ThoughSpot, an enterprise search and analytics startup is already making waves in the enterprise. Former Nutanix leader Sunil Mahale joined Thoughtspot as the VP of APJ on November 12, 2018, and the company has set its eyes on the India market.
Amit Prakash, Co-founder and CTO at ThoughtSpot, mentioned, “Right now everyone is jumping on the machine learning bandwagon and that is the competitive edge. If one does not have that, the competition will kill you. We knew how to build this technology and wanted to bring it to enterprises. We certainly expect to do well in India. And we have started making the right investments to build the business here.”
According to Prakash, in the analytics and business intelligence (BI) space, there is no specific ‘search’ option for enterprises. “In the absence of a search dashboard that gives answers, most enterprises take atleast four to five days to get a simple answer. We wanted to shrink that to a couple of seconds,” said Prakash.
ThoughtSpot has been able to handle massive amounts of data, use machine learning and derive insights from it. “The idea is that when we shrink the time to get insights, people ask more questions or want to go deeper. This way, people get a clearer view of their business to make better decisions. For example, earlier, some of the world’s largest retailers could not change the prices of items for a week, but now they are able to do it within an hour,” added Prakash, who was earlier working with Google.
Sunil Mahale, VP of Asia Pacific and Japan, ThoughtSpot, highlighted, “It is an ideal time to foray into India market as most organizations in the region are riding the AI bandwagon. The Union Budget 2019 in India also reinforced and emphasized the importance of artificial intelligence, with a national AI platform being envisaged. The global unicorn ThoughtSpot has redefined the AI analytics landscape within a short span and it’s just a start."
ThoughtSpot's offering has two different things happening at the same time in its dashboard. One is a simple search engine that uses machine learning to answer enterprise specific questions, and the second is using AI to automate the process of analytics.
The AI offering is called SpotIQ, which lets enterprises analyze data by asking questions on their behalf and uses machine learning and automation to derive insights.
ThoughSpot’s Focus Verticals
Retail and E-commerce
Manufacturing and Logistics
Media and Communications
Government and Analytics
Healthcare and Life Sciences
Primarily, the company prices the offering on the basis of how much data is being analyzed, rather than a pay per user model, which they believe will encourage more people to use the product.
ThoughtSpot also believes that search is a two way learning process, where the engine learns from the questions asked and the users learn from the answers.
The fledgling has already bagged a spot in the 2019 Gartner Magic Quadrant for Analytics and BI Platforms as a ‘leader’. The company also claims to have top organizations across verticals as part of its clientele.