Data is the currency of today’s business world, when it’s leveraged to the hilt it can separate winners from losers when all else is equal. And even when it’s not.
We’re moving into a new world in which how a company uses its information may impact the bottom line as much as the product itself.
The folks at data-blending and analytics startup Alteryx know this, so they’ve built data blending and predictive analytics tools to help their customers leverage their data to a hilt. And you won’t have to be a data scientist or a know-it-all to blow someone like Mad Money’s Jim Kramer away. Alteryx democratizes big data.
Its software empowers analysts to work with data from multiple sources at once, so a retailer might look at demographics, social media activity, online purchase and browsing data, loyalty program activity, customer interaction/complaint data, 3rd party research data, in-store movement behavior, mobile purchase/browsing data in order to decide what to put on sale. Needless to say, that’s more information than a store manager, or even a CEO, could have dealt with at the same time in years past.
And part of Alteryx’s magic is that it makes it easy.
Companies like what they’re hearing and what they are seeing. Paul Ross, Alteryx’s vice president of product and industry marketing, said that they’ve had 200 percent customer growth in the last year and that 95 percent to 98 percent of customers stick with their subscriptions once they’ve signed on.
That’s saying a lot when you consider that a good number of their users come from lines-of-business. Better yet, Ross said the 82 percent of them get value from the first week. It’s music to the ears of decision makers.
But they’re not the only ones hearing the beat, so are investors.
Today Alteryx announces that it has raised a $60 million series B round of venture capital from Insight Venture Partners and existing investors SAP Ventures and Toba Capital.
It’s a significant round given that the company has run on an $18 million investment to date.
What will Alteryx do with the cash? Work to accelerate growth and invest in product development as well as partnerships, said Ross.
5M data analysts are underserved – the last generation of analytics platforms only served the minority (200,000 data scientists). Alteryx and Tableau are in the category of end-user driven analytic platforms that serve the many (2.5M analysts) and most (365M users).