New Survey Finds Embedded Analytics Leads to More Valuable Applications and Differentiated Software Products
Nearly all respondents credit embedded analytics for increasing overall revenue, boosting customer satisfaction.
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Logi Analytics, an embedded analytics vendor, released findings from its sixth annual State of Embedded Analytics Report. This year’s survey found that by embedding analytics, application teams are able to enhance the overall application experience -- 93 percent said embedded analytics improved the user experience and 90 percent said it reduced customer churn. In fact, embedded analytics has become so important that teams estimate it contributes just over half (51 percent) of an application’s total value.
“The value of embedded analytics in applications is undeniable,” said Steven Schneider, CEO of Logi Analytics. “In an increasingly competitive software market, embedded analytics helps businesses differentiate their products and drive customer satisfaction. This year’s report revealed how important embedded analytics is to the success of mission-critical applications.”
The new survey findings show the significant business benefits for application teams that embedded analytics:
- 92 percent of respondents report an increase in competitive differentiation because of embedded analytics
- 95 percent of respondents say embedded analytics has helped them increase overall revenue
- 68 percent of application teams are able to charge more for their products because of the value embedded analytics brings
- By embedding self-service analytics, nearly half (50 percent) of respondents have reduced the number of ad hoc requests they receive, freeing up development resources to focus on other application priorities
Another key finding: nine of every 10 respondents indicated that embedded analytics has allowed them to increase adoption. According to the report, “People resist change. By embedding analytics invisibly into applications people already know, use, and love, change is minimized and value is maximized. The elusive, magical adoption formula is simple: when applications deliver more value, they [are used more].”
The 2018 State of Embedded Analytics Report surveyed more than 500 members of application teams, including product managers, developers, software engineers, IT managers, and executives from both commercial software vendors and noncommercial IT-managed applications used by internal staff and partners.