SaaS Analytics Trends

    Solutions Review’s Expert Insights series is a collection of articles written by industry experts in the enterprise software categories. In this feature, Infragistics Product Manager Casey McGuigan offers an expert explanation of SaaS analytics trends that are hot right now.

    Software as a service (SaaS) has many benefits for users, including lower costs, easy scalability and integration, and reduced time to benefit. However, it’s important to understand that many SaaS companies face major challenges, including maximizing the adoption of their tools, streamlining workflows, managing resources, optimizing performance, and scaling. ‘provides customers with the best return on investment.

    Companies are addressing these challenges by integrating powerful Business Intelligence (BI) capabilities into SaaS applications. Business intelligence improves the value proposition of the existing product and creates a better analytics experience for users and employees, without straining engineering resources. SaaS analytics enable organizations to visually analyze data, gain actionable insights, and make smarter decisions that optimize and improve user processes and products/services for maximum profitability.

    And as the SaaS software segment continues to grow, so do customer expectations. It is therefore important to keep up with the times and keep abreast of the latest trends in the field of SaaS analytics.

    The Importance of SaaS Analytics

    Data analysis is the key to informed decision making as it brings all the information about the data to the decision makers and enables them to spot trends and patterns in the data. And for this reason, it is becoming a core part of SaaS platforms due to its ability to help organizations use business intelligence to make data-driven decisions and stay ahead of the competition. . According to Chromatix, digital analytics is one of the four most effective ways to improve conversion rates. (Source: Chromatix). Companies that don’t rely on analytics to better understand their customers’ needs and instead rely on intuition can quickly lose their competitive advantage.

    Besides the benefits for their customers, SaaS analytics also help SaaS companies easily track sales, operations, and marketing data to understand customer behavior throughout their journey and reveal where and how improvements can be made. brought. Integrating data analytics helps SaaS companies reduce churn, increase customer engagement, and ultimately increase revenue.

    Top SaaS Analytics Trends Right Now

    Centralized analysis of actionable data

    One of the biggest and most important trends in SaaS analytics is focused on the science of business intelligence โ€“ basing all of your business decisions and processes on data. Additionally, centralizing analytics allows users to analyze data from a single point of truth, allowing them to uncover hidden insights. This information completely changes the way users make business decisions, regardless of their team or role. Modern analytics solutions such as performance dashboards that display the most vital business information, for example, are accessible to every team member at all times.

    Artificial intelligence is a must

    Artificial Intelligence (AI), the science of building intelligent machines to perform tasks that typically require human intelligence, is trending everywhere and is also relevant for SaaS. In the SaaS industry, AI is becoming a standard feature that helps companies do more with less. When properly implemented, AI enables automation, service personalization, enhanced security, increased human capacity, and faster decision-making process for all SaaS businesses.

    Combined with machine learning algorithms, AI is revolutionizing the way data users interact with data analysis and management by providing AI-powered data cleansing, self-service data preparation, intelligent enterprise data catalogs, data fabric capabilities, and more.

    These innovations will continue to grow and progress as developers collect more data from users and customers, and the technology is expected to become even more accountable and scalable.

    The Rise of Low-Code SaaS Platforms

    Low-code development platforms have been on everyone’s radar for the past few years, and the SaaS industry is no exception. According to the Reveal survey of top software challenges for 2022, citizen developers using low-code tools can help meet the demand for building fully functional SaaS applications faster and with fewer resources.

    Low-code platforms are development frameworks that place layers of expensive, error-prone application development (including but not limited to SaaS platforms for SaaS vendors) in near-complete state, allowing developers to focus on application logic and user experience. They don’t completely eliminate the need for developers or engineers, but having less code to write to form the basis of your SaaS platform or solution means your technical experts can spend more time on innovations which, in the end, will result in real competitiveness. edge.

    The Reveal survey also showed that 54% of software developers and IT professionals plan to save money in the future by incorporating low-code tools to automate and eliminate many development/IT/development tasks and processes. analyst.

    A mobile-first approach

    Today, everyone uses a smartphone for both work and communication. More often than not, mobile BI for SaaS is an afterthought, but as the world moves into a mobile-first era, creating a SaaS experience for mobile devices should be a top priority. Access to real-time trading information enables data users and decision makers to see trading opportunities earlier, react quickly to changing market conditions, and increase upsell and cross-sell opportunities.

    White Label SaaS Analytics White Label Analytics is the ability to integrate reports, dashboards, data visualizations, and other analytics features to perfectly match UI elements (colors, fonts, themes, etc.) of your own SaaS application. White label SaaS analytics will continue to grow in importance in the years to come.

    Companies, especially startups, appreciate white label products because they allow organizations to gain market share quickly and with less logistical and financial costs.

    We are in the midst of an exciting transformation in the way businesses and customers use and interact with SaaS products and services as the SaaS industry continues to grow and adopt a wide range of modern technologies such as AI and low-code development tools.

    Casey McGuigan
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