With COVID-19, it is now abundantly evident that presumptions and notions from the past are no longer valid for businesses to run. Every organization has become a data-driven organization now. In order to regain the losses we faced during the pandemic, and avoid the mistakes we made, it is necessary for us to analyze every piece of data generated by our company and plan for a better future.
Infusing data and analytics into your workflow is one way that can bring a number of benefits to your organization. It can range from understanding the outliers to areas to be focused on to grow your business sustainably. Embedding analytics is the solution here in this post-COVID world to expand your business and also build loyal customers. Especially when customer Embedding Analytics expect so much from their service providers, it is important to embed analytics in every function of the business and understand every requirement to provide them with the best-in-class services. But what is Embedded Analytics?
According to Gartner, ‘embedded analytics is a digital workplace capability where data analysis occurs within a user's natural workflow, without the need to toggle to another application’. In short, embedded analytics is the incorporation of analytics and data visualization into other software or applications. You can integrate analytics into operational and external apps using a full set of open APIs.
The end user can study the data stored within the software program into which the analytics platform is built by embedding real-time reports and dashboards. They can also find opportunities to optimize and detect outliers in data with the help of this study.
Embedded analytics is expanding dramatically. By embedding analytics into your product or service, you can make sure the right insights and data points are received by the right people at the right time. It not only helps with data discovery but also offers data visualization into core systems like HRMS, ERP, or CRM applications. It promotes prompt, visual, and interactive access to the data needed for every function in the corresponding business divisions.
Additionally, it can also be fully integrated into the main application suites, which makes it decision makers easier to access data at any crucial time. BI platforms like Lumenore, develop business applications and provide them with insights after analyzing the data generated by the application.
By integrating analytics directly into applications at the user level, embedded analytics tools can help firms move more quickly. Embedded analytics platform streamlines the process of creating insights, reduces the time required to execute data analysis, and speeds up the delivery of actionable suggestions by making analytics accessible to important stakeholders, from customers to employees.
For instance, the tool of choice for the majority of businesses to carry out sales operations and services is Salesforce CRM. To enable quick and simple visualization of analytics metrics that matter, Lumenore has its template-based analytics solutions for CRM apps like Salesforce CRM and QuickBooks.
Leaders and executives can get access to trustworthy insights about key accounts, sales predictions, the sales funnel, available opportunities, and the typical sales cycle time using Lumenore. These interventions can assist in tying together the complete business operations more cohesively, in addition to guiding strategy in key areas.
The pandemic has altered the competitive landscape for markets throughout the area. Everything is turning digital. Hence, to flourish, businesses must understand the needs of the hour and be adaptable to the latest technology. They need to re-evaluate how quickly, precisely, and where data is tracked. It has become a necessity for businesses to examine and use data meaningfully to stay ahead of the curve with a data-driven approach.
Companies have always gathered data. They have accumulated and stored it, even in its most primitive forms. A huge pile of datasets has been added to the already growing mound as a result of the social media explosion and every business turning digital. These piles of data have grown over the course of the last ten years.
It's challenging to go through these datasets stored in various silos. Hence, nowadays, employees are already demanding actionable intelligence that is integrated into workflows in ways that are simple to understand and act upon. To take action quickly to meet the needs of the current volatile market, it is necessary for them to get most of the data and obtain the insights required to make faster decisions.
An embedded analytics platform that can manage data from various sources, generate a single source of truth and do complicated analyses, and prepare the data to derive values out of it is essential to meet business success immediately in this current situation. You'll then be well on your way to empowering your users and maximizing the value of your data.
As the market is completely volatile, every time is precious. Companies are given the capacity to look at and challenge their data at a faster pace, which in turn allows them to work more quickly, intelligently, and effectively at crucial times especially when companies go through a tough pace. Businesses stand to benefit from accelerating their answers based on user input and insights to better predict and respond to the market at all times by implementing an embedded analytics platform. Ultimately, they are given the tools they need to adapt more readily to the market landscape's constant change.
With the help of innovative new insights and ideas from embedded analytics, businesses can win today's challenges. Embedded analytics tools make it easier to easily gather important and unexpected insights without overburdening the analytics process. It gives your company the ability to anticipate market demands, particularly in the current era of the "new normal."