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A report from Product-Led Alliances (PLA), in partnership with ThoughtSpot, reveals that companies that are embedding analytics with user expectations and desired experience in mind are realizing new opportunities to improve customer satisfaction and usage, increase ROI, innovate, disrupt and drive meaningful change in their business. Just over half (55%) of product builders who responded to this survey revealed they already offer embedded analytics in their products, yet only 57% of those who are doing this have seen a direct impact on increased revenue.
Despite the value of embedding analytics, it remains costly and difficult. Nearly half (47%) of respondents cite budget constraints as one of the biggest challenges stopping organizations from building an embedded analytics solution, while 39% are concerned with slow time to market. And then once it’s launched, there’s the challenge of maintaining the offering by keeping up with feature requests (39%).
The data also shows more than half (53%) of respondents know analytics UX is more important than ever. At the same token, they know it needs to change. Nearly 80% cited the need for better customization tied to specific business needs, while more than half noted the need to empower users to intuitively find their own answers.
The UX can’t stop within an application or product though. Nearly two thirds of product builders surveyed called out the need to connect insights from applications into other workflows, such as segmenting audiences and pushing those into other marketing apps, to seamlessly operationalize intelligence. However, less than a third are actually doing this today.
Today’s modern data stack holds the answer to unlocking the potential of data and analytics in building stickier products and applications, if product builders prioritize the right pieces of the stack. Sixty-five percent of surveyed product professionals ranked analytics as the most critical component of the modern data stack, and nearly three quarters of them (73%) plan to heavily invest in analytics tools.
Read the full report by Product Led Alliances.