To Build or Buy Embedded Analytics – Is There Really a Right Answer?
When it comes to embedded analytics, the age-old debate remains: should businesses build their own solutions or buy from established providers? We attempt to help you make the right choice in our post.
The Rise of ChatGPT-like UX in Software
In today’s competitive software landscape, companies are increasingly seeking to create a ChatGPT-like user experience (UX) within their products. Whether it’s Hubspot’s ChatSpot or independent efforts, there’s a growing trend toward conversational AI interfaces that enhance user engagement and deliver a seamless, personalized experience. But when it comes to embedded analytics, the age-old debate remains: should businesses build their own solutions or buy from established providers?
Why Embedded Analytics Can Help You Differentiate from the Competition
Embedded analytics is a powerful tool that can set your software product apart from the competition. By integrating data-driven insights directly into your application, you empower users to make informed decisions and optimize their workflows. Features like natural language processing (NLP) and AI-driven predictions can provide a conversational UX, further enhancing user satisfaction and loyalty. Users not only have a significantly easier interface to work with – but data analysis almost becomes “playful”. In short, embedded analytics can be the differentiating factor that elevates your software to new heights.
Things to Consider Before You Decide to “Build”
The decision to build or buy embedded analytics depends on various factors, including your business goals, resources, and technical expertise. Building a solution from scratch can offer greater customization and control, but it comes with its own set of challenges.
Developing an embedded analytics solution in-house requires a significant investment of time and effort from your development team, potentially diverting resources from your core product features. Moreover, if this is not the core competence of your software development team, it becomes significantly more time-consuming.
Building an analytics solution demands a high level of expertise in data analysis, AI, and NLP technologies. This may necessitate hiring new talent or upskilling your existing team. Creating a custom solution also means dealing with potential bugs and ongoing maintenance, which can further strain your development resources. As your user base grows, your in-house analytics solution must be able to scale to meet increasing demands, which may pose additional challenges, frequent maintenance and more.
The Advantages of “Buying” Embedded Analytics
On the other hand, buying an embedded analytics solution from a trusted provider offers several significant advantages. One of the most apparent benefits is faster deployment. By purchasing an off-the-shelf solution, you can quickly implement embedded analytics into your software, enabling you and your users to start reaping the benefits sooner than if you were to build the solution in-house.
Another advantage is the proven technology that comes with established analytics providers. These companies have already ironed out the kinks in their solutions, ensuring a more stable and reliable product for your software. For example, white-labeled embedded analytics solutions like our Embedded Search seamlessly integrates into existing applications, providing a powerful analytics tool without the development headaches.
In addition, buying an analytics solution can be more cost-effective than building one from scratch, as you avoid the expenses associated with development, maintenance, and scaling. This means you can allocate your resources more efficiently, focusing on other critical aspects of your business.
Moreover, when you buy from a reputable provider, you gain access to their expertise and support, ensuring that any issues or questions are addressed promptly. This ongoing support is invaluable in maintaining a high-quality user experience and ensuring the long-term success of your analytics integration.
Lastly, by opting for a pre-built solution, your development team can concentrate on enhancing your software’s core features, driving growth and long-term success. This allows you to maintain a competitive edge in the market, as your team can focus on innovation and improving your product rather than getting bogged down in the complexities of building an embedded analytics solution from scratch.
The Way Forward
Ultimately, the decision to build or buy embedded analytics depends on your unique business needs and circumstances. While building a custom solution can offer greater control and customization, the challenges associated with development, maintenance, and scalability should not be underestimated. On the other hand, buying an analytics solution can save time, effort, and costs while allowing your team to focus on your core product.
In conclusion, while there are certainly benefits to building an in-house analytics solution, the advantages of buying one from a trusted provider often outweigh the challenges associated with developing a custom solution.
Want to check our embedded search solution out? Give us a shout and we’d love to discuss your unique needs with you.
