More and more companies are starting to make use of embedded analytics dashboards because they have proven essential for improving the customer experience no matter the industry. Below are some of the most important things you will want to know regarding the benefits of embedded analytics.
Why Invest in Embedded Analytics?
Your customers will love having access to embedded analytics. It allows them to have access to valuable data insights that can help ensure they are more engaged, and that they have the knowledge needed to improve their own business.
The dashboards are easy to use, and they will provide users with immediate access to data. This means they will have access to the most recent data to help ensure accuracy. One of the other benefits, particularly with high-quality embedded analytics dashboards, is the ease of use. Even those who have little to no technical knowledge can access, read, interpret, and share the data.
Customers want more, and it is your responsibility to provide that to them. Offering embedded analytics can help you to stand out from the competition, and you will ensure the happiness and loyalty of your customers.
How to Measure ROI for Embedded Analytics
Data is more important than ever, which is why more and more customers are demanding embedded analytics. The data provides them with insights into their customers and users, so they can make better, smarter decisions going forward.
How can you measure your return on investment when you add embedded analytics?
First off, how much money is this saving me compared to building this? The first comparison to think about is how much time and resources would it take my team to build this solution in-house? This can vary depending on the complexity of dashboarding or reporting needed. For a simple static dashboard, it could take a single developer weeks, but for complex self-serve analytics, it could take an entire product team 6+ months to build and test. Ongoing maintenance and iterating on the dashboards is often overlooked as this often takes more time and resources than the initial build.
In addition to tracking resources required to build and maintain in-app analytics, it’s also important to track other resources that analytics is saving. Do customer support reps save time sending reports to their customers? Is your data team free of constant data requests that derail them from focusing on their day-to-day work?
Another way to measure ROI is to track the dashboard usage. How many of your customers are using the tool? This can give you an indicator of how well it has been implemented and whether customers find value.
However, you want to do more than just measure dashboard usage. You should also look for increases in overall product usage. Quality, sticky dashboards have the potential to help increase the overall usage of the product. This can help to give you a better idea of the overall success. Improving the overall experience for your customers leads to higher satisfaction, retention and ultimately new sales. An advanced analytics offering is also an upsell that you can leverage in deals in directly increase revenues.
Of course, you will also want to look into some of the success stories of others who have added these embedded analytics.
Examples of ROI from Explo Customers
Below, we’ll be checking out a couple of examples of customers who have found a lot of success and who have improved their return on investment.
Together Software is a SaaS mentorship platform that strives to help with onboarding, collaboration, and to improve employee performance. They have a lot of highly respected customers including the Discovery Channel and Kellogg’s.
Together Software opted to use Explo Architect as its embedded dashboard solution. They were able to get their first dashboard up in just a single day, and it is estimated that this has provided them with estimated savings of $65,000 per year, as well as a reduction in engineering time.
A company called Goldcast was using Excel sheets for their clients to export and share data. This was not convenient, it wasn’t scalable, and there was a risk of inaccuracy. Pulling all of the data from Excel files would take ages. However, Goldcast chose to work with Explo to create and embed dashboards for their customers. It proved to be easy thanks to the flexible design system Explo offers.
Why Choose Explo for Embedded Analytics?
You have a lot of options from which you can choose when it comes to embedded analytics today. Which one should you pick? It will depend on a wide range of factors, but you should always keep Explo in mind for a fast, simple, but effective way to start creating embedded analytics. Try Explo today.
Other Embedded Analytics Resources:
- Benefits of Embedded Analytics
- Embedded Analytics Uses Cases
- Embedded Analytics Features
- Embedded Analytics Applications
- Embedded Analytics Solution