The adage ‘knowledge is power’ has perhaps never rang so true as it relates to 21st century marketing, advertising, and sales. Translating a type of that ‘knowledge’ — big data — into practical strategy and efficiency looks to be a determining factor for which organizations survive the information explosion.
You can have all the petabytes in the world, but without ways to make sense of it, major pieces of the puzzle remain blank. According to Josh James, CEO of Domo, the way organizations have been using their data just won’t cut it. “Tens of billions of dollars have been spent on collecting data, yet no one has found a way to deliver value.”
Domo, a Utah-based business intelligence SaaS, says it will change the way executives analyze data and make decisions. They no longer have to depend on IT or specialists, and instead can enjoy real-time access on a user-friendly dashboard that includes all data in one place.
When James was CEO of Omniture (the analytics company he co-founded, acquired by Adobe for $1.8 billion in 2009), he saw firsthand how frustratingly inefficient data was being used. He wasn’t alone:
A survey conducted by businessintelligence.com found that 70% of the 300 executives they surveyed get data from multiple, disconnected sources. And only about 25% report receiving all of the relevant data that they want.
Additionally, the most common complaints from executives are that the data they do receive isn’t real-time, disorganized, and is too time-consuming to manage.
With the proliferation of APIs, James sees his goal of IT-free, easy access to reports as a reality, and part of what is missing in the $10 billion business intelligence industry.
Cloud-based, scalable, and direct — he believes the Domo’s dashboards for CEO’s will redefine the way business information is consumed. It lets users filter the flow of seemingly endless amounts of data, and leaves a clear canvas to measure what really matters.
With his track record, already $125 million in funding, and seeing near 100% quarter-over-quarter growth in paying business customers, Domo is certainly off to a promising start. “We’re encouraged by the belief investors and customers have in the power of Domo to transform business,” James says.