SUNNYVALE, Calif. — February 17, 2022 — ThoughtSpot, the Modern Analytics Cloud company, today announced findings from its Total Economic Impact (TEI) study it commissioned from Forrester Consulting. The study examines the potential return on investment (ROI) and business benefits organizations may realize by introducing ThoughtSpot into their modern data stack. 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 within three years of implementation.
By the Numbers
Thoughts from the Top
“ThoughtSpot’s mission is to make it quick and easy for anyone in an organization to ask questions of their data and receive meaningful insights they can use to power their decisions and drive actions,” said Ajeet Singh, Co-founder and Executive Chairman at ThoughtSpot. “The Forrester study recognizes the business advantage of the Modern Analytics Cloud and demonstrates how ThoughtSpot is used across a variety of industries to change users’ mindsets about data, improve efficiencies for analytic teams, and encourage a culture of proactive decision making based on live data sources.”
“[ThoughtSpot] is helping us not only provide business intelligence, but it’s also helping us look at our internal business processes and change them so that we can better utilize the data to do the input once and correctly,” stated one anonymous retail CIO who participated in the study. “One of the biggest benefits of ThoughtSpot is that each sales rep can quickly access their sales data without having to go through multiple steps and either [need to] contact an office, somebody at the office, or their managers.”
“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,” said the Assistant Vice President of a data analytics and risk management company.
“Through ThoughtSpot, [we] did the analysis and were able to do granular pieces on what products were truly needed and not needed so that we could secure the exact number of containers. Through availability of the data and by having it at our disposal, we were able to save close to $12 million in container costs,” said the Merchandise Analytics Manager at a retail organization. In response to consolidating and sunsetting software, “[My organization] decommissioned [$500,000] worth of licenses and discontinued technologies worth $2 million to $3 million a year.”
ThoughtSpot commissioned Forrester Consulting to conduct a Total Economic Impact (TEI) study which would communicate the value propositions of its products and services to potential customers. Forrester interviewed five decision-makers at organizations using ThoughtSpot to obtain data with respect to costs, benefits, flexibility, and risk factors that affect the investment decision, and compiled feedback and results into a single composite organization.
To read the full report, visit ThoughtSpot.com.
ThoughtSpot is the Modern Analytics Cloud company. Our mission is to create a more fact-driven world with the easiest to use analytics platform. With ThoughtSpot, anyone can leverage natural language search and AI to find data insights and tap into the most cutting edge innovations the cloud data ecosystem has to offer. Companies can put the power of their modern data stack in the hands of every employee, extend the value of their data to partners and customers, and automate entire business processes. Thoughtspot enables everyone within an organization to limitlessly engage with live data regardless of their cloud data platform, making it easy to achieve granular, actionable insights through Live Analytics. Customers can take advantage of ThoughtSpot’s web and mobile applications to improve decision making for every employee. With ThoughtSpot’s developer-friendly platform, ThoughtSpot Everywhere, customers can also bring the Modern Analytics Cloud to their products and services, engaging users and keep them coming back for more. Organizations like Walmart, BT, T-Mobile, Snowflake, HubSpot, Daimler, Medtronic, Hulu, Royal Bank of Canada, Nasdaq, OpenTable, Workato, and Nationwide Building Society rely on ThoughtSpot to transform how their employees and customers take advantage of data. See for yourself and try ThoughtSpot today.
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