This week, we saw Mode Analytics, a Leader in the Analytics Platforms category on G2, raise a $33 million Series D. Mode Analytics is bridging the gap between AI and analytics and is looking to help businesses extract value from data with machine learning and big data analytics. With over 50% of Fortune 500 businesses relying on Mode Analytics, they have processed 830 million queries for 300 thousand users.
According to their funding announcement, they are “ventur[ing] beyond ‘by analysts, for analysts’ because the best analysts collaborate across the organization…[realizing that they] can’t really be for analysts unless [they] are for everybody.” Keeping that in mind, the company launched their Discovery API to help analysts and administrators manage the flow of information throughout their organizations.
From self service to all service
In the late 1990s and early 2000s, businesses saw the rise of self-service BI which put data analysis tools into the hands of new users, displaying results in a visual way, without the need for robust IT support or setup. Now, although the ease of use which self service brought is still critical, the world is moving from an era of self service to one of all service. This is because organizations realize the importance of data across businesses and socializing this data. It’s neither efficient nor effective to have analytics be the sole domain of an individual analyst. In this new era of all service analytics, collaboration and data sharing are key.
On G2, we recently rolled out a new data management category, Data Fabric Software, in which collaborating on data from disparate sources is a core feature.
Data analytics and the insights that come with them are critical for the operation of the entire enterprise. Although chief data officers, data scientists, data engineers, and data stewards benefit greatly from this technology, these insights must also be shared broadly with stakeholders, such as marketing and finance leaders within their own business to achieve success.
With that in mind, Mode Analytics has begun to roll out features for less technical users so that such users can structure queries that data scientists can subsequently execute faster and with more complete responses. G2 reviewers recognize the importance of Mode Analytics’ ease of use, rating them #1 in G2’s Summer 2020 Implementation Index for Analytics Platforms.
AI and analytics collide
CEO and co-founder of Mode Analytics, Derek Steer, said, "We connect the worlds of BI and Data Science because really, they both have the same objective: to make better, faster decisions."
An important aspect of this all service, collaborative analytics is augmented capabilities. As Tom Pringle, G2’s VP of Market Research discusses—everything from finding and managing data to data discovery to the presentation of insights is being impacted by AI. This is helping in bringing rapid insights into the broader business landscape.