Written by Paul Scholey, Vice President of International Sales, Sisense
From helping companies uncover growth opportunities to breaking decision-making bias and anticipating market complexities and risks, the use of analytics gives companies a stronger competitive advantage.
Although analytics solutions have evolved significantly in recent years, moving from IT-driven reports to standalone dashboards and now integrated analytics everywhere, there is still work to be done to ensure knowledge workers have access to the insights they need at exactly the right moment they need they want to act.
So far, organizations have only looked at the benefits of analytics for themselves. In fact, more than half (52%) of the 1,700 European business decision makers surveyed by Dun & Bradstreet said they doubted they could even survive without relevant, up-to-date business data. Actionable data is an absolute necessity.
However, the focus was on extracting insights from data to improve internal business processes and help teams make smarter decisions. This leaves out an entire, mission-critical part of the business – the products that are built for customers. Today’s Most innovative product leaders believe in it is a missed opportunity and will take the initiative to change this.
Here’s why: Just as organizational adoption of analytics increases when insights are gained from data at the point of decision; The same applies to the knowledge workers of an organization’s customers. This leads to customers trading more successfully when using the company’s products and services. As the greatest business leaders know, they are most successful when their customers are successful, and customers are most successful when they make decisions based on insights from data.
differentiation with data
Many product leaders once viewed analytics as separate from their core products. It was an additional addition, a request from product administrators so they can monitor if anyone is using the product. It was nothing to benefit the actual business users of the product. It is now clear that the opposite is the case. In fact, when integrated deeply into your products, analytics can increase customer success, satisfaction, and even loyalty. It can be an integral way to stand out and stand out from the crowd.
Take fitness equipment for example. They can all measure heart rate or calories burned, but what sets the industry leaders apart is how well they help people build healthier lifestyle habits. For this, infused analytics is key. In fact, the most successful companies show users their historical trends, prescribe specific activities and exercises based on their goals, and notify them of their progress, encouraging them to take action. All of these insights are data-driven and fundamental to achieving customer satisfaction and loyalty.
If consumer fitness companies understand that offering personalized, actionable analytics can increase customer satisfaction, how much more should be done for business products? Customers ultimately buy products and services to achieve things they were previously unable to do. By bringing analytics into the user experience, companies can help their customers make even smarter decisions and achieve even bigger goals.
Embedded analytics opens up possibilities
Currently, the vast majority of business products that provide analytics to clients do this through methods that feel ‘screwed’ like email, web portals, and standalone dashboards. Analysis this way is hard to find, counterintuitive, and often irrelevant to most end-user goals. When users are disconnected from core product workflows, they find it difficult to leverage analytics when making decisions and will not do so. A recent survey conducted by NewVantage Partners found that even with BI tools that claimed to be self-sufficient, data scientists were still needed, resulting in a decrease in productivity and adoption rates of just 20%.
However, there is a solution. It’s one that seamlessly embeds analytics into the product and prioritizes contextual insights over aggregated data. In this way, customers can be informed and take action in exactly the same place. The best embedded platforms offer extensive customization options to fit naturally into existing product workflows. And recent advances in artificial intelligence (AI) and other technologies mean insights can be automatically generated from data in ways that make sense to the customer.
This also allows users to move from descriptive analytics that simply informs to prescriptive analytics that recommend best courses of action. Customer service representatives can proactively target customer accounts that are likely to churn. Healthcare organizations can dynamically adjust appointment availability based on historical data and current demand. Retail managers can plan and move inventory based on local sales, market trends and a competitor’s promotions. These are the types of experiences companies can offer their customers—all made possible by embedded analytics.
Reap more rewards with analytics
Although there is a great opportunity to improve products with deeply embedded analytics; There are also some challenges to overcome. Product leaders don’t need to see analytics separately from their product, but as an integrated part of the user experience. They need to build on their customer relationships, carefully evaluating exactly what data customers want and need, and critically evaluating where in the product workflow they could use insights from the data.
Product leaders should also involve other parts of the organization in the product development process and demonstrate the benefits of embedded analytics, namely increased revenue and customer loyalty and satisfaction. You should work closely with senior management to create a roadmap that justifies prioritizing hiring analytics talent or investing in off-the-shelf tools. In some industries, such as healthcare, early involvement of legal teams can help identify and resolve regulatory or compliance hurdles that could make it difficult to use and share data with clients.
While these steps will take time and resources, the companies that take them will reap the rewards. They are seen as innovating, differentiating themselves from the competition and becoming disruptive leaders in their industries. Your customers will derive even more value from the products, resulting in greater customer satisfaction and stronger business relationships.
The stakes are far too high for businesses not to be truly data-driven and intelligent. Faced with immense challenges caused by rapid market changes, economic volatility, technological advances and more, they need to shift to analytics solutions that are designed and available for everyone including their customers.
InfoQuest conducted a statistical analysis of customer satisfaction data that included results from more than 20,000 customers in 40 countries. It turned out that a completely satisfied customer generates 14 times as much sales as a rather dissatisfied customer.
The success of a company is that of its customers. Using analytics to get better results for both your business and your customers is the smart way forward.
https://techround.co.uk/news/leverage-infused-analytics-for-a-competitive-advantage/?utm_source=rss&utm_medium=rss&utm_campaign=leverage-infused-analytics-for-a-competitive-advantage Disrupt with data: Leverage infused analytics for a competitive edge