3 Ways Embedded BI Can Grow Revenue & Enhance Engagement

Solutions Review’s Contributed Content Series is a collection of contributed articles written by thought leaders in enterprise technology. In this feature, Infragistics‘ Product Manager Casey McGuigan offers commentary on three ways embedded BI can grow revenue and enhance engagement.

Are you looking for innovative ways to optimize your operations, enhance customer experiences, and boost revenue in today’s highly competitive and data-driven landscape? One way to grow revenue and engagement is by leveraging the power of embedded analytics, which delivers real-time reporting, interactive data visualization, and advanced analytics capabilities directly into business applications, becoming a seamless part of the application in which it is embedded.

According to this Reveal survey report, three of the top reasons for embedding analytics are:

• Improving customer satisfaction
• Gaining a competitive advantage
• Making data-driven decisions

This article will explore three impactful ways businesses can enhance engagement and grow revenue by seamlessly embedding analytical capabilities and up-to-date insights into everyday workflows.

Embedded BI & Enhanced Engagement

Real-Time Data-Driven Decision-Making

Traditional reporting tools and software solutions often involve extracting data from a separate analytics tool, leading to delays in decision-making and potentially missing out on significant business opportunities. Embedded analytics tools present key data insights within the context of the user’s workflow, eliminating the need to switch between multiple applications. This access to real-time, accurate, and relevant data empowers users to quickly make informed decisions based on these insights.

Embedded BI in retail

Imagine an online clothing shop that embeds analytics into its seller dashboard. This allows sellers to instantaneously access data on item performance, customer preferences, and market trends while managing inventory and listings effectively. The up-to-date data available allows sellers to make strategic and data-informed pricing adjustments. Moreover, they can tailor product offerings and capitalize on emerging market trends, contributing to increased engagement with their target audience and enhanced revenue growth.

Enhanced User Experience and Engagement

According to the most recent Reveal survey, one of the most significant benefits of embedded analytics is its ability to elevate user experience. By embedding analytics capabilities, data visualizations, and interactive dashboards directly into applications, businesses provide their users with a seamless and engaging experience. This engagement is difficult to achieve if users need to switch to a different application to look at insights and work with data.

Embedded BI in Banking

Banks increasingly use analytics tools to gain a more complete picture of customers’ lifestyles and spending habits. With embedded analytics solutions in place that offer real-time data monitoring, banks can offer more personalized services to customers based on their preferences and banking behavior. For example, smartphone banking apps provide a wealth of data about which features and functionalities customers use. With that information, bank engineers can create and maintain more user-friendly services that meet customers’ needs.

Monetizing Data Through Value-Added Services

Embedded analytics opens the door to new revenue streams, enabling businesses to monetize their data through value-added services. Businesses can leverage their domain expertise and data insights to offer premium analytics features as part of their product offerings, generating additional revenue while providing customers with enhanced capabilities.

Offering Analytics Capabilities as a Product Add-On

Project management SaaS owners operating under a set-based pricing structure can create an extra revenue stream with embedded analytics by seamlessly integrating analytics capabilities within their suite of features while applying an additional charge. For example, suppose your project management features set is priced at $10 per user per month. In that case, you can introduce the analytics functionalities as a distinct option available at a fixed price on top of the seat-based pricing.

Conclusion

Embedded analytics has forever changed how businesses leverage data to drive engagement and revenue growth. By facilitating real-time decision-making, enhancing user experiences, and unlocking new revenue streams, embedded analytics empowers businesses to make data-driven strategies an integral part of their operations. As businesses continue to prioritize personalized experiences and data-informed insights, integrating embedded analytics will remain a crucial tool for enhancing engagement and growing revenue.