It’s been 3 months since we had our coming out party at Gartner. Since then, we’ve released over 100 new product features, signed up a bunch of amazing new customers, and launched our ThoughtSpot Connector for Informatica Cloud. Throughout, we’ve spent a lot of time listening to customers about what they want when it comes to big data, and we’re excited to join the conversation at Strata + Hadoop World in NYC this week.
As everyone at Strata + Hadoop World knows, big data has been a hot topic for a while now, promising to revolutionize our understanding of the world. Yet these results haven’t really materialized. In fact, McKinsey recently stated, “While there is a ton of available data, it’s still hard for most companies to parlay it into useful insights.” (McKinsey Report, Getting Big Impact from Big Data, 2015). Gartner also predicts that “through 2017, 60% of Big Data projects will fail to go beyond piloting and experimentation and will be abandoned.”
Why is this the case? It turns out that analyzing and distilling insights from all of this big data is incredibly hard -- it requires a constantly evolving set of technical skills that are in high demand and limited supply, creating a BI bottleneck. At the end of the day, it’s not about having more data, but about having the right data - big or small - and giving that data to people who can do something meaningful with it.
Here at ThoughtSpot, we think it’s time to shift the conversation from big data to big data access at human scale - where the people making the business decisions are the ones with the data. Take one of our recent customers, a Fortune 50 retailer. Their challenge was helping merchants access sales data at a granular SKU level so that they could plan which products to put on the shelves each day. With ThoughtSpot, the company was able to increase revenue on 80% of its products because ThoughtSpot gave 400 merchants easy access to searching point of sale and inventory data at the individual UPC level.
While we set out to target a range of customers, we’ve been thrilled to see so much interest from many of the world's most successful companies. Another customer, a Fortune 200 telecom provider, had brand managers waiting up to 90 days for results. With 200 campaigns running at a time, and 75m communications per month, they were missing big opportunities. They now use ThoughtSpot to give the brand managers direct access to the 8 billion rows of point of sale, campaign and customer data. This direct access has reduced customer churn by 17%.
We've seen examples from every industry. From a Fortune 200 pharmaceutical company needing to speed up drug discovery by giving scientists the ability to directly analyze drug trial results, to a Fortune 100 manufacturer who gave product line managers access to combined feature requests, scheduling, and quality reports to improve product operations, to a Fortune 500 financial services firm giving lending execs visibility to daily float rates, we’re helping companies bring instant insights to all levels of the business.
It’s time for big data access. This week, we’re joining the data innovators at Strata+Hadoop World big data conference to share how companies are unlocking value from their big data with search-driven analytics. Stop by Booth #201 for some demos (ever wanted to learn how you can search to analyze millions of rows of your IoT data?). We’d love to meet you!