Embedded Analytics is the new hot for accountants across the globe and a lot of accounting firms are yet to unravel the perks that come from using embedded analytics in their financial engagements. The Embedded Analytics industry is growing at a significant pace of 11.4% compound annual growth rate (CAGR) and is expected to reach a gigantic $102.24 Billion by 2027.
What basically is Embedded Analytics? How Embedded Analytics can be helpful for accountants? In this article, we explain how Embedded Analytics can be a useful tool for you as an accountant and a financial consultant.
What is Embedded Analytics?
Embedded Analytics basically enables you to present data in a way that is self-explanatory. Typically, when you deliver a report to a client, you must explain what each of the figures represents and calculate ratios that help understand the report. However, the use of embedded analytics takes this approach to the next level. Here’s how:
As an accountant or financial consultant, you cannot just prepare separate reports for each manager since it can be time-consuming. Embedded Analytics solves this problem and enables you to make your data self-explanatory.
Specifically, when a manager reads a report, they simply need to hover over a specific item to see information and stats related to it. Therefore, it improves the efficiency of departmental managers and makes things easier for accountants and financial consultants as well.
How Embedded Analytics Helps Accountants & Financial Consultants?
Typically, accountants and financial consultants deliver spreadsheets to their clients that include data and stats. While it has worked perfectly in the past, clients today expect a more customized and digital reporting format. Embedded Analytics replaces the spreadsheets and gives you a dynamic dashboard that you can customize as per the client’s specific needs.
With Embedded Analytics, not everyone from the client needs to read the full report in order to extract their departmental data and figures. Instead, everyone is presented with the same report but when they hover over a specific item or figure, they can see the full details regarding the figure without having to have to open another tab or application. This gives your client more control and improves organizational efficiency.
Moreover, it also makes your job easier since you no longer need to prepare separate reports for each manager and a single report can serve the needs of the client.
Additionally, if a client wants to restrict some managers from viewing certain data, you can also do that with embedded analytics platforms and secure data with a password within the report.
In a nutshell, here are some of the perks of using embedded analytics:
- Improve customer experience & onboarding by offering self-service data analytics and business intelligence to your customers.
- Deliver more attractive, dynamic, and detailed reports with the ability to integrate with any system. You can also add these as packages and charge extra for more detailed reports.
- Shifting to Embedded Analytics means more privacy and security for your client’s data. This also ensures your clients stay compliant with GDPR, CCPA, and HIPAA standards.
Can Embedded Analytics Boost Your Revenue?
Embedded Analytics has rich features that are missing in conventional spreadsheets and other means of reporting. Most embedded analytics platforms offer 200-1000 applications and tools within the dashboard that you and your clients can use in order to make the data more meaningful.
This can improve your client retention ratio and ultimately increase the revenue and profitability of your firm.
