Growing Embedded Analytics Market Becoming an Invaluable Tool in Driving Business Decisions
New Infragistics survey finds that software developers have begun to integrate these sophisticated capabilities as standard features as embedded analytics gain widespread acceptance.
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The importance of embedded analytics business intelligence continues to grow and the current uses for embedded analytics have a common theme: making better decisions, a new Infragistics survey of 478 software developers, IT managers, and business decision makers found.
A quarter (25%) of survey respondents reported that embedded analytics’ greatest usefulness for their end customers was to make better business decisions, followed by improving productivity (22%), and increasing sales/revenue (18%).
The top motivator for respondents to embed analytics in their apps is to increase customer satisfaction (36%), followed by the ability to make their app more visually appealing (23%), and gaining a competitive advantage (22%).
“Collecting data is relatively easy, yet interpreting that data is difficult.” says Casey McGuigan, Reveal product manager at Infragistics. “Embedded analytics, which converts raw data into business intelligence, presents organizations with tremendous opportunities.”
Many existing app development teams use embedded reporting and data analytics; strong interest was expressed in still-maturing technologies such as predictive analytics (38%), machine learning (25%), and data discovery (24%).
The survey found that the technology is beginning to gain greater widespread acceptance and adoption by software developers, a quarter of whom have been using embedded analytics for five or more years. An additional 30% have been using embedded analytics for less than five years and 23% plan to embed it in the future. Fewer than a quarter (22%) of respondents have no plans to enter the explosively growing embedded analytics market.
Increased Interest in Buy versus Build
Almost two-thirds (63%) of respondents had built their own solution; 36% used a third-party vendor. In a noteworthy change in direction, more than half (53%) plan to use a third-party vendor moving forward while only 46% plan to build their own.
“The embedded analytics market is undergoing significant change as new competition has entered the market offering more complete embedded products that are easier to embed and easier for customers to use,” says McGuigan. “Also, customers don’t want to have to move data into a separate program for analysis or reporting; they want it in the same app.
Other survey findings included:
Top motivators for embedding analytics into an application
- Increasing customer satisfaction (36%)
- Making their app data more visually appealing (23%)
- Gaining a competitive advantage (21%)
Current and planned uses for embedded analytics
- Reporting (70%)
- Data analytics (65%)
- Predictive analytics (38%)
- Machine learning (25%)
- Data discovery (24%)
Popular applications for embedded analytics
- ERP (29%)
- CRM (28%)
- Marketing automation (24%)
- Collaboration (24%)
- HR (24%)
- E-Commerce (24%)
- Advertising insights (8%)
Embedding an analytics product from a third-party considerations:
- Ease of use (34%)
- Predictable pricing (19%)
- Fast deployment in their app (15%)
- Solution that was built specifically for embedding (13%)
- Lower support burden and great cross-platform experience (9%)
To download a free copy of the survey report, visit Infragistics (registration required).