ThoughtSpot Named a Leader in the 2024 Gartner Magic Quadrant for Analytics and BI Platforms
Evaluation based on Completeness of Vision and Ability to Execute
MOUNTAIN VIEW, Calif., June 24, 2024 (GLOBE NEWSWIRE) — ThoughtSpot, the AI-Powered Analytics company, today announced Gartner Inc. has positioned the company in the Leaders quadrant in the 2024 Gartner® Magic Quadrant™ for Analytics and BI Platforms. A complimentary copy of the report can be found here.
A Leader for Companies Leading in the Era of GenAI
We believe that the modern analytics and BI market has gone through unprecedented change in the last year, a direct result of Generative AI (GenAI). There’s been a mindshift among business and data leaders, as organizations look to go beyond experimentation and see tangible, concrete results and ROI from their GenAI investments. Early adopters have proven analytics and BI are a high value use case where GenAI, when applied correctly, can immediately add value. In doing so, these organizations are unshackling themselves from the dead dashboards of the last decade and bringing data-driven ideas to life as they spark their Data Renaissance. Now, with personalized, trusted insights at the fingertips of all employees, any business user can ask questions of their data, get actionable answers, and deliver meaningful business value, all without compromising on governance and security.
Customers like JP Morgan Chase, Verizon, Elevance Health, Electronic Arts and easyJet Airlines are turning to ThoughtSpot as an innovative business partner they can trust to deliver value in their GenAI business strategies, via AI-Powered Analytics.
As reviewed on Gartner Peer Insights™ by customers across industries and roles:
“A Paramount AI Driven Platform to Revolutionize Your Data Analysis: Thoughtspot Analytics has been impeccable since we brought it on board as it has contributed greatly in the transformation of how we conduct our data analysis. Thanks to ThoughtSpot we can easily derive informative insights from our data which is integral in data driven decision making. Its AI powered analytics are critical for employees of any technical level to create visualizations from a given set of data,” said a data analyst of a consumer goods company https://www.gartner.com/reviews/market/analytics-business-intelligence-platforms/vendor/thoughtspot/product/thoughtspot-analytics/review/view/5263682.
“I have to say it’s a game changer. It truly democratizes the use of data. Advanced users get answers faster. Fresh users are less scared once they see how it works,” said a VP of Operations at a construction firm https://www.gartner.com/reviews/market/analytics-business-intelligence-platforms/vendor/thoughtspot/product/thoughtspot-analytics/review/view/5171782.
Key Business Achievements
The report publication follows a year of growth and expansion for ThoughtSpot, including:
- The launch of and expansion of ThoughtSpot Sage, an AI-powered search experience that empowers every person in an organization, regardless of technical skills, leverage foundational language models within ThoughtSpot’s patented search technology to get insights from their data through natural language search.
- The success of ThoughtSpot Embedded, the company’s embedded analytics solution introduced in late 2021, which emerged as an industry leader for product and app developers looking to infuse AI into their analytics.
- A deepening partnership with Google, including new integrations with Gemini models to help organizations unlock unprecedented value from their investments in the Google Cloud ecosystem. ThoughtSpot was also recognized as Google Cloud’s Technology Partner of the Year for Data – Business Intelligence.
- Growing partnerships across the data ecosystem including new data catalog integrations with Alation, Atlan and Collibra, and Model sync for dbt. ThoughtSpot was named Snowflake’s 2023 Innovation Technology Partner of the Year.
- The introduction of ThoughtSpot Monitor for Mobile, empowering customers with on-the-go, automatic notifications on their mobile device as critical business KPIs change, along with an explanation of the key drivers of that change, so that they can make data-driven decisions from anywhere.
Thoughts from the Top
“The world has fundamentally changed in the last 18 months. The rise of Generative AI is ushering in a new era that we call the Data Renaissance. Companies of all sizes, and in every industry, are looking to put GenAI to work in their business and their teams, to measure and deliver tangible business outcomes from their GenAI investments. This is not about technology for technology’s sake. It’s all about putting people and ideas back at the center of decision-making,” said Ajeet Singh, Co-Founder and Executive Chairman of ThoughtSpot. “Our focus is to support every person, regardless of technical expertise, in being able to engage with data, find answers they can trust, and take action that creates impact. We will continue to co-innovate with our customers and partners to deliver the next generation of AI-powered analytics that drives real business value. As a company, we like to say we’re always 2% done. There’s more to come.”
“Generative AI is moving into the disillusionment phase, where businesses and users are no longer wrapped up in testing and trialing, they are looking for real world value. In 2024, it’s no longer enough to say you have a GenAI-powered experience, customers require trustworthy, accurate, secure GenAI that delivers tangible outcomes. GenAI investments across analytics, natural language search and chat, and BI are proving to have real returns and business impact by reducing effort, enabling wide adoption, and answering deeper questions,” said Sumeet Arora, Chief Development Officer at ThoughtSpot. “ThoughtSpot was built for this moment in analytics, where natural language search is a reality with the power of LLMs and Generative AI, and our customers report up to 95% accuracy when using ThoughtSpot Sage compared to GPT alone. We’ve done this by building security and governance guardrails into every step of the process, giving customers transparency and ensuring accuracy with our advanced human-in-the-loop verification and training controls. We will continue to drive innovation in AI-powered analytics and support our customers in their quest to modernize their analytics stack for the era of natural language search and conversational analytics technology. The time to leave legacy BI is now.”
Download the report here, and read more about ThoughtSpot’s perspective on the report here.
About the Gartner Magic Quadrant
Gartner Magic Quadrant gives enterprise technology shoppers an unbiased assessment of how well competing providers are performing against Gartner’s market view and is supplemented by validated user reviews.
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Gartner, Magic Quadrant for Analytics and Business Intelligence Platforms, Kurt Schlegel, et al, 20 June 2024.
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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.
CONTACT: PR Contact: Lindsay Noonan Director of Communications, ThoughtSpot press@thoughtspot.com
