New Forrester Impact Study Projects 289% ROI for Businesses Utilizing the Modern Analytics Cloud from ThoughtSpotFebruary 17, 2022
ThoughtSpot 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
- Increases analytics team productivity through a nearly 70% reduction in report creation. Analysts’ time was previously spent building static dashboards for business reports with outdated technology, desktop data visualization tools, and homegrown reporting systems, barring them from working on other priority initiatives. With ThoughtSpot, any business user can create and edit their own reports, freeing up valuable time and resources.
- Consolidation of hardware and software saves organizations more than $500,000 per year. Companies typically spend hundreds of thousands of dollars on on-premise or on-demand servers to store data, as well as a range of digital tools to analyze the data and extract insights. ThoughtSpot allows organizations to consolidate or sunset hardware and software, saving on repeat subscriptions and licensing fees.
- Business users became 95% faster at making changes themselves per report. Instead of having an organization’s business intelligence team become inundated with change requests every time a report needs to be updated, ThoughtSpot grants business users a direct line to the data so that they can effectively make changes themselves and pull whatever insights they need immediately.
- Improved profits through increased customer loyalty. Organizations’ business users did not have an easy way to access the latest data or an intuitive system to generate their own insights. With ThoughtSpot, business users are able to conduct higher quality analytics and extract relevant and actionable insights. These data-driven decisions translated to an improved customer experience which in turn led to greater customer loyalty.
- Operational efficiencies decreased the cost of goods sold. ThoughtSpot’s ability to democratize access to data and insights within an organization can lead to the discovery of business inefficiencies and opportunities to improve internal processes. Based on the composite organization modeled in the study, having the ability to make faster, more informed business decisions contributes to cost savings of $2.2M over three years.
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.”
To read the full report, visit ThoughtSpot.com.