Let’s face some inevitable facts. Search engines have revolutionized our daily lives by providing us the information we need on the fly. We have all heard of search engines such as Google, Opera, Bing, Netflix, Amazon, Spotify, etc. The question that poses now is, how to use the same methods in our business decision-making?
ThoughtSpot has a perfect solution, the next-generation analytics platform that is simple, smart, and enterprise-class.
Non-technical business people can use an easy search-driven experience to analyze all their company data in seconds and get smart, AI-driven automated insights in a single click with SpotIQ.
Through a simple search, you can build your own charts and dashboards in seconds – no experts or advanced training needed, even for the most complex queries. This is why ThoughtSpot is listed as visionary in Gartner Magic Quadrant for Analytics and Business Intelligence (BI) in 2018.
ThoughtSpot, according to Bloor, an independent research and analyst house is considered to be a truly disruptive innovation that will change how you perceive BI.
In essence, what ThoughtSpot has done is to create an AI-driven analytics engine, which is exposed via a simple Search query.
At the heart is a high performance database, which is extremely scalable (currently the largest database is millions of rows and a couple of tens of terabytes so non trivial) in which all of the data is indexed, the AI search engine is looking for trends, anomalies, leading indicators and segments in the data, and is learning the whole time from the sorts of queries that are asked.
It learns to not only answer commonly asked questions but from a combination of learning what is asked for and the patterns in the data itself will identify things that should be asked.
Kim Harrison in the article for Fact & Dimensions (ThoughtSpot’s blog) gives an example from a background screening company SterlingBackcheck that was struggling to deliver data to business users fast enough. Sales Reps and Product Managers needed the ability to perform quick, root cause analysis of customer requests and product usage data. They had to wait days for a small team of BI analysts to run reports in Tableau, and once in-hand still had no ability to drill down into the data. Meanwhile, the analysts were completely overwhelmed with all the report requests and the never-ending BI backlog.
SterlingBackcheck started with this single use case—delivering faster ad-hoc analytics to the sales and product teams. Today, managers are getting the answers they need instantly and BI report requests are down by 60%. Managers have the visibility they need, and analysts can focus on other more strategic and sophisticated analyses.
Showing the tangible value of your BI solution is a key step in building a solid business case. In the example given above, SterlingBackcheck could definitively show the ROI of ThoughtSpot as an analytics solution. The BI team saw a 60% reduction in report requests, which translates to lower demand for valuable resources. And the managers, who needed better visibility into critical data, are now resolving customer questions in minutes, instead of waiting days or weeks.
These results are metrics that the business can’t ignore. All of them can be tied to underlying budgets that ultimately contribute to overall revenue.
ThoughtSpot’s price is not limited by the number of users which makes data access process easier. The magnitude of the impact it could have on a larger scale of business level, work processes and better decision-making processes are yet to be seen for the new customers. ThoughtSpot customers vary from retail, telecommunication, financial services and other. They have grown their businesses alongside making the concept “Start small, think big” work.
Conclusion: “Start small, think big”.
Every middle to a large company should strive to improve their BI processes in terms of time, value (accuracy) and transparency with the data that they operate on a daily basis. One of the key factors that certainly have an impact on speeding up smart decision-making process is attaining the data you need instantly. Architecture from ThoughtSpot makes data analysis easy for anyone in your company to use it. Especially the crucial data within the individual department, every single employee can transform any data into value, do the analysis and data discovery without technical expertise.
Think of ThoughtSpot as helping you to become an analyst on your own. It helps you to deliver dashboards and charts instantly and make daily decisions based on data science results (which turn data into facts) successfully.
All of that is enabled by a single click as simple as it is Google search.