Raleigh, NC, Feb. 13, 2024 (GLOBE NEWSWIRE) -- insightsoftware, the most comprehensive provider of solutions for the Office of the CFO, today released Embedded Analytics Insights for 2024, a research report in partnership with Hanover Research. The data uncovers analytics priorities, trends, and challenges of modern developer teams, highlighting the reasons developers decide to build or buy analytics functionality, as well as the most desired analytics features – customizable dashboards, data preparation tools, and interactivity capabilities.
In an increasingly digitized workplace, the race for application innovation is relentless in today’s fast-paced technology market. The result is increased pressure on developers, with more customers viewing dynamic, intuitive analytics as a make-or-break application capability. “When deciding to build or buy analytic solutions, development teams must carefully determine whether they have the skills and resources to build and maintain advanced analytics that meet rising customer expectations.
The report found organizations spend 30 hours or more per week addressing analytics challenges, including building customer-specific content (33%), mitigating performance issues (25%), and correcting data inconsistencies (25%). This can be incredibly costly, with organizations spending $115,856 per developer yearly. Developers and their organizations must consider the time, money, and other valuable resources saved by investing in tools that enable users to investigate data and customize it to address their specific business needs more efficiently. The report echoes this sentiment, with 80% of respondents who opted to buy a solution saying customizable dashboards influence their investment decisions.
When organizations save on the resources it takes to establish effective embedded analytics functions, they can turn their attention to advanced analytics features like predictive analytics and generative artificial intelligence (GenAI). Five years from now, 84% of developers believe GenAI will be the most important analytics capability. This is not surprising, considering AI has the power to bring detailed analytics to all business users, driving more intelligent decisions that keep organizations ahead of the competition.
Most respondents were happy with their decision to build or buy. But interestingly, ‘security and compliance’ was the number one reason technology teams might choose a different approach the next time.
“In the current climate of AI exploration, it makes sense that both buyers and builders are more focused on security, the most common hesitance for AI adoption,” Jay Allardyce, General Manager, Data and Analytics, insightsoftware “This data highlights security and compliance as a key priority for any organization investing in advanced analytics. Buyers should seek solutions with robust, tested security features and controls. Builders must account for the cost and skills required for comprehensive, ongoing security maintenance and updates.”
“All development teams are feeling the squeeze from leadership to drive more value from their existing technology investments,” said Allardyce. “Our research shines a light on the impact an ineffective analytics strategy can have on an organization’s product roadmap and resources. With a customizable, secure, and compliant embedded data analytics solution, developers can remove many common analytics challenges, freeing them to focus on competitive differentiation to drive business value.”
Download the complete findings of the Embedded Analytics Insights for 2024 report here.
insightsoftware offers a powerful embedded business intelligence and analytics software suite, Logi Symphony. It empowers independent software vendors and application teams to embed analytical capabilities and data visualizations into SaaS applications fused with AI capabilities. Logi Symphony offers the customization organizations would normally only receive when building an embedded analytics offering, combined with rich functionality and low maintenance users expect from a third-party solution. To learn more about Logi Symphony, visit the insightsoftware website and check out a demo here.
Research Methodology
insightsoftware’s Embedded Analytics Insights for 2024 report was developed in coordination with Hanover Research. This independent survey was conducted among 356 developers, IT, and analytics professionals across the United States who participate in the decision-making process for analytics solutions. The survey included a mix of ISVs and other IT teams. The technology decision-makers surveyed were evenly split between buyers and builders of analytics solutions to ensure strong comparison data.
About insightsoftware
insightsoftware is a global provider of comprehensive solutions for the Office of the CFO. We believe an actionable business strategy begins and ends with accessible financial data. With solutions across financial planning and analysis (FP&A), accounting, and operations, we transform how teams operate, empowering leaders to make timely and informed decisions. With data at the heart of everything we do, insightsoftware enables automated processes, delivers trusted insights, boosts predictability, and increases productivity. Learn more at insightsoftware.com.
