3 Ways to Monetize Your Application Data with Embedded Analytics

Data is one of the most valuable commodities an organization has. Every company stores and manages a substantial amount of information. But how do you gain revenue from it? Here, we discuss three ways you can monetize data with an embedded analytics investment.

1. AI Revolution: From Data Insights to Business Growth

Since ChatGPT was launched in November 2022, AI has become a fact of life for global businesses. ChatGPT is a form of generative AI, the type of artificial intelligence that uses pre-existing data to create a variety of new content from text to images and even code.

According to insightsoftware and Hanover Research’s recent Embedded Analytics Report, the overwhelming majority of development teams (84%) found generative AI to be the most important trend of the next five years. AI can aid with customer retention by streamlining processes, generating personalized recommendations, and creating a more intuitive and efficient user experience. By leveraging these technologies, your organization can build a stronger relationship with your customer base, increase user satisfaction, and be better poised to retain customers.

But generative AI isn’t the only way to leverage artificial intelligence capabilities. Traditional AI combs through countless rows of data to derive patterns from it, which can be crucial in delivering insights that drive forward-thinking decision-making. And its usage is commonplace–according to Microsoft and LinkedIn’s 2024 Work Trend Index Annual Report, 75% of workers across the globe use AI in some capacity.

But how can you take AI and make it lucrative for your business? Imagine your application becoming a crystal ball for your users' data. By investing in an embedded analytics solution that features AI-powered predictive analytics, you can integrate advanced analytics directly into your customers’ platforms, enhancing the application's value proposition to end-users and creating additional revenue streams through analytics-driven features and premium analytics functionalities.

Driving value for your customers isn’t the only way to benefit from AI. By embedding AI into your application, you gain a deep understanding of the needs and wants of your customer base from the backend. Understanding user information and trends is key to fostering growth and profitability for your business, putting you on strong footing to monetize the data you already have.

2. Beyond Development: Monetizing Data with PaaS Solutions

Imagine freeing up your development team’s time while providing a valuable service your end users trust. With a platform-as-a-service (PaaS) model, this is possible.

PaaS is a type of cloud computing service that enables customers to run one or more applications on a platform typically run by a third-party provider. This allows them to offer services to their end users without the complexity of building or maintaining the platform.

You can monetize data by offering embedded analytics features in a PaaS model. For example, Informatica, a software leader focused on data innovation, offered analytics capabilities from Logi Symphony as an additional paid service for its in-house reporting tool.

Instead of building a custom solution from scratch, Informatica leveraged Logi Symphony's APIs to integrate reporting directly into their existing environment.

By using Logi Symphony to sell customers a self-service reporting package, Informatica not only accelerated user adoption, but also drove additional value to its business. With a single investment, Informatica was able to re-sell Logi Symphony’s capabilities to customers, considerably multiplying the business’s revenue streams.

3. Less Maintenance, More Proactive Value

According to our 2024 Embedded Analytics Report, organizations spend 30 hours or more per week addressing building customer-specific content, performance issues, and data inconsistencies. Time is money, and if your team is spending it on maintenance, they could be missing out on more proactive initiatives that increase your business’s cash flow.

With an investment in an embedded analytics solution, you can streamline operations and reduce the need for extensive development resources. This cuts costs and speeds up product go-to-market. In this way, an embedded analytics solution can enable your business to monetize faster and more efficiently over time.

When looking to generate greater ROI from your application, Logi Symphony by insightsoftware offers analytics features you can monetize to foster business growth and profitability. Logi Symphony provides advanced predictive analytics and AI, as well as features your organization can sell as a PaaS solution to drive revenue. With Logi Symphony, you can:

• Accelerate product launch cycles by simplifying the integration of data visualizations and dashboards into your application, allowing you to go to market faster.

• Remove app deployment barriers with its low-code/no-code approach, freeing up your development team to focus less on maintenance and more on proactive, revenue-driving tasks.

• Scale your business effortlessly thanks to Logi Symphony's ability to handle increased data volumes and user traffic without requiring complex infrastructure changes, allowing your business to grow and become more profitable without outgrowing your tools.

• Achieve Worry-Free Server Maintenance with automated updates and maintenance for both our software and the server itself, ensuring your systems are always up-to-date and running smoothly without slowing down the pace of business.

Ready to learn more? Read our brochure on how to leverage AI for actionable insights.