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As a busy product manager or SaaS company owner, you’re constantly wondering what functionality to add to your tool to make it more valuable for your customers. Should you do more integrations, dabble with AI or harness the power of your existing data?
One path that you can take is to use OEM analytics in your SaaS application. With data analytics, you can show your users what is happening under the hood as they are using your product. Ultimately, this can increase your retention, lower your churn and improve your lifetime value.
But let’s get the important question out of the way first.
OEM Analytics (or Original Equipment Manufacturer Analytics) are business intelligence products that come with SaaS products. Also known as embedded analytics, these analytics tools use a variety of APIs, data sources and data integrations to show users data on how they are using your product.
The core value of OEM analytics is that it takes raw data and through connectors and integrations, visualizes that data for the end-user.
There are many different use cases for OEM analytics, from financial software all the way to healthcare. Regardless of the industry, it can be used for better decision-making and predictive analytics.
SaaS vendors typically use OEM analytics to provide their customers with real-time data about their app use. For example, if you have a tool for electronic signatures, you can use an OEM analytics dashboard to tell your customers how many documents they have sent out, how many of them were signed, and when.
It is a self-service tool in most cases, which means that customers can access the dashboard and learn from the information or make recommended changes based on that information. Some OEM analytics tools can even provide suggestions based on the provided data. In this example, a tool that registers many unsigned contracts can suggest you to send follow-up emails to those accounts.
Using analytics software undoubtedly has benefits for many business applications. But is it right for you? Here are some pros of using OEM analytics for a SaaS app.
With OEM analytics, you give your customers information about the way that they are using your app. For example, if you have a managed email marketing tool, your OEM dashboard can show the user how many emails they sent, what the open and click-through rates are and much more.
This provides a better user experience and helps users realize the value of your product through advanced analytics sooner.
As your end-users can see what kind of an impact your app has (thanks to embedded dashboards), they are more likely to stay with you as customers in the long run. They reach their “aha” moment in the customer activation period sooner too.
With better customer retention and decreased churn comes the obvious benefit of more revenue and a higher customer lifetime value. As users can understand the value that they are getting from the product, they are less likely to leave for a competitor or stop using a product like yours altogether.
While the OEM analytics field is growing, there are still many SaaS providers that do not offer dashboards and data visualization to their customers. In a competitive market, you can offer analytics products to establish your SaaS as the data-driven choice for professionals.
Most good OEM analytics software comes with white labeling as a feature, so your customers won’t even notice that you’re using a third-party tool in your workflow.
All the points leading up until this one translate into more revenue for your business. If you use existing applications for OEM analytics (such as Luzmo) instead of building dashboards yourself, there is even more revenue at the end of the road for you. As you don’t have to pay for entire developer teams to build your OEM analytics setup, the return on investment is even better.
There are very few downsides to using OEM analytics or embedded analytics. However, you should be aware that it’s not for absolutely everyone.
There are two ways to get started with OEM analytics. You can build business intelligence dashboards on your own, using your own team of developers. This can be extremely expensive as it can take weeks and months for them to build a usable dashboard.
Even worse is the fact that while your developers are working on OEM analytics dashboards, you are taking away their time from working on something else. For example, other key features or integrations.
On the other hand, you can grab an embedded analytics platform such as Luzmo as an off-the-shelf solution. It costs a fraction of hiring just one developer and you can embed it in your app in as little as a few hours.
Whether you have an in-house team building an OEM analytics dashboard or you’re purchasing a complete tool, getting started can be difficult. You need to connect the OEM analytics solution with your own data, set up proper authorization (viewing and editing rights), and choosing the right visualization formats.
However, you can get over this fairly quickly with the right dashboard tool. With Luzmo, you can get started and set up within a few hours. We have a variety of templates that will let you skip the tedious parts and get to work immediately.
You don’t have to deal with the massive development costs of building your own OEM analytics setup. Instead, get an off-the-shelf embedded analytics dashboard tool and start providing value to your customers immediately.
Sign up for your free trial of Luzmo and create your first dashboard in as little as a few hours!
Experience the power of Luzmo. Talk to our product experts for a guided demo or get your hands dirty with a free 10-day trial.
