ThoughtSpot achieves 40% SaaS growth, as customers around the world realize unprecedented value from AI-Powered Analytics at scale

MOUNTAIN VIEW, Calif., Aug. 07, 2024 (GLOBE NEWSWIRE) -- ThoughtSpot, the AI-Powered Analytics company, announced another strong year after closing fiscal year 2024, marked by impressive SaaS growth, a series of transformative AI-powered product launches, significant industry recognitions, and key appointments to its executive team. The company continues to build on its momentum, solidifying its position as a leader in the AI-powered analytics space.

Impressive SaaS Growth and Market Expansion

ThoughtSpot exceeded 40% year-over-year SaaS growth, reflecting strong demand for its core analytics solution, ThoughtSpot Analytics, and its embedded solution, ThoughtSpot Embedded, with committed Cloud customers growing across global enterprise accounts like JP Morgan Chase, Rolex, and Electronic Arts, as well as digital natives such as Canopy, Hubsync, and RedCloud Technology.

Across product lines, ThoughtSpot more than doubled monthly active users in the last year, through net new customers and expanded use cases at existing customers, and nearly tripled the total volume of queries customers are asking of their business data, a key indicator of ease of search in natural language via ThoughtSpot Sage.

This growth underscores the company’s successful expansion and its increasing appeal among organizations from startup to Global 2000 seeking self-service, AI-Powered analytics solutions they can trust in the hands of their data teams and their business users.

ThoughtSpot Product Innovation Powers Market Leadership

Throughout FY24, ThoughtSpot launched several groundbreaking product features, driving significant advancements in AI-powered analytics including:

Expanded AI-Powered Analytics offerings including a relational AI system that is purpose-built for analytics to provide the most flexible interface yet the most accurate and trustworthy results for all users. Additional AI-Powered offerings include embedded natural language search via ThoughtSpot Sage Embed, AskDocs and AI Assist in Mode.
Enhanced SpotIQ functionality with improved algorithms, user experience design, KPI monitoring and forecasting capabilities that automatically delivers personalized insights in seconds.
Deepening integrations with Google Cloud, including active testing of GenAI features leveraging Google Gemini that help companies unlock greater value from their investments in the Google Cloud ecosystem.
New features, pricing and collaboration tools for developers and product builders available for ThoughtSpot Embedded including a Developer Edition pricing, a Vercel Marketplace listing, support channels, and new courses and certifications.
The introduction of ThoughtSpot Analytics Copilot in private preview. ThoughtSpot Copilot is a chat-like, conversational analytics experience that enables anyone to ask questions about their data. Built on an industry-leading natural language and relational search engine, ThoughtSpot Analytics Copilot brings conversational BI to your data both in and out of your analytics platform.

These innovations reflect ThoughtSpot’s commitment to continuously innovating and bringing production-grade technology to its customers to help them transform their organizations. As customers and partners around the globe seek to spark their organization’s Data Renaissance and realize true value from their GenAI investments, ThoughtSpot stands as a trusted innovation partner with a finger on the pulse of market demand, empowering its customers to become first-movers in their respective fields and drive real value:

“We needed a BI solution that was no longer just going to confine data to the data team. Everyone needs access to data and needs to be able to drive their decisions with data,” said Jean Mandarin, Senior Manager of Data Insights at Matillion. Since introducing ThoughtSpot, Matillion has eliminated 80% of report requests by empowering everyone in the organization to self-serve data insights.
“Against the current macro-level backdrop, healthcare organizations have tremendous pressure to drive healthy margins and protect revenues. We embedded ThoughtSpot Embedded into MDaudit to allow customers to strategically answer questions, and they are now driving tangible outcomes from it,” said Ritesh Ramesh, CEO, MDAudit. Since implementing ThoughtSpot Embedded, MDAudit has increased user growth by more than 40% and accelerated time to market. An analytics vision taken to reality, this has translated to double digit growth for MDaudit.
Since introducing ThoughtSpot, Cox2M, the commercial IoT business line within Cox Communications, has reduced time to actionable insights by 76% and has experienced $70,000 in savings on annual cost to serve.
A leading healthcare provider system has improved net revenue realization by 8.6% estimated to result in $10+ million in net revenues as ThoughtSpot is rolled out across the system clinics.
A US nationwide pharmacy retailer has improved demand forecast accuracy, inventory management, and cross-country shipping efficiencies realizing millions in cost savings while ensuring delivery of life saving medicines to patients.
A top three global telecommunications company has dramatically improved customer retention, team productivity, and actionable insights using ThoughtSpot and reduced subscriber churn for a division by 28%.

Key Achievements and Industry Recognition

Over the last year, ThoughtSpot continued to see strong momentum in landing new logos and expanding offerings with customers. Milestones include:

Customers spanning more than a quarter of the Fortune 100, including five of the top ten healthcare companies, six of the top ten technology companies, three of the top five telecommunications companies, and three of the top ten banks.
Gartner Inc. positioned ThoughtSpot in the Leaders quadrant in the 2024 Gartner® Magic Quadrant™ for Analytics and BI Platforms, which was evaluated based on Completeness of Vision and Ability to Execute.
A broadened ecosystem, with new or expanding partnerships and integrations with Google Cloud and Gemini, Snowflake, Snowpark, Amazon Web Services, Alation, Atlan, Collibra, Looker, Fivetran, and others.
Strengthened the global leadership team through strategic additions: James Smith was appointed as VP of EMEA, Ahmed Quadri was appointed as Chief Customer Officer, and Anthony Lee-Masis as Chief Information Security Officer. Kelley Jarrett also joined the team as SVP of Strategy, Operations, and Enablement.
Additional industry recognition includes placements on the inaugural CRN AI 100 list, CRN Big Data 100 list, Cloud Awards for Best in Mobile Cloud Solution, and Inc. Power Partner of the year.

Thoughts from the Top

“This past year, we have continued to make progress on our mission of making the world more fact-driven by delivering trusted AI innovation and customer excellence. There’s been a mindshift among business and data leaders, as organizations look to go beyond GenAI experimentation and want to see tangible, concrete results and ROI from their GenAI investments. We’re proud to support customers spanning the Fortune 500 like JP Morgan Chase, Verizon, and Elevance Health, to digital natives like Motive, Huel, and Act-On, in delivering value in their GenAI business strategies, via AI-Powered Analytics that is production-grade,” said Ajeet Singh, Co-Founder and Executive Chairman of ThoughtSpot. “In doing so, these organizations are unshackling themselves from legacy BI and the dead dashboards of the last decade, and empowering their teams to bring data-driven ideas to life.”

Try ThoughtSpot for yourself today: https://www.thoughtspot.com/

About ThoughtSpot
ThoughtSpot is the AI-Powered Analytics 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 powered by large language models to ask and answer data questions with confidence. ThoughtSpot enables everyone within an organization to limitlessly engage with live data in any popular cloud data platform, making it easy to create and interact with granular, hyper-personalized, and actionable insights. Customers can take advantage of both ThoughtSpot’s web and mobile applications to improve decision-making for every employee, wherever and whenever decisions are made. With ThoughtSpot’s low-code developer-friendly platform, ThoughtSpot Embedded, customers can also embed AI-Powered Analytics to their products and services, monetizing their data and engaging users to keep them coming back for more. Organizations like T-Mobile, BT, Snowflake, Daimler, CVS, OpenTable, Capital One, Huel, and Verisk Analytics rely on ThoughtSpot to transform how their employees and customers take advantage of data. Try ThoughtSpot today and see for yourself.

PR Contact:

Lindsay Noonan
Director of Communications, ThoughtSpot
press@thoughtspot.com

This item of content is a press release from a third party provider who make no warranties or representations in connection with this content and therefore PA can make no warranties in respect of its use.

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