Embedded Analytics: The new revenue generator for financial consulting firms

Axelle Dervaux is the Marketing Director at ClicData, an end-to-end Data Analytics and Data Visualization platform. She has been in digital marketing her whole career and has a strong knowledge of B2B SaaS technology. Her job is to make sure every accountant and financial firm benefits from a cutting edge, powerful and easy-to-use Data Platform.

OVER the years, we have seen a massive transformation in the financial consulting industry. Not long ago, only the more significant players would hire external accountants and financial consultants, and the organizations would have internal number-crunching teams to translate those reports to laymen's terms. 

However, things evolved with the start-up culture and the ease of connectivity with accountants and financial consultants. 

Businesses today are much more mature and they will flip every coin in order to reduce costs and get things done in a quick fashion. For instance, they don’t want the finance manager to go through tens of reports in order to extract relevant financial data. Instead, they would want the firm to present custom reports to underlying managers.

As an accountant or financial consultant, you cannot just prepare separate reports for each manager since it can be time-consuming. Luckily, there is a solution and that’s where Embedded Analytics comes into play! 

What is embedded analytics?

Embedded Analytics is the integration of reports, dashboards, visuals, and other powerful business intelligence (BI) features into an application or web portal. Basically, it’s an advanced way to deliver metrics to your customers.

For instance, if your accounting firm has a client portal, you can embed in-built dashboards from Embedded Analytics platforms like ClicData into your portal without the clients knowing the dashboard is from another application. This reduces your development costs and offers best-in-class dashboard to your clients alongside improving their efficiency.

Projected to reach $62.1 billion by 2028, the global Embedded Analytics market was valued at $28.89 billion in 2021. This is a CAGR of 11.4% and it’s about time you shift to the digital reporting domain in order to improve efficiency and gain an edge over your competitors. This will ultimately help retain your clients and accelerate your business growth. 

How embedded analytics are a useful tool for accountants and financial consultants

In today’s highly competitive business domain — where businesses are primarily looking to reduce costs and save time, they expect you to present data in a simple and understandable manner. 

That means, if you deliver tens of reports that are heavily loaded with financial stats, departmental managers will have to go through each and every section in order to skim and extract relevant data. Using Embedded Analytics solves this problem by generating real-time relevant stats for your client. For example, if the finance manager of your client is looking to get information on the cash flow cycle, they won’t have to manually collect data and stats. Instead, it empowers you to automate data refreshes in order to deliver the most up-to-date data to your clients that they can view and distribute across various dashboards. In the same way, other managers can view data, ratios, and any other performance metrics by simply hovering over the specific item without the need to toggle to another page or application. 

Moreover, some clients may not want you to disclose certain data to non-departmental managers. To avoid preparing separate reports for each manager or department, you can simply restrict access to certain managers and the manager will only see the data that the organization wants to feed them. 

Integration of these rich features will not only make your job easier but improve your client retention ratio. 

How embedded analytics can boost your revenue 

While you may have the resources and expertise to handle multiple clients, things can get challenging as your firm grows. Specifically, when you are working with a lot of varying clients, integration of automated stats and feeds can play a vital role in efficiently managing the engagements. Embedded Analytics can enable you to:

• 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 clients’ data. This also ensures your clients stay compliant with GDPR, CCPA, and HIPAA standards.  

ClicData embedded financial analytics

ClicData is an end-to-end Data Analytics platform that empowers accountants and financial consultants to easily deliver up-to-date reports with accurate data regardless of the data source (ERP, invoicing system, marketing, sales, HR, and staffing). Financial firms and Consultants love ClicData for its white-label option which means they can offer a full Business Intelligence platform to their clients at a lower cost. 

With ClicData, you can connect any data, anywhere with over 250 applications and databases within the dashboard, and smart connectors and APIs for optimized data extraction. Moreover, ClicData comes with smart tools for data management, visualization, and sharing. 

Our cloud feature allows everyone in the client and your firm to stay on the same page throughout the engagement and access reports and data from any location with an internet connection by using their laptop, tablet, or even smartphone. 

We offer a 15-day trial period. Sign up and start your FREE trial today to unleash the power of business intelligence with ClicData!

Axelle Dervaux is the Marketing Director at ClicData, an end-to-end Data Analytics and Data Visualization platform. She has been in digital marketing her whole career and has a strong knowledge of B2B SaaS technology. Her job is to make sure every accountant and financial firm benefits from a cutting edge, powerful and easy-to-use Data Platform.