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At its Beyond 2022 conference yesterday, independent business intelligence (BI) player ThoughtSpot announced the key features of its improved modern analytics cloud platform, with new capabilities and new versions available for small teams, medium-sized organizations and large enterprise organizations.
Thoughtspot’s Series F fundraising round, in November, raised કંપની 100M and $ 4.2 billion for the company. The valuation reset is also accompanied by a change in the business model. When the platform premiered in the market with a monolithic, on-premises natural language-focused business intelligence platform and a six-digit price tag, Thotspot switched gears completely to the SaaS model.
Technology has changed along with the deployment model. While the original Thotspot platform was required to inject and model all data into its own storage platform, it now takes advantage of larger data warehouses and Lakehouse platforms – including Amazon Redshift, Snowflake, Databrix, Google BigQuery, StarburstNews, Starburst, MN Included. Analysis – For actual collection of data.
Essentially, ThoughtSpot is now implemented as an analytics engine, with its own modeling language, and it no longer seeks to be a physical repository for data. This avoids prolonged data movement and inefficient, risky data duplication by adopting a customer-driven approach instead of a vendor-centric approach.
New versions on its analytics platform
Yesterday’s announcement comes with further changes to the pricing model, which makes ThoughtSpot’s analytics platform available in three versions, differing in data volume / capacity limits, but without imposing any restrictions on the number of users. Team Edition is available for 5 95 / month with a data volume limit of 5 million rows. While there is no limit to the number of users, there is a limit to one Group Users, Team Edition creates a sectional solution with proper naming. Team Edition offers unlimited questions, and support is community based.
The Pro Edition starts at $ 2500 / month, with a limit of 100 million rows – an increase of about 20x in both cost and data capacity – although rows: the dollar-to-dollar ratio is actually a bit lower. For Pro, the number of user groups increases from one to five, making it more suitable for small and medium-sized organizations or as a departmental solution for large ones. 24/7 direct support by ThoughtSpot is part of the package, which includes certain service-level agreements (SLAs). The actual monthly billing amount for Pro will vary by query activity; However, startups, nonprofits and educational institutions with less than 100 people and less than $ 10 million in annual revenue are eligible for a special type of pro that eliminates per-query fees.
The top-of-the-line solution is Enterprise Edition, which removes limitations on data volume and number of user groups. Here, too, prices are based on real questions, and capabilities include high-grade SLA, enhanced data encryption, support for AWS PrivateLink / Azure PrivateLink, Single Sign On (SSO) and VPN support.
Thotspot offers a lot of features
In addition to the new versions and pricing, ThoughtSpot has announced several new flagship capabilities. These include open-source thoughtspot blocks and new “codespot” repositories of code samples; ELT Live Analytics templates (custom ELT jobs designed to work with Matillion); New third-party data blocks; Integration with dbt Labs’ SQL-based data pipeline platform and samples for new SpotApps, ServiceNow, Snowflake, HubSpot, Okta, Google Analytics, Google Ads, Jira, Redshift and Databricks.
Comparisons and contrasts
For my own purposes, I like to analyze new offers compared to others in the market, both to determine value, but also to observe industry trends. The availability of three pricing levels for ThoughtSpot’s platform, as well as its cloud orientation, makes some comparisons with Microsoft’s Power BI. The latter also offers three main tiers: Free, Pro and Premium, starting at the last $ 4995 / month and targeting the same enterprise as Thotspot’s Enterprise Edition.
However, there are major differences. While the Power BI Premium does not limit the number of users to use only, it does have additional costs per seat for users who need authoring capabilities. On the other hand, it offers dedicated infrastructure and has no use-based fees. Of course, the higher the consumption, the more computing capacity the customer will want, which means adding dedicated infrastructure nodes with a corresponding increase in monthly cost. One way or another, you get what you pay for, or vice versa.
Meanwhile, Power BI lets users import data into their BI models or leave it in the source system. It also provides for so-called composite models, where data storage for a BI model can be divided between local and remote.
Trends, not fades
The point here, however, is not to measure the similarities between ThoughtSpot and other BI platforms, but to discern some of the consensus trends in the market. What we can see as a whole is that Business Intelligence, which dates back to the 1990s, retains its core principles of slice-and-dice analytics but has evolved with the ocean changes in database technology and computing as a whole. Today, it’s all about the cloud, integrating with other platforms in the ecosystem, and taking advantage of data from a variety of sources without the need to move data.
Barriers to admission to BI have been reduced, with easy beginner experiences and very affordable prices for small organizations. Larger organizations will still pay generously, but will see obviously beautiful ROI in terms of operational efficiency and competitive diversification. The principle of data-driven operation and digital transformation is enabled by BI, which requires low-end low friction and accessibility, while facilitating strong rewards, usually with equally strong values, at high levels.
Thotspot and its platform have changed a lot since the early days, like the place of BI, a lot of players have been acquired in the last few years. ThoughtSpot is now well aligned with industry trends and seems to be driven by them. If the rest of the independents like ThoughtSpot are to succeed, they have to adapt to these trends and go a little further. Some will do well there; Other less so. Despite the fact that the business intelligence market has evolved into a very dense, competitive space, ThoughtSpot is clearly on retooling and revamping for today’s analytics workload.
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