GoodData’s New Analytics Platform and App Marketplace Pull Hidden Meaning from Digital Marketing Big Data
The volume of digital content created this year, including video, images, social media events, and Web-enabled workloads, will rise to 2.7 zettabytes (2.7 billion terabytes), according to IDC. Enterprises looking to process and analyze the rich data contained within this content face an extremely difficult task, but its also the key to making informed business decisions in many cases.
“Today, the difference between success and failure is the ability to monetize a new class of data,” says GoodData founder and CEO Roman Stanek. “It’s ironic that, despite billions of dollars spent on business intelligence systems, we are still data-bankrupt.”
GoodData is introducing three new cloud-based business intelligence (BI) tools today aimed at helping enterprises convert their mountains of digital marketing data into actionable insights and revenue. The company is announcing its BizData Monetization (BDM) analytics platform-as-a-service to help companies unlock revenue sources from their existing big data. Alongside BDM, the company is introducing its GoodBusiness cloud-based analytics app marketplace and its Powered By partnership ecosystem.
The BDM platform allows companies to “store and analyze structured and unstructured BizData across information silos,” according to the company. These silos can include including mobile, social web, internal data, and cloud apps. The output of this analysis is a series of visually stunning dashboards that make it possible for everyone from the VP of Sales to the CTO to actually consume and act upon data immediately. As I once heard someone put it, “you don’t need a propellor hat to interpret this stuff.”
GoodBusiness is an associated library of pre-built business analytics mashups called GoodData Bashes, created by the company’s partners and customers. Bashes are built on top of BDM to offer reports, analytics, apps, key performance indicators and best practices across a variety of services such as Keynote, Twilio, Zendesk, Salesforce.
This cross-platform operation is one of GoodData’s greatest points of differentiation and value. Rather than only analyzing data from a single product, it’s able to combine the data from multiple products to create deeper and more meaningful insights. Author Andrew Edwards calls this emerging class of “one ring to rule them all” BI tools Convergence Analytics.
The first three Bashes rolled out today are GoodSales, GoodMarketing, and GoodSubscription. The systems will allow enterprises to manage sales pipeline and performance, analyze marketing’s revenue contribution, and, optimize customer engagement and revenue impact, respectively. GoodData and its partner network plan to release additional Bashes in the coming months.
GoodData and its cloud analytics competitors view infrastructure as a commodity and aim to allow smaller and smaller businesses to access enterprise-level tools. As a recent Quora poster said in summing up the various players in the business insights space, “When it comes to doing enterprise-level BI, you have to consider both the plumbing (data integration, quality, etc.) and the visual front end (dashboards etc.). GoodData would be a nice choice if you want to take the plumbing off your to-do list.”
Customer support and community organization company Get Satisfaction was one of the first to use GoodData when it launched in 2007. I spoke to VP of business development Jeff Nolan about the company’s “Powered By GoodData” partnership.
“All analytics provider are all subject to the same curse,” he says. “Analytics are only as good as the actions you can take based on them. Charts and reports are pretty to look at, but unless you can do something as a result who cares.” Nolan says that Get Satisfaction chose GoodData specifically because it was one of the few at the time that allowed them to connect activity with action. Nolan’s company is simultaneously announcing its own new community help analytics tool today, which is available in the GoodBusiness marketplace.
Competitors in the space range from traditional BI giants like IBM, SAP, Oracle, and Microsoft, to other more nimble SaaS providers like Domo and Tableau. Stanek claims that GoodData’s solutions are five to ten times more cost-effective than similar products offered by the giants and more comprehensive than many of the other SaaS platforms. To see just how crowded the BI space has become, head over to this “Big Data Landscape” chart created by Forbes.
GoodData is fresh off closing a $25 million Series C funding round in July of this year. The San Francisco-based company has raised a total of $53.5 million to date from Andreessen Horowitz, General Catalyst Partners, Fidelity Growth Partners, Next World Capital, and Tenaya Capital.
In the months since announcing this financing, the company has grown quarterly bookings by 280 percent year-over-year, and 42 percent quarter-over-quarter Stanek tells me. Second quarter monthly recurring revenue increased by 200 percent, on the back of 600 percent growth in 2011. The company also added some notable new customer relationships during the quarter including Adobe, BELL, HootSuite, Marketo, NetSuite, Pandora, Redfin and Time Warner. It now has more than 6,000 total customers.
Andreessen Horowitz general partner and GoodData board member John O’Farrell is confident that in a time of rampant enterprise analytics consolidation, GoodData is on a path to become a billion-dollar stand alone company. CEO Roman Stanek, for his part, has clear plans to take the company public within two to three years.