Businesses of all industries and all sizes incorporate embedded analytics technologies and capabilities into their own software, SaaS platforms, Angular apps, or other apps because of the tremendous benefits that they get.
Here, we have gathered 23 real-world examples of how businesses in different industries use embedded analytics to make the most out of their data in order to enhance their data-driven decision-making processes for competitive advantage and revenue growth.
- Real Estate
- Supply chain
- Logistics and delivery
- Weather forecast
1. Banking: Deliver great benefits to customers and employees alike
Banking analytics allows banks a better way to manage their assets, marketing campaigns, model credit risk, forecast consumer trends, ensure compliance, and much more. To evaluate risk and prevent frauds, banks are using BI with advanced data algorithms, you can identify potential risks related to lending money to customers with poor credit scores and help you decide whether to approve or decline their loan application. Embedded analytics also allows banks to monitor customer spending patterns and identify unusual behavior that can be an indication that their account is under threat.
2. CRM: Maximize customer lifetime value
CRM analytics tools can look at past sales trends, current leads, opportunities and identify patterns in customers’ behavior that otherwise might be hard to see. You can predict the likelihood of patterns in their behavior that are likely to emerge again and with the help of statistical algorithms like ML techniques to foresee future outcomes. This allows you to get ahead of your competitors and make the most out of any opportunity.
Furthermore, CRM analytics gives you insights into your customers and how well your sales and customer service teams are reaching them. CRM analytics helps you monitor your customer service efforts, validate your customer data, analyze your customers’ habits and generate better leads.
3. Crypto: Leverage the most suitable market conditions and invest intelligently
As cryptocurrencies and blockchain technologies continue to grow and become more and more mainstream, the number of transactional data increases as well. That is why the crypto market and embedded analytics are a match made in heaven. Crypto analytics helps organizations and traders to better understand the ever-changing market trends and as a result, make the most out of every opportunity and maximize profits by making better investment decisions in real-time.
4. Education: Improve learning outcomes effectively
By making use of data and BI in education, education analytics assist teaching staff in tracking students’ performance in real-time and identifying where they may need extra help. With that data, teachers can easily personalize learning plans to meet each student’s individual strengths and weaknesses, prior subject knowledge, and learning disabilities. Education analytics is also used to improve the quality of teaching by furnishing teaching staff with better information about the learning content and activities they provide to their students.
5. Finance: Shape future strategies and improve the decision-making process in real-time
Embedded analytics is used in the financial industry to optimize budgeting, financial planning, forecasting, portfolio management, and more. Finance analytics help financial services providers to process and analyze key data such as their customer acquisition cost, loan requests, gross profit, and more. With the insights gained, financial institutions can promote the right services to the right customers, adding more value to their customers and strengthening their business relationships.
6. Healthcare: Provide the right healthcare to patients at the right time
By embedding analytics in the healthcare industry, hospitals, doctors’ groups, and other healthcare groups apply the power of data to every aspect of patient care and their operations management. It is used by healthcare professionals to find opportunities to make more effective and more efficient operational and clinical decisions, predict trends, and even manage the spread of diseases.
For example, predictive analytics in healthcare can identify patients with cardiovascular disease with the highest probability of hospitalization based on age coexisting chronic illnesses, and medication adherence and start early innervations so deeper complications can be avoided.
7. Insurance: Simultaneously increase customer satisfaction and profits
Insurance analytics helps identify profitable customers and manage their entire lifecycle from acquisition to maturity. One of the biggest benefits of data analytics in insurance is that it can easily help prevent fraudulent insurance claims. Insurance analytics allows you to easily calculate how much risk is associated with each insurance application before issuing a policy. Based on applicants’ past behavior, insurance companies can process any claim and detect if given trends in past frauds are repeating and therefore prevent the occurrence of such.
8. IT: Make your IT services and offerings optimal to all users and clients
IT analytics bridges the gap between data, insights and action, so IT companies can get the most out of it, use it to their advantage and stay competitive. With IT analytics, you can identify areas where you can save on budget and resources in the basic operations of your company and make better cost-saving decisions. Data analytics in the IT industry can also predict events such as when to expect the highest website traffic and identify unusual behavior – when it occurs, the system alerts administrators and managers so they can act fast and prevent any security breaches.
9. Manufacturing: Bring efficiency to the manufacturing chaos
From supply chain distribution to raw material shortages, manufacturers must rely on the power of data to be able to meet demands and survive on the market. Manufacturing analytics collects, processes, and analyzes large amounts of data from numerous sources like machines, orders, delivery, and people to estimate shipping timings, production capabilities of the production line, warehouse space availability, and more.
10. Real Estate: Appraise homes easier than ever before
With the power of real estate analytics, real estate firms, asset owners, and managers can get an overall picture of a location’s future opportunities and risks to build confidence in making the best decisions when it comes to real estate whether it is buying, selling, renting, investing, brokering, or planning a real estate. Predictive algorithms and AI models help them base prices on current market trends and years of market data such as current supply, demand, sales volume, property characteristics, and more.
11. Retail: Forecast future sales and calculate efficient inventory policies to optimize stock levels
In the retail industry, data analysis is key to discovering important insights related to sales, inventory, customers, and operations. When you embed analytics in your retail business, you can forecast future sales and calculate efficient inventory policies to optimize stock levels. Analytics can also help you optimize pricing strategies and improve customer service.
With the help of data analytics in retail, retailers can keep track of how empty or full their stocks are and make sure to provide the number of products needed accordingly. Retail marketing also benefits from analytics as it assists marketers to plan future campaigns targeting their audiences more accurately.
12. Supply Chain: Predict future demand accurately
Supply chain analytics help you combine all of your previous orders data with real-time market analysis to create a better and more accurate demand forecast, much more successfully than human supply chain planners can. More accurate demand planning means you can avoid overspending on procurement and keep costs down while still meeting the customer’s demand.
13. Telecommunications: Personalize deals, solve customers’ problems and sell more
Telecommunication companies are sitting on a treasure trove of data. On one side this makes it more challenging for telecom companies to provide the best plans and services to their customers because of the competition. But on the other side, it also makes it easier for them to segment the market and provide the exact personalized deals that different customers want.
Data analytics helps telecom companies understand their customers better by reviewing their usage of different services, service preferences, billing and location data, purchase history, and more. This can help businesses identify what impacts the customer experience and optimize it accordingly. Telecommunication analytics can also identify security threats and anomalies with the use of insights gathered to strengthen network security and prevent cyber-attacks before they can cause any damage.
14. Security: Identify suspicious activities, and detect threats and anomalies in real-time
Security analytics is intertwined with an organization’s IT department and helps them make sense of the vast volumes of data flowing in and out of its networks in order to quickly detect potential security threats. By providing real-time intelligence (AI, machine learning, and big data analytics) and monitoring data from network devices, security analytics insights enable proactive security measures and protect businesses from a potentially costly data breach or cyberattack.
15. Logistics and Delivery: Turn your logistics data into actionable insights to improve your business performance
Allows transportation managers to track the path of an order: order fulfillment, shipping, and delivery tracking, and if there are any issues that require attention and action. Furthermore, transportation and shipping companies use embedded analytics for their business to increase the productivity of their workers so that warehouse managers could keep track of key indicators such as average time or shipping and preparing the order.
16. Marketing: Enhance campaigns and understand customers better
In a world where marketers need to achieve more with less, data analytics provides marketers with smart insights from their marketing data, uncovering valuable information which could otherwise be missed or too time-consuming to obtain. Marketers can optimize ongoing and future campaigns faster and more precisely to maximize the ROI of their marketing activities.
By exploring and analyzing large volumes of different types of information and running algorithms on multiple customer micro-segments, augmented analytics can be used to predict customer behavior and calculate customer lifetime value. It is also a powerful tool for enhancing and tailoring campaigns across different platforms and social media networks.
17. Airlines: Drill down into flights statistics by route, airport performance, and aircraft maintenance needs
Data analytics is transforming the airline industry too. From pre-flight to post-flight operations, including ticket purchase, seat selection, luggage, boarding, ground transportation, and more, airline analytics allows organizations to understand customers’ preferences and improve the customer experience. Airline companies can also use predictive analytics to set ticket prices, as well as to determine aircraft maintenance issues and requirements.
18. Hospitality: Boost your hotel’s revenue, occupancy and profitability
Advances in technologies in the last two decades have driven numerous innovations and disruptions in the travel industry. Hotels have started using analytics to understand the data they gather from guests and turn that data into valuable insights to increase their revenue. For example, hospitality companies have begun to deploy predictive analytics to better anticipate and meet customer needs and preferences and as a result, predict the number of guests for any given night to maximize occupancy.
Analytics in the hospitality industry also helps with revenue management, improving the effectiveness of marketing campaigns, scouting the competition, and much more. Hotels that have already started leveraging the power of data see substantial opportunities for improving the guest experience, driving operational efficiency, and optimizing pricing and commercial decisions to capture a sustained competitive advantage.
19. Weather Forecast: Accuracy matters
Analytics in the weather forecast accumulate data about the current state of atmospheric conditions, particularly with temperature, humidity, land, and wind, and through the atmospheric process helps determine what weather to expect. Weather affects sales and operations across a range of industries and use cases. That way, weather forecast companies can provide reliable forecasts so that businesses can plan their farm activities, for example, or so that people can plan their vacations accordingly.
20. Agriculture: Identify the critical factors from large data sets that can impact your farm productivity
The agricultural data gathered from IoT devices that collect data from connected farm equipment such as drones and smart tractors is growing exponentially. Agriculture leaders and growers that recognize the potential for revealing insights are growing as well. Especially in areas where farming is means of survival and people struggle with environmental and climate factors, agriculture analytics can make a real difference. It helps fight agricultural-based challenges such as food demand and starvation, crop yields, leads to better plant and animal health, and develops thoughtful sustainable practices.
21. SaaS: Maximize the adoption of tools and provide customers with the best ROI
By integrating powerful BI into your SaaS apps, you can streamline workflows, manage resources and optimize performance. Data helps businesses reveal where and how they can improve and optimize their overall processes and performance for maximum profitability. Moreover, data helps identify new product/service opportunities; it can tell you what your users need, so you can develop new offerings and sustain those customers.
22. Government: Intelligently cut costs, optimize performance and deliver reform in the public sector
Government roles must make sense of the large amounts of data they receive daily and try to make sense out of it all in order to make critical decisions that affect millions of people. Embedded government analytics provides a chance for government agencies to save public funds, reduce crimes and security threats, improve emergency responses, and more.
23. Sports: The future of sports lies in the hands of sports analytics
Sports used to be simple – train and work hard, play, and compete to win. Nowadays, however, that is simply not enough. Sports analytics are rising to help sports companies, sports teams, and players alike. Sports companies can use analytics to enhance their marketing strategies to improve their merchandise sales and increase their fan base. Sports teams and coaches are able to evaluate the performance of each athlete through data and assess the recruitment necessary to improve individual/team performance.
Introducing Reveal Embedded Analytics
Reveal is an end-to-end self-service embedded analytics solution that brings the power of data into the hands of your employees, customers, partners, and suppliers. The embedded analytics platform by Reveal enables your teams and customers to drive data insights with embedded intelligence, accelerate time to market, and transform the user experience of your apps. Built with embed in mind first, on today’s most modern architecture, Reveal’s powerful API removes the complexity of embedding analytics into your applications.
Reveal provides interactive data visualizations, true self-service and white label capabilities, advanced analytics, including machine learning and AI, drill-down, collaboration, sharing, and drag-and-drop dashboard creator experience. Users can easily access and create beautiful yet informative data visualizations and dashboards at any time and from any device.
Reveal offers one single and simple and affordable price point that enables you to reach an unlimited number of users per application. Our pricing structure is both affordable and transparent, which means you can predict exactly what you will be paying and therefore calculate ROI better.Embedded Analytics