Tableau Software [NASDAQ:DATA]: Interpreting Data

Adam Selipsky, President & CEO, TableauAdam Selipsky, President & CEO A brilliant computer scientist, an Academy-Award winning professor, and a savvy business leader. When the highly unusual trio came together, united by their passion for data, they set out trying to solve one of the most challenging problems in software—making data understandable to ordinary people. They realized it required a philosophy that deviated far away from the normal and thus laid the cornerstone for Tableau Software. Together Tableau’s founders imbued their company with disruptive points of view and with the support of an exceptional team of experts, they had the right ingredients that went into delivering on that mission.

Tableau is a software company headquartered in Seattle, which produces interactive data visualization products focused on business intelligence. The company is an eminent wielder of banking analytics assisting numerous financial institutions in transforming their challenges into productivity through analytics. The company’s offerings empower customers to work with huge data or in-memory, mashup data sources by visualizing data in multiple ways, such as dashboards and interactive data applications, which in turn enable their clients to quickly generate useful reports.

Wells Fargo & Company, the publicly-traded financial services firm has been serving 70 million customers for decades now. Turning the data generated by these customers into actionable, easy-to-understand insights is a big job—and it’s tasked to a small team. However, with the assistance of Tableau, the team of Wells Fargo is churning out wonders as they now spend lesser time reshaping data and more time understanding it. Tableau’s analytics solutions help the team to streamline their work process and shape the data according to organizational needs. Today, Tableau has turned into a one-stop software provider for data visualization and analytics.

The company’s flagship product, Tableau Desktop helps in creating dashboards, while Tableau Online shares the published dashboards among colleagues, partners, and customers to facilitate collaboration and data-driven decision-making over a web browser or a mobile device. They monitor loans and manage risk across geographies with interactive bank dashboards. The company’s dashboard components aid loan providers manage risk, identify loan delinquencies by business segment, location and time, and create dynamic, transparent, and centralized reports.

The company’s products are used by financial service institutions such as Citibank, U.S. Bank, Barclays Global, EverBank Direct, Bank of America, London Citibank, Bussan Auto Finance, UBS Investment Bank, BNP Paribas, and The World bank.

Optimized Digital Reports

Through Tableau Desktop, organizations are able to make dynamic reports from live data and focus on what is important at any given moment. The overarching visibility assists the firms to identify trends and risks across the entire business.

Tableau has that rare combination of a passionate customer base, leading products, amazingly talented people, dedication to technology innovation, and momentum in the market

Financial firms are able to discover the reciprocity of their individual business actions, which enables them to act and react quickly in case of any discrepancy. Through Tableau Desktop, digital banks can combine a clear customer focus, an optimized branch network and transparency on the one hand, with integrated sales channels and an efficient business model on the other. This is made possible by concocting the right combination of technology, process, and organizational structures en route to digital revolution.

The company helps customers see the stories in their data through visual analytics, enabling the feature of effortlessly drilling into the data and use quick table calculator to running totals to see a bigger picture. Tableau brings all of an organization’s data together in one simple view—live visual analytics fuelling unlimited data exploration. Tableau harnesses people’s natural ability to spot visual patterns quickly, revealing everyday opportunities and eureka moments alike. Through Tableau, users can connect to data on-premise or in the cloud— whether it’s big data, a SQL database, a spreadsheet, or cloud applications like Google Analytics, and Salesforce. They can access and combine disparate data without writing code. It empowers users to pivot, split, and manage metadata to optimize data sources.

With its powerful unified dashboard, users can effortlessly build powerful calculations from existing data, drag and drop reference lines and forecasts, and review statistical summaries. The presentations can be further supported with trend analyses, regressions, and correlations for tried and true statistical understanding. Users can also create interactive maps automatically, which are built-in postal codes resulting in lightning-fast mapping for more than 50 countries worldwide. Users can enhance their output with custom geo-codes and territories for personalized regions, like sales areas.

Cloud Collaboration

The company also offers self-service analytics in the cloud through Tableau Online, through which users can publish dashboards and share their discoveries with anyone. The entire process can be up and running in minutes and seamlessly users can be added as per requirements grow reducing the setup time and hardware cost. Tableau Online is a fully-hosted solution, so organizations never have to configure servers, manage software upgrades, or scale hardware capacity. Via the platform, analysts can perform data drill-downs, highlights, and filters and customize views with robust web editing and author new workbooks from published data.

Organizations can invite colleagues or customers to explore hidden opportunities with interactive visualizations and accurate data, which is all easily accessible from a browser or on the go through the Tableau mobile apps.

Tableau Mobile is the fastest, most delightful way to keep the data at fingertips. Users can go from question to insight in just a few taps with Tableau Mobile’s streamlined experience and get hands-on with their data from anywhere. With just a few taps, they can add calculations and filters, and also use the Show-Me feature to suggest different views of the data.

Tableau’s embedded analytics platform is another unique addition, which can be delivered with flexible visual analytics to the customers quickly and easily. The Tableau dashboards can be embedded as per organizational requirements empowering customers to gain value from their data. Tableau enables the client’s engineers focus on what they do best—building a great product, while Tableau delivers the much required analytics tool that’s fast, powerful, and easy to use. From customer support to product training and roadmap collaboration, Tableau is focused on delighting the customers.

Future of Banking

Tableau has served more than 23,000 customers across myriad of industries from aerospace and defense to insurance, automotive, manufacturing, business investments, healthcare and medical, retail and distribution. The company’s products are robust enough to handle the major challenge in assorting huge data. Barclays, one of their clients is a global financial services provider with an extensive presence worldwide. Tableau Server lets the financial organization engage their business users and get data out there at a large scale. With Tableau Server, Barclays sends data and insight out via dashboards—so their senior executives and frontline see the same data. When they spot major trends, they can start to plan for them—it imparts innovation and enables the team to discover something new. According to the Senior Insight Analyst Peter Gilks, “The major impact Tableau is having is on the way people are thinking. Tableau is really starting to increase innovation. People felt restrained by some of the tools we had before, and Tableau is allowing them to think about things in a new way.”

"As we add capabilities for our customers, deepen our enterprise presence, our mission remains unchanged—to help people see and understand their data"

After cementing a strong foothold in the current banking analytics landscape, Tableau is looking forward to infuse the advanced version of Tableau software. Tableau 9.0, the company’s new offering, aims to be intuitive, sporting a completely new look and adding more value over the existing suite of software—Tableau Desktop, Tableau Online, Tableau Reader, Tableau Public, and Tableau Server. “Tableau has that rare combination of a passionate customer base, leading products, amazingly talented people, dedication to technology innovation, and momentum in the market,” says Adam Selipsky, President and CEO. “The company is positioned to become the new world standard in analytics. As we add capabilities for our customers, deepen our enterprise presence, and expand into the cloud, our mission remains unchanged—to help people see and understand their data.”

- Eileen Singh
    February 17, 2017