Baptiste Jourdan co-founder Toucan Toco | Image credit: Toucan Toco
SaaS companies face the challenge of maximizing the adoption rate of their tooling and provide customers with the best ROI. Their users want easily accessible insights so that the software is an essential decision-making tool for a data-driven business strategy.
They can achieve this through embedded analytics. Embedded analytics makes it possible to integrate real-time data analysis and data visualization into SaaS software, making data analysis and business intelligence more accessible to every user. So how can start-up SaaS-entrepreneurs use this to their advantage?
Recently, the winners of the 2021 Future Hamburg Award were announced.
Analysis is a must have for SaaS
The urgency for companies to use data for strategic business decisions is increasing. First, data and embedded analytics enable decision-makers to identify causes and consequences of a decline in sales. In addition, insights from data can uncover important opportunities for positive change and get the greatest possible return from them. SaaS-users want easily accessible insights so that the software is an essential decision-making tool for a data-driven business strategy.
Many SaaS solutions are already a source of information. For example, field service management software deals with purely operational management, but includes the data and expertise to provide its users with benchmark insights, such as how the company is performing against competitors. These kinds of insights are invaluable to a manager.
SaaS providers can respond to this by integrating an analysis platform into their software. In this way, they facilitate an organization-wide data-driven decision-making process for their customers and the software is an essential tool for analysis and change.
Building dashboards
SaaS providers who want to get started with analytics don’t want months of development and implementation. A short go-to market is essential in today’s business climate. The solution lies in white label embedded analytics.
A study by Nucleus Research confirms that companies that opted for an embedded analytics solution instead of internal builds were able to go live with the analytics functionality within three weeks on average. On the other hand, homegrown builds were projected to require, on average, 6 to 8 months.
By using white label embedded analytics, SaaS providers do not have to invest in developing a dashboard module with insights themselves. Thanks to seamless integration of real-time data analysis within the proprietary software solution, technical teams can (continue to) focus on the core product instead of building a dashboard module.
Dozens of data connectors make it possible to quickly integrate real-time data analysis and data visualization into the software or business application. SaaS providers thus retain complete autonomy, so that they can also respond to changes in needs, data and users, while their customers benefit from the power of data and analysis.
Make yourself indispensable
Even the darkest clouds can open up refreshing possibilities. Companies are desperately looking for solutions that they can use now. Instead of shutting or slowing down, they look for new opportunities, intelligent and cost-effective solutions, powered by the latest technologies. Embedded analytics is the opportunity for SaaS providers to become indispensable, now and in the future.
