Windows of opportunity today close quickly. The digital era continues to alter the landscape across numerous industries. According to a team of Credit Suisse analysts, the disruptive force of technology is killing off older companies earlier and at a much faster rate than decades ago, squeezing employees, investors and other stakeholders. “The average age of a company listed on the S&P 500 has fallen from almost 60 years old in the 1950s to less than 20 years currently,” says Eugene Klerk, Credit Suisse Global Thematic Research.
Like it or not, almost every business nowadays is in the software business. Demand for app development talent has never been greater and backlogs continue to grow. Organizations are also awakening to the incredible power of analytics for optimizing outcomes and securing a first mover competitive advantage. To adapt to continuous market change, embrace high-speed experimentation and make rapid optimal decisions, market leading companies are infusing analytics everywhere.
Market leading companies are infusing analytics everywhere
How? More organizations and app developers are turning to embedded analytics vendors for solutions.
What is Embedded Analytics?
Embedded analytics is the integration of analytic content and capabilities within business process applications (e.g., CRM, ERP, EHR/EMR) or portals such as intranets or extranets. The objective of embedded analytics is to help solve high-value business problems right inside line of business applications. Other common uses of embedded analytics include monitoring apps, providing customers insights, precise, pixel perfect reporting, executive dashboards, self service analytics, exportable and wide scale delivery.
To better understand how embedded analytics works, please watch the video below. It is kindly provided by JReport, an embedded analytics vendor.
Analytics Sells the App
Never underestimate the value of embedded analytics, including reporting and dashboards. From gaining critical insights through scalable, enterprise reporting and visualizations, increasing profit margins, monetizing data or delivering answers when and where your customers need it, embedded analytics delivers. Countless customers purchase vendor apps simply for the analytics.
Analytics solutions do look similar on the surface. Be sure to understand the key differences for application development use cases. Many offerings may look like embedded analytics but do not actually fulfill unique embedded analytics needs. The mix of options includes enterprise analytics or traditional BI platforms such as SAP Business Objects, IBM Cognos or MicroStrategy, self-service data discovery tools like Microsoft Power BI, Tableau, and Qlik, open source frameworks such as D3.js, R or Python and a plethora of third-party reporting components, software development kits (SDKs), APIs, plug-ins and add-ons.
Since reducing application time to market has become much more important, there is little time to waste. To avoid accidentally going down the wrong path with embedded analytics projects, we’ll be covering common use cases, key questions to ask, embedded analytics selection criteria and more in a complementary webinar.
Common Mistakes Developers Make
The most common mistake developers make is rebuilding what already exists. To identify threats and opportunities that will come from digital innovation and respond faster than competitors, developers need to resist that urge and focus efforts on true innovation to constantly deliver more value. Successful developers will know how to master the value of data, filter out noise and hone in on the challenges that matter most to customers.
Resist the urge to build what already exists
To build a better app, you need to better understand your customers and prospects. Don’t limit your customer intelligence gathering exercises to closed questions and impersonal surveys. Neither the sales team nor the development team’s view of the world reflect customer reality. You might be missing windows of opportunity that you don’t know exist. To get higher quality market feedback:
- Personally engage with customers
- Watch what customers do with your app
- Ask open ended questions
- Collect ranked feature requests
- Monitor feature usage data
- Perform win/loss calls with prospects
- Scan industry and competitor news updates
Quantify your findings to make data-driven development investment decisions versus gut feel or squeaky wheel ones. Data-driven organizations have proven to outperform peers. As you build an app, help your customers not only understand past performance and why it happened. Also start preparing to deliver guided actionable, optimized outcomes to help them stay ahead of their competition. Investigate how you might integrate predictive algorithms, alerting mechanisms and other proactive analytics options. These “nice to have” features may soon be “need to have” capabilities to differentiate and grow.
For More Information
To get ahead of your rivals, explore the benefits of embedding analytics into the foundation of your cloud offerings and applications. To learn more about creating value gaining a competitive advantage through embedded analytics, please join me and Dean Yao from JReport to discuss digital era application development trends, why integrating analytics has become a critical success factor and highlight several case studies. We will also review essential embedded analytics selection criteria.
JReport is a proven embedded analytics vendor with deep expertise helping customers leverage cutting-edge analytics within financial services, healthcare, consumer goods, government agency and other industries. JReport customers include well-known brands such as Visa, Bank of America, Ericsson, Dell EMC, Internal Revenue Service, Informatica, eBay, Bell, Cvent, MasterControl and Verint, among others.
Additional JReport resources:
- JReport Embedded Reporting and Dashboards https://www.jinfonet.com
- JReport Demo Video https://www.jinfonet.com/jreport-product-demo
- JReport Free Trial https://www.jinfonet.com/product/download-jreport
- Making Analytics Part of Your Product (eBook) https://www.jinfonet.com/resources/white-papers/857-making-analytics-part-of-your-product/