3 Ways Embedded Analytics Boosts Data Literacy

by thebestworldevents.com 22 February 2024 · Business Intelligence

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Put simply, data literacy is the ability to translate data into insights, a capability that every technology buyer is seeking this year. The importance of data has been well established and technology leaders understand the value sitting dormant in their ever-growing databases. When researching the right application for their teams, features that boost data literacy will be front of mind for your buyers.

Pressure for on-demand data insights is increasing as potential buyers look for intuitive, but deep analytics functionality to help navigate their business through these uncertain economic times. Differentiate your application with an embedded analytics solution that supports your customers’ drive for data insights and squeeze more value from your existing technology investments. Here are three key data-literacy-boosting features to look out for:

1. Customizable Dashboards for an Improved User Experience

An engaging, beautiful dashboard is the key to every leader’s heart. While your customer contact might be more interested in day-to-day functionality, a key concern is always going to be whether your application will address their leadership’s need for self-service insights.

According to insightsoftware and Hanover Research’s 2024 Embedded Analytics Report, customizable dashboards are in demand. 30% of independent software vendors (ISV) and 20% of other types of organizations listed customizable dashboards as their most in-demand missing feature. And for three-quarters of application developers (71%), 40% or more of their customers and end users customize their own dashboards and reports.

Data literacy is often associated with employees at the operational level. However, it’s just as important to demonstrate your application’s ability to support data literacy within leadership, many of whom are not technically skilled. Embedded analytics technology with features like customizable dashboards offer leadership and non-technical users to translating data insights into action. White-labelled embedded analytics software kicks this up a notch, but allowing you to beautify dashboards with your customer’s personal branding, guaranteed to catch the eye of their buying team.

2. Predictive Analytics

Predictive analytics, machine learning and artificial intelligence have lit a fire under your customers. While we all know the hype has scaled out of proportion, it doesn’t change the fact that technology buyers are seeking software that demonstrates a willingness to push the boundaries of these advanced capabilities and potentially offer competitive advantage.

Predictive analytics is an attractive capability for customers seeking a vision of the future. Predictive analytics use an organization’s historical data to find patterns and predict future outcomes, putting users in a strategic position to make better business decisions. Other benefits of predictive analytics include:

Improved risk assessment
Sales forecasting
Supply chain predictions
Marketing and customer analytics

Embedded analytics software that offers intuitive predictive analytics can dramatically expand the scope of your application. Your users will be able to confidently look forwards and build their data literacy skills across future-facing data sets, not just historical analysis.

3. Self Service

Not to be confused with ‘simplicity’. When it comes to embedded analytics, the term ‘self service’ could be used interchangeably with ‘flexibility’. An application that promotes self service promises that its users will be able to access and engage with their data in a way that works for them. The specific functionality that enables self service will change based on each users’ technical skill level, hence the connection to flexibility.

There’s no doubt that self service is top of mind for technology buyers. According to our recent report on embedded analytics, the overwhelming majority of those who buy analytics (86%) listed self-service as an important capability.

To build data literacy in your users, you need to meet them where they’re at, not pander to the lower common denominator. This means offering analytics that is both intuitive but can also scale in terms of depth and complexity to satisfy your more technically proficient users. Seek a flexible embedded analytics tool that caters to both technical and non-technical users to really move the needle on your organization’s data literacy.

Build a Culture of Data Literacy

For today’s organizations, data is power. But both you and your application users need to invest in data literacy to realize that power, generate actionable insights and drive more value. With the help of analytics that make it easier for them to make informed decisions from data regardless of their skill level, you can drive your users to greater heights.

Logi Symphony by insightsoftware is a powerful embedded business intelligence and analytics software suite that empowers independent software vendors and application teams to embed analytical capabilities and rich data visualizations into your SaaS applications. Logi Symphony helps organizations foster a culture of data literacy with: