As a technologist or product owner in a burgeoning software company, your primary concern is bringing your solution to market efficiently, which means quickly and cost-effectively. Often, this means reporting and analytics are an afterthought.
Once your product build is underway, you can shift your focus to adding advanced analytics—or maybe you encounter requests for additional reporting features from your clients. This may lead you to consider new requirements your customers might have and assess whether you have the necessary resources to deliver. If not, you’re faced with another question: do you attempt to build a team and invest in the technology to deliver these upgrades yourself? Or do you partner with a specialist who can elevate your analytics capabilities, freeing you to concentrate on growth and product development?
In this article, we’ll discuss the value of incorporating advanced data insights into your software and how to find the right partner for analytics development.
The value of outsourcing analytics development
Outsourcing analytics development can deliver significant financial benefits. Integrating an advanced analytics platform from a third-party expert into your product creates the opportunity to offer your clients a more comprehensive solution. This enhanced offering allows you to upcharge clients, generating more revenue. Reinvesting this additional income into other areas of your business, including product development, marketing, or customer support, can further drive the growth of your business.
Keeping costs down is also important for successful software deployment, and opting to outsource analytics to a reliable specialist can contribute to this goal. By choosing the right partner, you can gain access to high-quality reporting and analytics functions without the need to invest in building front-end and data interfaces, which can incur substantial costs in terms of both time and resources. Developing analytics in-house not only requires a significant initial investment but also entails ongoing maintenance and upgrade costs—this investment could be better utilized by enhancing the core product.
Another significant benefit to outsourcing analytics is the velocity it adds to your product development. In an increasingly competitive landscape, time to market and pace of development are crucial factors that can determine the success or failure of a product. Outsourcing allows your team to focus on building new features and refining the unique aspects of your product—the secret sauce that distinguishes your software in the market. This, in turn, can lead to increased customer satisfaction, market share, and ultimately, revenue growth.
3 questions to ask when evaluating an analytics partner
If you’ve decided outsourcing analytics is right for you, here’s what you need to ask to find the best partner:
1. What type of integration does the vendor offer?
When evaluating analytics experts, it’s essential to understand the type of integration they offer. This could be in the form of an add-on, a plug-in, or a white-labeled product. Each of these has its own implications for the look, feel, and functionality of your product.
- Add-ons are usually easy to install and offer pre-built functionality that can be utilized right away. They are added to the host application to provide an additional feature without altering the host.
- Plug-ins are generally more comprehensive and customizable than add-ons. They offer extended functionality and the front-end can be tailored to fit the specific needs of your product.
- A white-labelproduct is a ready-to-use solution that is branded as your own. This option provides a seamless user experience as the analytics platform is fully integrated into your product. It offers the most comprehensive functionality but may also be the most costly option.
2. How configurable is the OEM Solution? Does it offer branding and a seamless customer experience?
Configurability is another important factor to consider when choosing an analytics partner. You need to ensure that the OEM (Original Equipment Manufacturer) provides options for customization in terms of branding, including colors, fonts, logos, and other visual elements. This will allow you to achieve a seamless brand identity across your product, strengthening your company’s image and improving the user experience.
Additionally, consider the seamless integration aspects of the analytics platform. Features such as Single Sign-On (SSO) and session management are critical to providing a smooth user experience. Single Sign-On allows users to access multiple applications or services using just one set of login credentials, thereby enhancing user convenience and security. Effective session management is also crucial to ensure that user interactions within your application are consistent and secure. If these elements are not integrated seamlessly, it may lead to a disjointed user experience, which can negatively impact customer satisfaction.
3. Does the vendor have experience with clients in your industry?
Each industry has its unique needs, challenges, and compliance considerations when it comes to analytics. A specialist with industry-specific experience will be better equipped to understand your requirements and offer tailored solutions. They will also be aware of common issues or challenges faced by businesses in your industry and ready with strategies to overcome them. Ask the vendor to share case studies, success stories, or references from similar clients they have worked with.
Case study: Learn how Inspirus powered their platform with ZeroedIn
The Inspirus Engagement Platform is a multi-faceted software solution that allows employees to recognize peers and managers to reward employee efforts. However, the platform was lacking in data transparency—clients wanted visibility into the data that drives the platform and a better connection between the rewards and business outcomes, such as employee engagement, retention, productivity, and shareholder value.
Enter: ZeroedIn People Analytics. A seamless integration empowers Inspirus clients to measure their workforce success through robust, real-time reporting and advanced analytics in a platform that is designed to look, feel, and operate like a native Inspirus tool.
Learn more about our work with Inspirus.
The bottom line
The decision to build or buy analytics tools is a crucial one. Outsourcing to a reliable partner offers a host of benefits, including access to advanced analytics, significant cost and time savings, and the ability to focus on enhancing your core product. However, choosing the right outsourced analytics partner also requires careful consideration. By making an informed choice, you can ensure that your reporting and analytics solution is robust, effective, and aligned with your unique business needs.
Connect with ZeroedIn today to learn more about how our people analytics can add value to your software.
