In today’s world, the volume of data available to businesses is staggering. According to a survey from Gartner, 47% of employees struggle to find the information or data needed to effectively perform their jobs.
In other words, the majority of businesses struggle with the ability to extract meaningful insights that contribute to making informed decisions. Just having the data is no longer enough. Organizations need the ability to quickly analyze their data to recognize patterns and communicate these insights effectively. This is where the power of AI comes into play, and ThoughtSpot is enabling businesses to harness its full potential.
What is ThoughtSpot?
ThoughtSpot is an AI-powered analytics platform that helps businesses understand and better use their data. It’s a platform built on the idea that anyone can use it to analyze data, regardless of the individual’s technical skills.
With a search-driven approach coupled with advanced AI capabilities, ThoughtSpot enables the user to make data exploration fast and intuitive. Whether you are an analyst deep diving into the details of the data or a manager simply looking to get a high-level overview, ThoughtSpot enables you to ask questions in plain language and get instant answers in return.
In this article, I’ll explore the 5 key features that make ThoughtSpot a must-have tool to give you a competitive edge.
#1: The AI analyst in your pocket: SpotIQ
SpotIQ is a feature that automatically analyzes data to uncover patterns or trends that would otherwise be missed or hidden in a traditional dashboard.
Think of the time and effort that would be required to sift through data to discover these patterns or trends. Now imagine having a tool that can identify patterns quickly (e.g., a sudden drop in sales in a specific region, etc.), allowing you to take action immediately.
Think of SpotIQ as your AI analyst doing the heavy lifting and saving your team time, so they can focus on making data-driven decisions.
#2: Ask questions, get answers: Search-driven analytics
ThoughtSpot’s search bar allows the user to ask questions in plain language, removing the need for complex queries or coding.
For example, as a business user, you would like to know what your top 10 performing products are in the current quarter. All you would need to do is type “show me top 10 products by revenue” in the search bar and let ThoughtSpot do the rest, delivering instant results in an easy-to-understand format.
#3: Predicting the future: AI-powered forecasting
ThoughSpot uses AI to generate accurate forecasting based on historical data. This helps the business anticipate trends, make plans for the future, and make proactive decisions. By not only reacting to the past but also having the ability to anticipate the future, the business is better equipped to make data-driven decisions that will keep them ahead of the curve.
By analyzing historical trends, ThoughSpot can predict outcomes such as customer churn. This foresight gives your business a competitive edge. Being able to identify at-risk customers before they churn really puts the business ahead of the curve, allowing you to quickly take action by reaching out to those customers to address any concerns.
#4: Interactive data storytelling: Liveboards
ThoughtSpot Liveboards are dynamic, interactive dashboards that allow the user to explore data visually, in an intuitive format that makes it easy to communicate insights effectively to stakeholders.
Think of Liveboards as a canvas that brings your data to life. Liveboards allow you to interact with the data through various visualizations (i.e., charts, graphs, KPIs, etc.). They can be customized to cater to a specific need or audience, and present data in a clear and actionable way.
A great use for a Liveboard could be to track KPIs in real-time. By doing so, it allows the user to monitor progress and make adjustments in the business as needed.
#5: AI insights where you need them with embedded analytics
ThoughtSpot can be embedded directly into existing workflows and applications, giving the user AI-powered analytics in the tools that are already in use.
The great thing about this feature is you get the data insights where you need them most. For example, empowering a sales team with real-time customer insights within their CRM, or giving the marketing team access to performance data within their marketing automation tool. Embedding ThoughtSpot in this way streamlines data access and maximizes its value for users.
Snowflake and ThoughtSpot
In addition to its features, ThoughtSpot’s integration with Snowflake’s cloud data platform creates a partnership that takes data analytics to a new level. By combining ThoughtSpot’s AI-powered analytics with Snowflake’s scalable and secure data cloud, organizations improve on performance and insights.
This integration allows organizations to connect ThoughtSpot directly to their Snowflake data warehouse, removing the need for complex data movement and ETL processes. By utilizing Snowflake’s robust cloud infrastructure, you gain data security, scalability, and constant availability of your data.
Taking Snowflake’s data-sharing capabilities and combining them with ThoughtSpot’s intuitive search interface enhances data exploration from various sources. This partnership also reduces cost by optimizing Snowflake compute resources and avoiding any unnecessary data duplication that may occur otherwise.
Establishing this partnership between ThoughtSpot and Snowflake, you can unlock the true potential of your data and uncover hidden insights, make faster decisions, and improve collaboration by placing the focus on generating value from data instead of managing infrastructure.
ThoughtSpot is changing the way businesses view and interact with data. And with AI-powered analytics integrated into the platform, it gives anyone the ability to become a data-driven decision-maker.
Need help with ThoughtSpot?
As a ThoughtSpot consulting partner, Atrium has a dedicated team to help you make the most of your data and AI investment. From building data worksheets and models that support ThoughtSpot’s natural language search to uncovering use cases for embedded analytics in your workflows, we can help you scale AI-powered analytics across your organization.
