What's So Great About Embedded Analytics?
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This document outlines the importance of embedded analytics for SaaS CEOs, emphasizing its role in data monetization, customer retention, and revenue generation. It provides a roadmap for CEOs to leverage existing data, enhance product offerings, and integrate advanced analytics into their core solutions, positioning themselves as industry leaders. The guide encourages SaaS leaders to identify their analytics value proposition, evaluate data sources, and select the right partners to unlock the potential of embedded analytics.
What's So Great About Embedded Analytics?
- 1. Explain it to Me like I’m a CEO: What’s So Great About Embedded Analytics? Explain it to Me like I’m a CEO: What’s So Great About Embedded Analytics? embedded FOR CEOs
- 2. Are You Ready to Join the Top 10%? If you’re a software CEO, you probably know that data is valuable. But do you know how valuable? Gartner estimates that, through 2015, more than 90% of business leaders will view content information as a strategic asset, yet fewer than 10% will quantify its economic value.1 That means 9 out of 10 of your peers, your competitors, haven’t quite figured out how to make data part of their financial (and product) roadmap, despite the fact that they are sitting on large, untapped stores of it. Now is the time to innovate. Join the 10% of top- performing SaaS leaders on the bell curve of data monetization. Learn how embedded analytics can help you land net new business; strengthen relationships; increase retention; and create new lines of revenue, offering upgrades or even launching new data products. In this guide, we’ll cover why analytics is a top business priority for CEOs like you. We’ll take a look at the value of the market, and the advantages to be gained as a first mover in the analytics game. Finally, we’ll provide you with a four-step roadmap to unlocking the full value of the data that already exists within your SaaS solution—embedding fully-customizable, advanced analytics right into your core product. AVERAGE PERFORMING SaaS CEOs LOW PERFORMING SaaS Laggards HIGH PERFORMING SaaS Leaders Data Monetization: The Top 10% Data ConsiderationData Accumulation WHAT’S SO GREAT ABOUT EMBEDDED ANALYTICS? 1
- 3. Prepare for Rapid Tech-celeration Gartner’s recently released list of top CEO priorities for the year cites growth as priority one.2 But that should come as no surprise. As the rate of innovation increases— growth continues to be every CEO’s primary mandate YoY. What has changed is the source of anticipated growth. The firm notes that technology is now viewed almost unilaterally as THE key to achieving business and financial gains. Business analytics, the cloud, and big data—are all within CEOs’ top technology investment priorities. Mark Raskino, Vice President and Gartner Fellow, explains: CEO TECHNOLOGY INVESTMENT PRIORITIES 1 2 3 4 5 6 CUSTOMER EXPERIENCE MANAGEMENT DIGITAL MARKETING BUSINESS ANALYTICS CLOUD-BASED BUSINESS DATA SCIENCE/ BIG DATA DIGITAL PRODUCTS AND SERVICES “Each year we ask CEOs to state their top five business priorities and this year growth was once again the top priority. However, explicit mentions of growth were down from last year. We attribute this decline not to less interest in growth, but rather to increasing interest in the mechanism that will create it. The second-most-important category of business priority for 2015 and 2016 is technology related. This is the highest position we have ever seen for technology in this survey and it’s our firm belief that CEOs are more focused on this area than at any time since 1999.”3 WHAT’S SO GREAT ABOUT EMBEDDED ANALYTICS? 2
- 4. And Then…. the Techsplosion What does that mean to you, as a SaaS innovator? It means the opportunity is ripe to cut away from the pack, adding capabilities to your product that will help you differentiate; enable you to close and retain more business; and position you as a leader (potentially even as a source for market macro- indicators) as the Techsplosion happens. Forty-seven percent of North American and European enterprise software decision-makers are expecting to increase their investment in SaaS this year, according to Forrester.4 A full 64% cite increasing the use of analytics within business applications as a high (38%) or critical (26%) priority. In fact, Forrester identifies the cloud/SaaS and embedded analytics as two of the five technology pillars that will shape the future of business applications innovation.5 BUSINESS APPLICATIONS INNOVATION CLOUD/SAAS USER EXPERIENCE FLEXIBILITY FOR CHANGE EMBEDDED ANALYTICS INTEGRATION 1 2 3 4 5 WHAT’S SO GREAT ABOUT EMBEDDED ANALYTICS? 3
- 5. Let’s recap. Tech is a top investment priority for CEOs looking to drive growth right now. Not just tech, but analytics. SaaS analytics. And you, you have a SaaS product, full of monetizable data that can easily be transformed, enriched and visualized to give your customers deeper insights into critical business issues—making them stickier, and increasing their lifetime value. Rethinking your roadmap for next year? You should be. Over the next few pages, we’re going to walk you through some key steps—that will set you on the path to driving innovation, creating recurring revenue, and becoming one of the lauded 10%. WHAT’S SO GREAT ABOUT EMBEDDED ANALYTICS? 4
- 6. Step 1 :: Identify Your Analytics Value Proposition Useful. Usable. Desirable. As a cloud-based business leader—you know the principles of good design. And with customer experience management topping the list of CEOs’ technology investment priorities for the coming year, it just makes sense to keep these concepts in mind as you begin discovery on your data project. Begin your evaluation through the lens of your customer. Start with your product team, and take a hard look at your users (and the persona work your team has already done). What are their goals? What challenges do they face? What problems are they trying to solve? What questions do they need answers to? And then ask…how can your analytics feature help? This will help you define not only the necessary data points you’ll need to produce to create a useful product, but also how to package its value, ensuring it’s also desirable. WHAT’S SO GREAT ABOUT EMBEDDED ANALYTICS? 5
- 7. But don’t stop with your product team. Take the time to interview the customers you have and, if you can, the customers you want. Ask them the same questions. Don’t forget, during both processes, to get a firm handle on their requirements—so that you can also nail down the usable part of the equation. At the end of this process you should emerge with the following blueprint for your analytics product: USEFUL USABLE DESIRABLE Answers critical questions for users Offers an exceptional user experience Solves problems and delivers wins PILLARS FOR DESIGNING AN EXCEPTIONAL ANALYTICS EXPERIENCE WHAT’S SO GREAT ABOUT EMBEDDED ANALYTICS? 6
- 8. Step 2 :: Evaluate and Augment Your Data Sources Now that you know what your users want—it’s time to figure out how to give it to them. Take a hard look at the data within your solution, and evaluate how close you can get to meeting your users’ needs with what you already have at hand. Remember, you have domain expertise to work with from your core product—now you just have to translate it to your analytics approach. WHAT’S SO GREAT ABOUT EMBEDDED ANALYTICS? 7
- 9. For example, GoodData customer Zendesk—a leading customer service software provider—leveraged data already residing within their system to create to create Zendesk Insights, answering questions like: ”How are my agents performing?”, “What is the lifecycle of a customer ticket?”, and “How can we improve the customer experience?” The offering is now the number one reason customers upgrade. Prospects who trial it convert at double the rate. MediGain, a full-service revenue cycle management (RCM) provider for medical practices and GoodData customer, tapped into their data with MediGain Insights to help customers understand: “How are billings going in relationship to goals?”, “Which diagnosis codes are driving the most revenue for the practice?”, and “What factors are impacting new patient acquisition?” WHAT’S SO GREAT ABOUT EMBEDDED ANALYTICS? 8
- 10. When mapping data to customer needs—don’t limit yourself to what you already have. GoodData allows you to extend your offering, integrating third-party data seamlessly with your own. ServiceChannel, a cloud-based ERP system provider for management of facilities like shopping malls, combined their own data with external data on weather patterns, gas prices, and demographics to help customers understand: “How does the weather in a certain geographic region impact repair costs?” and “What happens to contractor service and energy costs when gas prices go up?” Customer engagement has increased from 30% to 75% since implementing their revamped ProView offering, with scores of customers upgrading to the new advanced tier for its predictive analytics capabilities. Firehouse Subs, another GoodData customer, integrated social data from Yelp and Twitter to help more than 900 franchisees get a deeper understanding of customer sentiment, correlating it to sales performance and guest satisfaction on a scorecard. Thinking outside the box on what data will deliver value to your customers will help you exponentially grow the worth of the information assets you already own. HOW TO GTM WITH EMBEDDED ANALYTICS 9WHAT’S SO GREAT ABOUT EMBEDDED ANALYTICS? 9
- 11. Step 3 :: Think Future-Forward About Your Strategy So now you’ve considered internal data and outside data. But have you thought about ALL of the data? All of GoodData’s client instances live on the same computing fabric in our secure, cloud-based environment. All of the data, in one place. What that means for you is that, while ensuring the security of your clients’ data, you also have the opportunity to look across all of their instances for common factors— identifying key insights that you can then turn around into unique product offerings (and value) for your customers. WHAT’S SO GREAT ABOUT EMBEDDED ANALYTICS? 10
- 12. For example, Zendesk Benchmark gives customers the power to measure themselves against their peers. It’s a feature that has dramatically increased customer engagement and stickiness, motivating customers to track their improvements over time. VP of Products, Sam Boonin, says: “We’ve seen that being best-in-class really motivates support teams, and it helps reinforce the case that great service leads to happy customers.” At GoodData, we’ve leveraged this capability in a different way. Our data discovery canvas integrates best practice recommendations—culled from millions of interactions—to help users better explore their own data. This is your chance, not just to differentiate, but to become a visionary within your space, delivering macro-indicators to the market. WHAT’S SO GREAT ABOUT EMBEDDED ANALYTICS? 11
- 13. Step 4 :: Choose the Right Embedded Analytics Partner This step may be the most critical. Once you know what your users (and your prospects) want; you know the data sources that you’ll need to integrate; and you’ve developed your strategy for long-term strategic growth—you have to decide who the right partner is to get you there. It’s time to put yourself on the other side of the user equation. Find a partner that can offer you an embedded analytics solution that’s not just useful, or even usable, but that can catapult your business into new realms—making it truly desirable. We think we’re that partner. Gartner* has recognized us for OEM analytics in their October 2015 Magic Quadrant for Business Intelligence and Analytics Platforms 6 .Similarly, Forrester has named us a leader in The Forrester Wave™ : Agile Business Intelligence Platforms, Q3 2015.7 Want to learn more? Turn the page. CRITERIA FOR SELECTING AN EMBEDDED ANALYTICS PARTNER SOLUTION USEFUL Seamless embedded analytics in a multi-tenant environment that can be packaged, tiered and distributed at scale to all of your customers. USABLE Highly-engaging end user experience that guides customers of all skill-levels to insight quickly using best practices culled across millions of interactions. DESIRABLE Expertise and organizational support from implementation to launch, and beyond—helping you become a market leader and market indicator. WHAT’S SO GREAT ABOUT EMBEDDED ANALYTICS? 12
- 14. Partner with a Disruptor GoodData offers an industry-leading business intelligence platform and deep Go-To-Market expertise. The Powered by GoodData partner program helps ISVs quickly create new revenue streams and increase customer retention— embedding advanced, self-service analytics directly into existing SaaS solutions. GoodData delivers the market’s most complete multi-tenant analytics distribution platform, coupled with a hyper-intuitive user interface your customers will love. With fully- responsive, embedded analytics customized to meet your (and your customers’) brand and business needs—GoodData guides users to fast discovery and adoption using interactive recommendations. WHAT’S SO GREAT ABOUT EMBEDDED ANALYTICS? 13
- 15. Related Assets •• Explain it to Me like I’m a CFO: What’s the ROI of Embedded Analytics? •• Explain it to Me like I’m a VP of Product: How to GTM with Embedded Analytics •• Explain it to Me like I’m a Product Manager: How to Successfully Launch an Embedded Analytics Product •• Powered by GoodData: Monetize Data with Embedded Analytics Suggested Resources •• Powered By GoodData On Demand Demo •• Growing a Cash Crop: How to Turn Data Into Dollars •• CITO Research: A Guide to Data Monetization •• Blue Hill Research Report: GoodData’s Role in the Next Era of Analytics: Data Monetization Customer Success Stories •• Travel: FCm Travel Solutions •• Health: MediGain Billing and Reimbursement •• MarTech: Autopilot, Demandbase, Influitive •• Operations: Zendesk, Bolder Thinking Discover why SaaS leaders like Zendesk, ServiceChannel, and Demandbase are choosing GoodData as their analytics partner. Contact GoodData today to learn more. WHAT’S SO GREAT ABOUT EMBEDDED ANALYTICS? 14
- 16. 1 Gartner “Why and How to Measure the Value of Your Information Assets”, Douglas Laney, 4 August 2015 2 Gartner “2015 CEO Survey: Committing to Digital”, Mark Raskino, 4 April 2015 3 Gartner Press Release, “Gartner CEO and Senior Business Executive Survey Shows Technology Related Change Is a Higher Priority Than Ever Before”, 21 April 2015, http://www.gartner.com/newsroom/id/3033618 4 “Application Adoptions Trends 2015: The SaaS Boom Continues As Businesses Demand Agility”, Forrester Research, Inc., April 24, 2014 5 “Digital Innovation Reshapes The Future Of Business Applications”, Forrester Research, Inc., July 17, 2015 6 Gartner, “Magic Quadrant for Business Intelligence and Analytics Platforms”, Rita L. Sallam, Bill Hostmann, Kurt Schlegel, Joao Tapadinhas, Josh Parenteau, Thomas W. Oestreich, 23 February 2015 7 “The Forrester Wave™: Agile Business Intelligence Platforms, Q3 2015”, Forrester Research, Inc., September 25, 2015 *Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. WHAT’S SO GREAT ABOUT EMBEDDED ANALYTICS? 15