New research finds companies that embed analytics into a differentiated user experience increase engagement and revenue

Over 60% of product professionals who build products and apps with built-in analytics have seen increased engagement and a 57% increase in revenue

SUNNYVALE, Calif., June 28, 2022–(BUSINESS WIRE)–A new Product Led Alliances report in partnership with ThoughtSpot, the Modern Analytics Cloud Company, reveals that companies that integrate analytics with user expectations and desired experience in mind are achieving new opportunities to improve customer satisfaction and usage, increase ROI, innovate, disrupt, and make meaningful change to their business.

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The most successful companies create software, applications, and services that not only mine data, but also provide insights into that data as part of their offering. As in-app data mining becomes the new normal in the user experience (UX) of B2B and B2C apps, users expect these apps to offer analytics to help them leverage their data to quantify and better understand their world. While the idea of ​​integrating analytics isn’t new, the value of the data they expose to end users continues to grow. Added to this are new analytics paradigms, where any user can explore this data on their own to find meaningful and relevant insights.

Businesses know they have valuable data to mine. Just over half (55%) of product creators who responded to this survey revealed that they already offer embedded analytics in their products, but only 57% of those who do have seen a direct impact on the market. increase in income.

Despite the value of integrating analytics, it’s still expensive and difficult. Nearly half (47%) of respondents cite budget constraints as one of the biggest challenges preventing organizations from building an integrated analytics solution, while 39% are concerned about the slow implementation the market. And then once launched, there is the challenge of maintaining the offer by keeping up with feature requests (39%). Even if companies manage to build these systems, research shows that these projects neither attract nor retain users because the analytics either do not provide meaningful user-relevant information or are too complicated to use.

Companies cannot simply integrate analytics. They need to rethink the kind of user experience these built-in analytics provide. Data shows that more than half (53%) of respondents know that analytical UX is more important than ever. At the same time, they know that has to change. Nearly 80% cited the need for better personalization related to specific business needs, while more than half highlighted the need to allow users to intuitively find their own answers.

However, UX cannot stop within an application or product. Nearly two-thirds of product builders surveyed highlighted the need to connect app insights to other workflows, such as audience segmentation and delivery to other marketing apps, to operationalize transparent manner. However, less than a third actually do so 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 designers prioritize the right stack elements. . 65% of product professionals surveyed ranked analytics as the most critical component of the modern data stack, and nearly three-quarters, 73%, plan to invest heavily in analytics tools.

“In designing Cortex, I wanted to create a revenue intelligence solution to empower business leaders with real-time insights that would enable agile decision-making based on their specific needs. I knew from the start that we had to collect our customer data and integrate into our system as quickly as possible, and we wanted to be able to quickly provide an intuitive and personalized way to interact with this information.To better serve our customers, we needed to partner with a company that was already established in UX analytics,” said Chris Mann, vice president of product strategy, Ledger Bennett. “ThoughtSpot Everywhere was an obvious choice to augment the Cortex technology stack. Instead of wasting time and money creating the components to visualize complex business intelligence data, we quickly set up with a partner already at the forefront of these capabilities. “

“This research clearly shows that the rules for building great products have changed, and the right UX data and analytics are key to building sticky, differentiated apps. Software has eaten the world, and now too, so has data. Companies that aren’t not thinking about ways to make that data available to their end users is going to leave customers and money on the table,” said Sumeet Arora, chief development officer at ThoughtSpot.

Get a free version of the report here.

About ThoughtSpot

ThoughtSpot is the Modern Analytics Cloud company. Our mission is to create a more fact-driven world with the easiest-to-use analytics platform. With ThoughtSpot, anyone can leverage natural language search and AI to find data insights and leverage the most advanced innovations in the cloud data ecosystem. Companies can put the power of their modern data stack in the hands of every employee, extend the value of their data to their partners and customers, and automate entire business processes. ThoughtSpot empowers everyone in an organization to interact with live data without limits, regardless of their cloud data platform, making it easier to gain granular, actionable insights with Live Analytics. Customers can take advantage of ThoughtSpot’s web and mobile applications to improve decision-making for every employee. Through ThoughtSpot’s developer-friendly platform, ThoughtSpot Everywhere, customers can also integrate modern analytics cloud into their products and services, engage users and keep them coming back for more. Organizations such as BT, T-Mobile, Snowflake, HubSpot, Exxon, Daimler, Medtronic, Hulu, Royal Bank of Canada, Nasdaq, OpenTable, Workato and the Nationwide Building Society rely on ThoughtSpot to transform the way their employees and customers benefit from the data. See for yourself and try ThoughtSpot today.

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contacts

Ryan Mattison
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Lance B. Holton