With organizations becoming much more data-driven, there’s a broad movement to speed up the overall analytics process for the average worker so that better business decisions can be made in a speedier manner, explains Rob DeFrancsco, editor of Tech-Stock Prospector.
Alteryx (AYX), the latest addition to our Small-Cap portfolio, is expected to benefit from this trend. Its cloud-based, self-serve data prep and analytics platform addresses the needs of more than 30 million citizen data scientists worldwide, representing a total addressable market estimated to be worth $10 billion.
While traditional data analysis tools are slow and may require multiple steps of data prep from the IT department, Alteryx solutions feature intuitive visual workflows and a drop-and-drag interface, which eliminates the need to write any code.
The goal at Alteryx is to become the platform of choice for managing the entire analytics workflow of an organization. The company is involved in all three phases of analytics: (1) data prep and blending; (2) report generation and visualizations; and (3) predictive analysis to help determine the next course of action to take based on all of the data. Organizations can get started on Alteryx for as little as $4,000 to $5,000 a year, representing a solid value proposition.
Alteryx has become a key way to play the artificial intelligence boom. More than half of the company’s current customer base has deployed Alteryx’s platform to help build predictive models, an essential element of the machine learning piece of AI.
Alteryx’s new Promote product (it became generally available in Q1 2018) is a complete data science system for developing, managing and monitoring statistical and predictive models. Workers can deploy and scale models within minutes. Promote can execute 725,000 predictive models within 10 minutes.