Data is evolving every business. Modern companies are collecting greater and greater volumes of data. That data can help them innovate and evolve their businesses, if they can only figure out how to make use of it. Analytics is the key to turning that data into actions that will transform processes and deliver better results.
This is happening now in forward-thinking businesses. In a recent McKinsey & Company survey, high-performing companies who are already leveraging data reported at least 20% of their pre-tax and interest earnings (EBIT) came from these data initiatives.
While hearing that companies are already leveraging data is heartening, too many are settling for one-off, ad-hoc, and short-term projects instead of going big and looking for wider-reaching projects and programs that will transform the way they do business. This short-sightedness keeps these organizations from realizing the full value of their data.
It’s easy to understand why companies aren’t thinking big: Business intelligence (BI) programs have slowly evolved over decades and through at least two discrete generations. Generation one was IT-led, slow, and required a lot of back-and-forth between business users and data experts. The next generation streamlined this process considerably, putting self-service BI tools in the hands of countless users. But this still fell short of complete organizational transformation and widespread adoption within companies.
Generation three, infused analytics, will help drive wider adoption and overcome these historical obstacles, improving competitive advantage and increasing productivity for the savvy companies that embrace them.
Why infused analytics will transform your business and product
Infused analytics (also called “embedded analytics”) puts actionable intelligence from analyzed data into every workflow, process, business application, and even internally developed products. Users enjoy fully customized experiences, driven by APIs, that deliver the right information to them at the right time and place, in a form that makes sense to them — this speeds up time to action, simplifies decision-making, and increases productivity.
Customers, as well as internal teams within organizations, benefit from analytics infused into their experiences and workflows: Marketing teams run better campaigns and see details on the ROI from their efforts with insights inside their CRM system. Sales teams get deeper info on their prospects right inside of selling programs instead of going by gut instinct or guesswork. Customers come to rely on your product and the data and analytics experiences contained therein, reducing churn, increasing revenue, and boosting your competitive edge.
Infused analytics can even help users automate aspects of their workflows, freeing up time for higher-value tasks and diminishing decision fatigue from the million small choices they used to have to make every day. They can also evolve customer-facing software applications, products, and experiences.
Companies like Vitality and Hive are already using actionable intelligence infused into their products to drive innovation, improve user experience, and radically transform their businesses. Let’s dig a little deeper and see what else infusion can do for companies of all kinds.
Choose the right BI platform to infuse analytics
There are countless tools on the market right now claiming they’ll help you make the most of your data, but if the ones you currently have aren’t delivering on that promise, it’s likely because they silo your analytics instead of bringing it to the point where decisions are being made.
A recent IDC survey showed that more than half of organizations (52%) were unhappy with their current BI&A tool and were looking to replace it within the next two years. Respondents with more than 5,000 employees rated “ease of use” (or the lack thereof) as the number one reason for wanting to change BI tools. Other important reasons were a desire to “customize or extend [BI] functionalities” and “[integrate] with other enterprise apps.”
This siloing of BI tools and lack of integration with key software programs is also limiting adoption, with the same survey showing only 13% of workers using their BI&A program daily and almost half (49%) using it only once per month.
These trends must change if companies are to evolve in a changing world and leverage their data successfully.
Ride the rising data and analytics wave
Analytics will touch every industry, every team, and every role, making jobs easier — not harder. But this can only happen when analytics are implemented correctly, via infused analytics. This infusion will lead what we’re called an “analytics renaissance,” where companies and users of all kinds can unlock the value of their data by “infusing it everywhere.”
Sisense is at the forefront of this new wave of BI, infusing analytics into internal workflows by extending the abilities of enterprise software like Slack, Salesforce, and the Google Suite. We also help businesses of all kinds put top-tier analytics into their core offerings — applications, products, or experiences — do help them stand out in crowded markets, delight customers, and drive revenue with data.
Sisense Fusion is a highly customizable, AI-driven cloud analytics platform, that infuses actionable intelligence at the right place and time for every user. This has helped over 2,000 Sisense clients to break barriers for analytics adoption, disrupt markets, and drive meaningful change in the world. Sisense has also been named the number one business intelligence company for customer success and one of the Forbes’ Cloud 100 (The World’s Best Cloud Companies), five years in a row.
It’s time to transform your company inside and out with the power of infused analytics.