The digital revolution has sparked a wave of innovation as companies strive to meet consumers where they spend the most time — on web and mobile devices. To keep up with the demands that digital innovations place upon product markets, businesses are increasingly incorporating analytics into their products. Analytics is vital now because providing end-users with the ability to analyze, slice, and dice data within the context of their application is essential to staying competitive in today’s fast-paced digital world.
To increase user engagement and enhance customer satisfaction, product leaders and developers need to create insightful, user-friendly experiences within their applications. To get there, companies are utilizing business intelligence tools to analyze important data and gain valuable insights to inform their decision-making process.
Both product analytics and embedded analytics fall into this tool category. Let’s look at how embedded analytics differs from product analytics, and why both are useful.
Product Analytics Defined
Product analytics tools help product teams and managers measure the success of their digital products.
Product managers rely on these analytics platforms to track metrics, analyze key performance indicators (KPIs), and visualize the end user’s experience with the product. With this information, they can identify areas for improvement, optimize the user experience, and ultimately drive greater success for the product. In short, product analytics is essential for any team looking to create a successful digital product. It’s a continuous cycle of improvement that ensures their product stays ahead of the competition.
For example, let’s say a product manager is using event tracking to monitor user activity on a particular page. They notice that the “Edit Dashboard” feature is by far the most used feature on the page, while other features are getting much less traction. Armed with this insight, the product manager can develop a plan to improve the other features or retire those that aren’t adding value in the context of the page. By making data-driven decisions like this, product managers can optimize the user experience and ultimately drive greater success for their product.
Embedded Analytics Defined
Embedded analytics is the integration of analytical capabilities and data visualizations into another software application.
By integrating data analytics and visualization capabilities into applications, software developers can empower their users with self-serve analytics and contextual insights. Embedded analytics puts all the data and insights your stakeholders need at their fingertips, seamlessly integrated into the applications they use every day. With this cutting-edge technology, users no longer switch between different platforms or applications to access the information they need.
Like product analytics tools, embedded analytics tools also collect information on the user experience for application teams to drive optimizations. Embedded analytics gives development teams the best of both worlds: flexible self-serve analytics for users and a stream of product-specific insights based on user experience data.
Imagine your client is using a CRM tool to manage their sales pipeline. With embedded analytics, they can quickly and easily access data visualizations that show them how their team is performing, and where they need to focus their efforts. On the developer end, you can observe data around these processes to uncover challenges and optimize the product accordingly.
How Is One Different From the Other?
Let’s address a common point of confusion — embedded analytics and product analytics might both use data to visualize and gain insights, but they’re two completely different tools. While they may seem similar at first glance, they each have their unique strengths and applications.
What data does it provide?
|Product user experience data for developers.||Developers/Product owners can visualize data perhaps not provided with product analytics. (fill product gaps)
End users gain, insights on any data available with your application for which you want to grant access. (Data Democratization) Put the power in the hands of the end user to build dashboards and explore data.
Why do you need it?
|Collect product insights to drive optimizations.||Intuitive analytics that sit naturally within organizational systems. Collect analytics insights to drive optimizations.|
|Product managers gain product insights.||End users/customers gain native analytics within familiar environments. Product managers gain analytics insights.|
What benefits does it provide?
|Clean, comprehensive, user-friendly data about users’ behavior with a product.||Embedded analytics helps (1) grow the user base, (2) differentiate the product from competitors, (3) drive revenue, and (4) increase value delivered to customers/end users.|
What data does it provide?
|Information about everything a customer does on a product, down to the click, scroll, tap, page view, and form fill.||Any data covering any metric your users might want to see. No limits and not pre-prescribed like Product Analytics.|
Embedded analytics is all about seamlessly integrating data analytics and visualization capabilities into existing applications or workflows. This allows users to access insights and information without ever having to leave the application they’re using. Product analytics, on the other hand, focuses on measuring the performance of digital products – collecting data on user behavior, tracking metrics, and analyzing KPIs.
Your customers know it’s critical to choose the right tool for the job. So, if you’re looking to improve the end-user experience of your software product, an embedded analytics solution is the way to go. But if your stakeholders are trying to optimize the performance of a digital product, and understand users’ behavior, product analytics is the best bet.
You shouldn’t let the two categories confuse you — your clients can embrace the differences and use them to their advantage. To better understand how they can do this, let’s explore some examples.
How Logi Symphony Delivers What You Need
You’re the product manager of a company, and you’re looking to create an amazing sales tracking and analysis experience without your sales tools You’re faced with the classic “build vs. buy” decision — do you build a custom solution from scratch or purchase an existing tool?
That’s where an embedding solution like Logi Symphony comes into play for your stakeholder – the product manager. With Logi Symphony, your stakeholders can create an embedded experience that’s tailored to their specific needs, all while enjoying a much shorter time to market. This means they can get their sales tracking and analysis solution up and running in no time, without having to spend months or even years building it.
With Logi Symphony, your customers can also enjoy the features and benefits that come with a fully loaded analytics platform. Users can track sales events, analyze customer behavior, and even predict future sales trends using advanced machine learning algorithms. And they can do it all from within their existing sales tools, so there’s no need to switch between applications or juggle multiple interfaces.
According to an Enterprise Strategy Group report, Logi Symphony delivers:
- 50% lower up-front cost to build analytics capabilities with the Logi portfolio
- Up to 75% faster time to market when using Logi Symphony compared to open-source DIY analytics solutions
- An expected ROI of nearly 973% when working with the Logi Symphony portfolio over a three-year period
Here’s an embedded analytics example of the revenue and return on investment (ROI) customers can expect. Let’s say a commercial SaaS provider brings in $2 million in revenue per year. They anticipate that a new analytics functionality will drive a 10 percent increase in sales. Over three years, that means $600,000 in new revenue. Additionally, the self-service functionality of embedded analytics is expected to free up half of one developer’s time (we’re assuming a $100,000 internal cost per year per developer), thereby improving developer efficiency by $50,000 per year. The total benefit comes to $750 thousand over three years. That is the type of ROI that Logi Symphony delivers with its embedded analytics functionality.
Next Steps to the Embedded Analytics Experience
So, if you’re supporting a product manager looking to take their sales tracking and analysis game to the next level with embedded analytics, Logi Symphony is the perfect tool. It’s a powerful embedding solution that gives users everything they need to build an embedded experience, all with a much shorter time to market.
Browse our Logi Symphony dashboards to see how embedded analytics will benefit your team.