In today’s crowded market, the measure of success for embedded analytics is no longer limited to analyzing data to improve internal operational efficiencies. Now, in order for organizations to extract the maximum benefit from their data, they should look to monetize it.
So says Nucleus research in their recently released GoodData Guidebook, which explores how different companies use GoodData’s analytics platform and services to monetize their data assets and extract latent value from their data. In fact, Nucleus found that embedding GoodData’s analytics into their offerings was a significant differentiator that played a critical role in closing 80 percent of partner sales.
For their report Nucleus interviewed multiple companies that had sought out vendors for advanced embedded analytics solutions. This report identifies the key reasons these companies chose GoodData, including:
Nucleus found that a major requirement for the new generation of analytics tools is the ability to embed insights at the point of work. Previously, analytics were treated as separate, standalone systems. This created adoption problems, as business users who aren’t primarily responsible for data analysis will be reluctant to add those tasks to their workload. The solution, according to Nucleus, is to embed this functionality into other core enterprise applications. By doing so, analytics vendors can offer in-context insights to users, who can easily incorporate that analysis into their daily workflows to make more informed choices and take smarter actions every day.
Cloud-based options were a top priority for users and partners when evaluating analytics offerings. Previous research from Nucleus found that cloud-based solutions can offer 2.3X ROI compared to on-premise solutions. This is because cloud offerings reduce hardware and software costs, lower consulting costs, and are faster to implement and easier to upgrade.
In their report, Nucleus found that companies who partnered with GoodData were able to generate net-new revenue opportunities with externally facing data applications. Offering these data products played a critical role in closing 80 percent of sales while shortening the sales cycle, boosting retention, and creating an average of 25 percent increase in upsell after the close.
On the other side of the coin, GoodData’s platform allowed these same companies to dramatically reduce costs on data management, analysis, and distribution as well as other areas.
The analytics market continues to expand at a prodigious rate. But according to Nucleus, the focus on data monetization and a customer-first mentality set GoodData apart.
“Nucleus expects that the culmination of GoodData’s ability to monetize data assets for its partners, along with its ongoing commitment to customers, will allow the company to experience long-term growth and stand out in the field.”
For more insights on the benefits of cloud-based analytics solutions, you can download the full report from Nucleus Research here.
Partners reported that they were able to use the GoodData platform and services to monetize their data assets, which created a new source of revenue and allowed them to extract the latent value of their data.Download Guide