stakeholders, in order to optimize the potential of embedded BI and improve market advantage and revenue.’
In this article, we focus on the benefits you may achieve as an Independent Software Vendor (ISV) partner or Original Equipment Manufacturer (OEM) partner by embracing embedded BI and integration APIs, and using these tools for customer, supplier and stakeholder-facing workflow and business processes.
Increase Revenue by Monetizing Data
Your business has a lot of data in its data repositories. For customer-facing or supplier business process access, it can leverage this data using embedded BI and augmented analytics to provide products, solutions and services that incorporate data analytics, allowing customers and suppliers to gather relevant data and analyze that data for their own use, thereby expanding the value of your services and solutions and offering your business a way to achieve more revenue.
Improve Customer Experience and Satisfaction
Information is everything! When you provide your customers, suppliers, and stakeholders with a way to find and leverage data to create a big picture or to dive deep into data to understand an issue, you provide a tool that will improve customer satisfaction. Go beyond simple searches and embed analytics in your customer-facing apps to allow your clients to use data creatively. Your team cannot possibly anticipate the many ways in which your colleagues, partners and stakeholders will want to use the data contained within your data repositories, nor should they have to anticipate those business uses. Let the customer, client, supplier, or stakeholder decide. They will appreciate the flexibility and the improved user experience.
Retain Market Share and Competitive Advantage
Adding features and functionality to your products and solutions is always welcome – provided these additions are useful and meaningful to your customers and stakeholders. For those customers who are already purchasing your products and solutions, you can ensure customer retention and offer a competitive advantage by embedding BI and augmented analytics within your apps and solutions and offering easy-to-use, sophisticated tools that users can leverage without data science or IT skills. As we mentioned at the start of this article, 67% of companies surveyed say time spent in their applications increased after they embedded analytics. That time spent in the application translates into revenue and market share and ensures you will retain existing clients.
‘Consider the benefits you may achieve from embedded BI and integration APIs, when these tools are leveraged for customer, supplier and stakeholder-facing workflow and business processes.’
While we strongly recommend that your business consider embedding BI and augmented analytics into your business applications, we suggest that you consider this approach for your customer-facing solutions, and for work processes that incorporate your suppliers or other stakeholders, in order to optimize the potential of embedded BI and improve market advantage and revenue.
Explore the Smarten approach to Embedded BI And Integration APIs to add powerful functionality and provide access to existing ERP, SCM, HRMS, CRM or any other products and to provide analytics capabilities within existing products without major Investment. Your business users will say ‘yes’ to analytics and you can achieve the results you want.