3 Paths to Quickly Stand Up Embedded Analytics for Software Vendors
To make sense of the changing world of work, businesses of all sizes need analytics. There are typically three paths software vendors can take based on their goals--read about them here.
To make sense of the changing world of work, businesses of all sizes need analytics. There are typically three paths businesses and software vendors can take based on their goals and the needs of their customers:
Enriching data and processes with APIs
Building people analytics in-house
Partnering with a provider to fast-track analytics solutions
These three paths to analytics take aim at the myriad difficulties and challenges inherent to providing analytics so you can spend more time on core competencies and focus on revenue generation from advanced analytics. With high-quality data ready to plug and play, an HR-focused developer platform, and prebuilt analytics applications, these paths help you get to market quickly with a functional, elegant product that your customers will want, and find indispensable. Let’s explore the three paths in detail.
1. Data Enrichment: Enhance data and processes with APIs
High-quality data allows customers to make better decisions, predict the future, and get the most from their workforce. But without sufficient—and sufficiently reliable—data, connections are missed, and customers aren’t much better off than they were before analytics. For example, salary benchmarking uses pay data from anonymized sources to determine whether employees are being paid fairly and competitively. However, without the right amount of reliable data, salary benchmark ranges will be too wide or inaccurate to be useful.
People data is nuanced and ever-changing, which makes gathering and organizing it in sufficient volume difficult and time-consuming. And data that is available for purchase is often self-reported or stale.
Visier’s Data Enrichment works by providing high-quality data from over 19 million employee records to help your team build, enrich, and extend. And our Skills Intelligence Engine provides an advanced job and skills ontology that standardizes, extracts, and matches job names and skills with 3,300 standardized occupations and over 14,000 standardized skills. Available as APIs that can plug into your solution and supplement your customers’ data, Data Enrichment offers in-demand topics like skills, salary benchmarks, HR benchmarks, and predictions.
With high-quality data in these areas, your product can answer the questions your customers are already asking. How do I compare to peer organizations? Am I paying competitively? What skills do my employees have and need? This allows you to expand your customer base by appealing to new buyers, offering your core services more broadly, and diversifying your revenue streams.
2. Developer Suite: Assist with building people analytics yourself
Building your own analytics application in-house gives you full creativity, autonomy, and control over the final product. But it also comes with its own challenges and restrictions. Building a data model, cleaning and organizing data, setting up an appropriate security framework, and making everything adaptable and scalable is a heavy lift—and one that can cost you more time and resources than you can easily spare.
There’s an easier way that gives you flexibility and control without leaving you alone to manage the cost overruns and extended timelines that are common with build-it-yourself projects. Visier’s Developer Suite gives you an HR-specific data model and developer platform for data warehousing, processing, and analytics. The subscription model means that your costs are predictable, and with all the fundamentals already in place, you can focus on your core competency and differentiate your product.
Developer Suite takes you to the next level by combining the freedom to build with Visier’s tested data model, metrics, security, and privacy. You’ll have access to the same platform that all Visier applications are built on, so you can accelerate your time to market. You can also add Data Enrichment APIs to supplement your data with in-demand areas of exploration, like salary benchmarks and skills.
3. Embedded Analytics Applications: Partnering with a provider to fast-track analytics solutions
Analytics applications help customers make the most of their data and surface key insights that transform decision-making. But building them is a long road, and not everyone has the time and resources required to build their own. And though customers now expect user-friendly analytics, building them can distract vendors from their core capabilities.
Embedded Analytics Applications are not just BI toolkits; they’re pre-built, fully configurable applications for business users and analysts alike. And they can allow you to bring your product to market in months, not years. With Embedded Analytics Applications, you get the full platform, connected ecosystem, and data and benchmarks all backed by Visier’s continuous improvement, go-to-market enablement, and onboarding support.
You can transform your business overnight with proven analytics technology and a partnership that helps you imagine, develop, and iterate.