Is Embedded Analytics Right For Your Startup?
Embedded analytics is the most cost-effective way to understand your users, and their engagement with your product and get insights into its performance. It offers seamless integration with your site. In this post, we've outlined everything you need to know about embedded analytics and how it can benefit your startup.
What is Embedded Analytics?
Embedded analytics is a term that is used to describe the process of embedding data and analytics into applications, business processes, and systems.
The term “embedded” means integrated directly into the application or system. For example, if you have an application that needs to determine what products are selling better than others, you can embed this functionality into your application so that it can run directly on the same hardware as your application. You don’t need to send any data off-site or set up additional servers to analyze your data. This makes it easier for companies to quickly implement new features without having to wait for IT teams or other departments to get involved.
Benefits Of Embedded Analytics
The key benefits of embedded analytics include:
Helps organizations use their data more efficiently – Embedded analytics can help IT, teams, to use the data they already have more efficiently. This means they don't need to collect new data as often, which saves time and money. They can also use existing data in new ways or combine it with other sources to create unique insights.
Creates superior customer experiences – By collecting and analyzing data from multiple sources, embedded analytics makes it possible for companies to interact with their customers in a personalized way. This can help companies improve the quality of their digital products and services.
Improves decision-making processes – Embedded analytics helps businesses make faster, more accurate decisions based on a larger volume of information than ever before. Companies can analyze data from numerous sources in order to gain insights into trends driving customer behavior and adjust their product development strategies accordingly.
Why Do Startups Need Embedded Analytics?
The answer is a simple → competitive edge. And to get that, startups need to understand their customers better, make their products or solutions better, be proactive to respond (rather than react) quickly to changes in the market conditions, and adjust their strategies accordingly.
Startups have limited resources, so the need is to make intelligent decisions about where they invest their time and money. If they have the right tools at their disposal, they can make the most out of their limited resources by getting insights from data that can help them improve their products, services, and marketing strategies.
Here are some ways that embedded analytics can help your startup:
- Measure customer behavior with little effort by using tools that integrate seamlessly with your Web, Mobile, or Server apps and software. These tools provide insights into how customers interact with your product (or don’t).
- You can use Embedded Analytics as a guide for what features users want most. You might be surprised at how much information you can glean from user behavior. For example, if users are spending a lot of time on one part of your app but not another, it indicates that they might want more features in that area.
- Use simple dashboards or reports in real-time so everyone on your team can see what’s happening at any given moment. This makes it easier for everyone to make better decisions because they have access to up-to-date information about what customers want — not just guesses.
- You'll save money on software licensing fees. Embedded analytics will let you get all the features of high-end software without paying for expensive licenses or subscriptions.
Best Practices In Embedded Analytics
Startup founders and developers often think about getting analytics into their apps, but they don't necessarily know where to start. Let’s understand some of the best practices for embedding analytics into your startup's Web, Mobile, or Server app or software.
- Choose the right tool – There are plenty of different tools available for tracking different types of data and analyzing it in new ways. You should choose a tool that works best with your budget, your team's skillset, and the type of data that you're looking for.
- Use a standard data collection method – The first step toward creating useful analytics is deciding how you'll collect data from users. There are two main ways to do this: by sending push-notifications or by capturing user activity in the background. Both methods have their respective pros and cons — push notifications to allow you to capture more information than background collection but can be intrusive; background collection lets users decide when they want to provide information but involves more setup work on your end — but whichever method you choose should be consistent across every user interaction with your app or software.
- Integrate analytics early in the development cycle – In order for analytics to be useful, they need to be integrated into the development process early on. This means setting up a tracking code before building your product and having a clear understanding of what metrics you want to track from day one. This will help ensure that all of your data is captured properly and will make it easier to add new features later on without having to change any code.
- Know what you want to measure – The first step is knowing what metrics matter to your business model and how they relate to each other. For example, if you're building a consumer app, you might want to track the number of people who sign up for your service and then register with their email address (or social media account). You could also track how many people try out certain features in your app, like sending messages or making purchases. On the other hand, if you're building a B2B SaaS product, it's important to know that different products have different life cycles: some will be used by hundreds of customers while thousands use others. For example, an early-stage SaaS company might have just one customer solution with 100 active users per month but still need real-time data on their usage patterns in order to understand how quickly they can scale up their services at no additional cost.
Whether Startups Should Build Or Buy Embedded Analytics Solutions?
When it comes to embedded analytics, startups face a choice between building or buying. Both have their advantages and disadvantages.
Building an embedded analytics solution is appealing because you don't have to worry about purchasing hardware, software, licenses, etc. You also have complete control over the product's features, functionality, and performance. However, building an embedded analytics solution takes time and resources that might be better used elsewhere in your business. You'll need to dedicate engineers to design and develop the product, as well as programmers to test it. All that adds to your costs both in terms of time and finances.
However, building an embedded analytics solution takes time and money which most startups have at a huge premium when starting out with their ventures. Hence, buying off-the-shelf embedded analytics solutions makes more sense for them as they can get started right away.
Qualetics – An AI-Powered Embedded Analytics Platform
Our mission is to help companies build great products and services by empowering them with real-time data from their users.
Qualetics enables organizations to discover and act upon the insights hidden in their data. It is a platform that leverages 25+ AI algorithms to analyze raw data and provide insights into User Engagement, App stability, performance, and Software quality.
The Qualetics platform provides real-time remediation. It works with all types of data including Web, Mobile, IoT, and traditional enterprise applications. The platform offers a single point of control with a unified user interface for business analysts, developers, and IT operations teams alike.
To know more about Qualetics or for a free trial click here.