LAS VEGAS – ThoughtSpot unveiled its latest analytics platform update on Tuesday, featuring new application models and automation capabilities.
Additionally, the vendor has launched new pricing models aimed at enabling small and medium-sized businesses to make analytics part of their decision-making process, and added a number of partner integrations.
The new features were revealed during Beyond 2022. It is the vendor’s first in-person user conference since November 2019, having held virtual user conferences for the past two years due to the COVID-19 pandemic.
ThoughtSpot, founded in 2012 and headquartered in Palo Alto, California, last updated its platform, called Modern Analytics Cloud, in November 2021.
After historically targeting an audience of business users and spending much of the previous year rebuilding its platform to make it before the cloud, the vendor unveiled Data Workspace. The new version is an environment for data analysts, engineers and developers that allows them to create and operate interactive analysis resources in real time.
ThoughtSpot’s latest update to Modern Analytics Cloud is not aimed at one particular person, but at trying to equip every employee within an organization with the tools to work with data, according to the vendor.
Meanwhile, Doug Henschen, an analyst at Constellation Research, noted that the vendor’s latest update, coupled with cloud adoption and the addition of modern features like embedded analytics, shows ThoughtSpot’s platform is competitive with those from other analytics providers.
“ThoughtSpot has changed its delivery model in recent years to embrace rapid cloud deployment, and is now expanding integrations, embedding and automation options, while also opening up new subscription models,” said Henschen. “You can’t fault ThoughtSpot for the lack of effort.”
If ThoughtSpot has a problem, however, it’s that many larger vendors have also gone cloud-first and added many of those same features, Henschen said.
“The company faces intensified efforts from larger and more historic vendors to make information more actionable and widely accessible in the context of day-to-day business,” he said.
ThoughtSpot first introduced SpotApps in November 2021. SpotApps are pre-built analytics applications for specific third-party workplace applications that enable customers to quickly deploy analytics applications with just a few clicks and derive value from data collected from their workplace applications.
Initial SpotApps included applications for HubSpot, Salesforce, ServiceNow, and Snowflake.
The new SpotApps launched on Tuesday include applications for Atlassian’s Amazon Redshift, Databricks, Google Analytics, Jira and Okta.
In addition to the introduction of the new SpotApps, the vendor unveiled ThoughtSpot Sync and Monitor to add automation capabilities.
Synchronization allows users to automatically trigger actions in applications and services through application program interfaces, while Monitor automatically notifies users of changes to their key performance indicators as they occur.
Doug HenschenAnalyst, research on constellations
“I am very intrigued by the announcements from SpotApp, Sync and Monitor,” said Henschen. “SpotApps provide more ways to accelerate time to value, Sync is about using analytics to trigger automated actions via API and Monitor is about automating actions and providing insights – a real-time push model rather than a actively require engaged people to watch and discover important changes. “
Meanwhile, Donald Farmer, founder and principal of TreeHive Strategy, noted the importance of new integrations and connectors with ThoughtSpot’s partners.
The latest update of Modern Analytics Cloud includes:
- integrations with AWS Redshift Serverless to run on AWS without having to provision and manage data warehouse clusters, Snowflake Data Marketplace to derive insights from third-party data in Snowflake, and Databricks to offer data lakehouse vendor users the ability to start a free ThoughtSpot trial from the Databricks console;
- connectors for data lakehouse provider Dremio and data lake query provider Starburst so that users can take advantage of different architectures, including data mesh and data lake; And
- an integration with data transformation provider Dbt Labs so that engineers can translate dbt models into ThoughtSpot Modeling Language (TML) and model data more easily.
“What’s most significant here is the focus on partner integrations,” Farmer said. “This requires a lot of effort and work, not only from engineering, but also from partner teams and marketing, as well as the work needed to get support and sales that move with the times.”
He added that ThoughtSpot has previously added capabilities through partnerships, but it is significant nonetheless.
“Some of these integrations are lightweight connectors that more or less tick a box for compatibility, but others involve significant engineering and allow for very specific partner architectures or solutions, especially integrations with Matillion and Dbt Labs,” he continued. Farmer.
In addition to new application templates, automation features and integrations added, ThoughtSpot’s Modern Analytics Cloud update includes:
- the launch of CodeSpot, a searchable library of open source ThoughtSpot blocks, code examples and best practices that developers can use to speed up the application development process and embed analytics;
- third party data blocks created with TML that allow customers to use external data to enrich their data;
- extract, load and transform (ELT) templates created to work with ThoughtSpot’s SpotApps and ELT vendor Matillion, so that joint customers can quickly initiate jobs between ThoughtSpot and cloud data warehouse using Matillion; And
“ThoughtSpot is at the top of the major market dynamics,” said Henschen. “It is stepping up integrations with major vendors including AWS, Snowflake, Databricks, Matillion and Dbt Labs, and its CodeSpot and SpotApps ads aim to accelerate time to value,” said Henschen. “The challenge is that the major incumbents in BI / analytics are also heading in the same direction.”
Therefore, in order to attract new customers rather than meet the needs of existing customers, differentiation is key to ThoughtSpot. This is what it was like when the vendor was a startup and was among the first to adopt augmented analytics features, such as natural language queries, which have now become more standard.
“Potential customers will want proof that ThoughtSpot is much better at making information affordable and actionable,” added Henschen.
Likewise, Farmer said that now that other vendors are adding some of the same capabilities that differentiated ThoughtSpot in the beginning, the company must find new ways to compete with established vendors. And the capabilities it continues to add through product development and its first two acquisitions recently will help.
“I think we will see ThoughtSpot gaining more attention and success now that the initial hype is over,” he said. “The next wave for them will be more realistically positioned and more realistically measured by industry.”
In addition to adding new features, ThoughtSpot unveiled three new editions of its Modern Analytics Cloud aimed at enabling small businesses and individuals to use the provider’s platform in addition to the businesses that the provider has historically served.
All are now generally available.
ThoughtSpot does not disclose the prices for its analytics tools, but did reveal the cost for its Team Edition, Pro Edition, and special version of the Pro Edition for startups, nonprofits, and educational institutions with less than 100 people and fewer of $ 10 million in annual revenue.
The Team Edition is available for a flat rate of $ 95 per month for a single user group with an unlimited number of users.
The Pro edition starts at $ 2,500 per month for up to five user groups with an unlimited number of users within those groups, but users may be charged more based on consumption. The special version of the Pro Edition, on the other hand, is available for a fixed fee of $ 2,500 per month without being subject to any additional cost based on consumption.
“New pricing models are always important and it is clear that ThoughtSpot is getting aggressive with … specifically, consumption-based pricing options,” said Henschen. “They are looking for more ways to step in the door and remove objections to the purchase.”