Tell us if this analytics scenario sounds familiar: your organization employs an analyst team that uses old technology, desktop data visualization tools, or homegrown reporting systems to manually build out static dashboards and multiple weekly or monthly reports. As a result, the data analysts have to manually generate and update business reports regularly, and teams cannot keep up. In turn, the rest of the organization is unable to make timely business decisions.
Our guess is you know this story all too well, but do you know what it costs your organization? Or another way, do you know what you would gain if you could provide immediate, self-service access to data and allow business people to create their own insights at the point of impact?
Calculating the total economic impact of ThoughtSpot
Earlier this year, we turned to Forrester Consulting to conduct a Total Economic Impact (TEI) study and examine the potential return on investment (ROI) enterprises realize by deploying Live Analytics from ThoughtSpot.
Based on Forrester’s in-depth interviews with ThoughtSpot customers and Forrester’s own financial analysis methodology, the study found organizations using ThoughtSpot realize an average ROI of 289% and $6.35M in business benefits. The Forrester team found quantified benefits in areas such as operational efficiency, costs of goods and services, the productivity of the analytics team, hardware and software consolidation and customer loyalty, to name just a few. Also they found several important unquantified benefits.
How much does analyst productivity save your company?
The organizations interviewed by Forrester stated that they decreased the number of reports required from BI teams, and this freed up analysts to concentrate on other business initiatives.
For example, a merchandise analytics manager in the retail industry said their organization’s BI team previously created and governed 150 different reports. By implementing ThoughtSpot, it reduced the number of reports by nearly 70%. A business intelligence analyst at a retail firm said it previously could take between several hours and several days to complete the month-end report. With ThoughtSpot, they dramatically reduced this time to a matter of minutes, which allowed BI analysts to work on other business initiatives. Finally, the assistant vice president in the data analytics and risk assessment industry said ThoughtSpot reduced their organization’s ad hoc reporting by 50%.
“The analysts’ time has been diverted into actual data analytics instead of just querying the database. The number of pin boards analysts have been able to produce with ThoughtSpot is quite a bit higher than what we’re able to produce with other applications.”
Based on feedback from decision-makers interviewed for the report, Forrester synthesized results into a single composite organization and found the following benefits:
ThoughtSpot saves businesses more than 20,000 hours annually, which is equivalent to 10 FTEs.
ThoughtSpot increased the productivity of the analytics team through a nearly 70% reduction in report creation.
Further, the number of reports produced by business intelligence teams decreased significantly.
This translates into savings of more than $2 million.
More to gain with Live Analytics
Download the full report today to see how your organization can become faster, smarter, and more productive with Live Analytics from ThoughtSpot.