The age of data has changed the way businesses make decisions. With the sheer amount of data available and the speed of data creation, organizations must be able to analyze and interpret information quickly to stay competitive.
The biggest strategic business threat to moving too slowly is the risk of being overtaken by competitors. When companies fail to innovate, they fail to stay ahead of the competition, and their rivals can swoop in and capture their market share. Additionally, slow movement can lead to a lack of agility and responsiveness, making it difficult for a company to respond quickly to external market changes. Finally, slow decision-making processes can result in missed opportunities to take advantage of new developments or technologies.
Traditional reporting systems are rigid, complex, and very slow! Often businesses cannot get the data they need when they need it. And when they can retrieve the data, it is usually historical. So, they are making decisions about the past, not the world's current state.
Relying on old or incomplete data is like driving a car with a multi-second delay in your vision. Perhaps the curve ahead of you has passed you by, and you have run off the road. Or a deer has run into the street, and you have hit it before being able to turn to avoid it. Without timely & accurate data (your vision) and data availability (your gauges), driving a car has negative consequences, and the same is true of your business.
Solving this problem is where ThoughtSpot excels. ThoughtSpot is a self-service business intelligence platform that allows you to unlock the full potential of your data. By eliminating the need for manual report building and reducing the dependency on IT, ThoughtSpot empowers business users to access and analyze the data they need to make informed decisions.
The low-code natural language platform makes it easy for anyone to create reports and dashboards, regardless of technical expertise, quickly. This saves time and allows for a more democratized approach to decision-making, where everyone in the organization can easily share and act upon insights. If you know English, you know how to build your own data solutions. The graphic below gives you an overview of how the tool works.
Whether you want to gain a deeper understanding of your customer base, monitor key performance indicators, or stay ahead of the competition, ThoughtSpot has you covered. With its ability to surface insights quickly and easily, ThoughtSpot is rapidly becoming the go-to platform for many executives.
Before you can harness the power of ThoughtSpot, you need a Modern Cloud Data Platform. Contact us below to learn more about ThoughtSpot and with help getting your MCDP established.
Our Blaze IP allows us to get your data platform up and operating in weeks.
If you don't know where to start with what questions to ask or what KPIs are significant, we can help there too.
The type of questions you can ask depends on the data you have, and the list of potential queries is almost infinite. But here are some examples to get started:
o Average website visitors by day?
o What are my sales per visitor ratio?
o How many new subscribers?
o New subscribers by product area?
o What is my lead conversion rate?
o Average deal size?
o Show me sales by region, rep, territory, product line, etc.?
o Show me the lowest-performing rep by region.
o Show me the number of clients/customers by region, territory, product line, etc.?
o The average cost of sale?
o How many sales were abandoned?
o How many social media shares?
o Average customer rate
o Walk out rate
o Total COGS by …
o Cost of inventory
o Revenue by BU, product, region, etc.
o Costs by BU, product, region, etc.
o Margin by BU, product, region, etc.
o ROI on product R&D
o Market share increase by R&D project
o Number of new product or service ideas
o The total cost of supplier defects
o Stock on hand
o Total theft value
o Delivered on time
o Number of stockouts
o Net Promoter Score by….
o Average wait time by…
o Public customer ratings
o Total calls handled
o Equipment investment by…
o Yield by…
o Cost of poor quality by…
o Unit costs by …
o Average time to retrieve
o Storage revenue
o Customer Goods Stored
o Number of lost items
o Delivered on time