Six months after obtaining SOC 2 Type II approval, the modern analytics cloud company ThoughtSpot ushered in its 100th customer’s fully managed SaaS solution, including enterprise-level companies such as T-Mobile and Verizon, as well as digital companies such as Kahoot and Cloud Academy. Native companies. With global companies prioritizing cloud-based analytics, giving their users flexible access to data, making it easy to search, and gathering insights from anywhere, this milestone has been achieved.
With the launch of the SaaS platform, ThoughtSpot’s business model changed last year. Companies can deploy a complete ThoughtSpot platform, use specific functions such as search as a service, or use the ThoughtSpot Everywhere development platform to develop interactive data applications. With this, customers, partners, and employees can provide professional analysis for the entire data stack through a truly user-friendly experience.
Cloud solutions account for half of revenue
Cloud products now account for half of ThoughtSpot’s annual recurring revenue. Last year, the revenue growth of cloud solutions was not less than 250%. Last year, 85% of new customers purchased cloud products, and 25% of their orders were worth more than one ton. In order to meet this growing demand, the company plans to expand the team by 25%.
“The pandemic has changed everything in the business. For ThoughtSpot, the impact is huge. Our customers have never wanted our platform so much before, but they also need a new and simpler way to make their entire organization You can use it. In 6 years, ThoughtSpot CEO Sudheesh Nair said: “We spent several months conceiving, developing and selling the first SaaS platform for modern analytics cloud. Only six months after launching the platform, the response from customers has been very enthusiastic. “I am honored to be an integral part of our customer’s journey to the cloud. We handle this trust carefully. We are committed to continuing to innovate for our customers and helping them expand their success based on data.”
Innovation patent
The growth is achieved after several innovations on the ThoughtSpot platform, which has also received patents from the United States Patent and Trademark Office, such as token-based dynamic data indexing, answer systems supporting natural language search, phrase indexing for phrase search, low latency Used to gain insights into SpotIQ’s predictive database analysis, query generation based on a logical data model, and seamless switching between queries in different languages.
New partnership
In addition, it has reached or expanded partnerships with cloud platforms such as Snowflake, Databricks, Google BigQuery, Microsoft Azure Synapse, and Amazon Redshift. ServiceNow also provides joint solutions and has developed industry-specific solutions with channel partners.
ThoughtSpot has had a successful year, and its product innovation and work culture have been recognized. The company has won Forbes Cloud 100 and Fast Company’s Best Innovator Workplace Awards. Gartner also awarded ThoughtSpot analysis and business intelligence platform Peer Insight customer choice award.
Before using ThoughtSpot, we did not have an easy way to make good use of the data in the central cloud database,” Vivek Malhotra, Sr. Unilever Customer Development and Analysis Manager. “Now, our finance team can do what we need Scale and speed Easily get rich insights on sales, revenue growth, and other metrics. “
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