Want Post-Pandemic Business Success? Embedded Analytics is the New Normal

With COVID-19, it has become clear that ideas and assumptions that worked in the past will no longer apply now and in the future. The region is expected to face its deepest economic slowdown since the 1970s due to COVID-19. Businesses might be wondering what to do next.

The good news is that the Asia Pacific is still filled with opportunities. With 2.21 billion internet users and 57 percent of organizations seeing digital transformation as a priority, businesses have access to a wealth of data, enabling them to make the right decisions to move forward in the new normal. In e-commerce, popular shopping apps, such as Shopee and Lazada, saw an increase of more than 60 percent in weekly downloads in Thailand alone during the first weeks of lockdown due to COVID-19. Indonesia, Vietnam, and Singapore also experienced over 10 percent increase in traffic on apps, such as Shopee, Lazada, Tokopedia and ShopBack, among others.

The region's digital landscape is a hotbed for innovation and growth. Data will continue to be the lifeblood for all organizations. It can be used to transform operations, scale for growth, and serve customers at speed.

Embedded Analytics: Faster Actionable Insights

The pandemic has changed the playing field for markets across the region. Consumers are moving online and re-prioritizing the products and services that are important to them. Businesses must be ready to adapt to succeed. They have to redefine the speed, accuracy, and location in which data is tracked. With a faster data-driven process, businesses can analyze and utilize data meaningfully to stay ahead of the curve.

Embedded analytics solutions can enable businesses to take quicker action by putting analytics right into applications at the user level. This includes mobile apps used by customers and business services, such as accounting and inventory management. By making analytics accessible to key stakeholders, from customers to employees, embedded analytics simplifies the process of generating insights, and shortens the time needed to run data analysis and deliver actionable recommendations.

Users can reap the benefits of self-service analytics quickly when data analytics is embedded in their day-to-day workflows. Companies gain the ability to investigate and question their data on-the-go, to save time, work smarter, and perform essential tasks more efficiently.

With embedded analytics, businesses stand to accelerate their responses based on user feedback and insights to better anticipate and react to the market at all times. They are empowered to become readier to meet the ever-changing market landscape flexibly.

Day in the Life of a Data-Driven Retailer

Let's see how embedded analytics plays out in your local retailer.

One of the key things that is on his or her mind is new changes in supply and demand for goods. With embedded analytics, the good news is that the business will have near real-time insights into what customers are buying. Instead of hiring a team of data scientists to analyze trends on the products customers buy, the retailer can build embedded analytics into inventory management software used by store managers themselves. The solution can support innovations like smart shelves that let store managers directly know which items are in demand. They can then make data-driven decisions on the items to stock up and which are the ones to de-prioritize. If there is one thing that annoys customers, it’s going to a store and finding out that the product they want is out of stock. By reacting better, faster, and with more accuracy, your local retailer can adapt to changing demands on the fly, continue to add value to customers and earn their loyalty.

Embedded analytics can also help businesses optimize operations and boost businesses as and when needed. With social distancing now more important than ever, online orders and home deliveries are part of the new normal. The retailer can also embed analytics into its fleet management software to better anticipate and predict delivery times. Staff can access data directly, gain insights into important details like the drivers' capacity, chart optimal delivery routes, and respond to customers' personalized requests.

By being more responsive to customer needs and innovating services based on market changes, the retailer can go beyond purely selling products to influencing customer lifestyles based on their current needs. The business can build interactions with customers that are more meaningful than simply transactional. In the face of rapid change, embedded analytics can position businesses to forecast future demands better and meet customer needs effectively.

The New Normal for Data Analytics

Businesses can win tomorrow's battles today with fresh new insights and ideas from embedded analytics. Embedded analytics helps to capture critical and unexpected moments of insight seamlessly, without overwhelming the analytics process itself. It also reduces “data wastage” as relevant data isn’t hidden and instead can be used at the point of decision. Everyone can use data to find growth opportunities and create surprising ways of delighting customers. Give your business the ability to make decisions ahead of the market, especially in the new normal, today.

In a post-COVID world, "businesses can win tomorrow's battles today w/ fresh insights & ideas from embedded #analytics," notes Geoff Thomas

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