Stripe is transforming the way businesses receive payment data, here's how they're doing it
To say that data warehouses are having a moment would be an understatement. In case you aren’t familiar with them, data warehouses are large stores of data accumulated from a variety of systems.
According to the latest Dresner Advisory survey, data analytics adoption reached 53% two years ago, an increase from 17% just two years prior. Just imagine the increase in big data adoption today.
In fact, the International Data Corporation (IDC) recently stated that data analytics solutions generated $150 billion in revenue in 2018 alone. That’s a 12.4% year-over-year revenue increase.
That’s exactly why technology companies like Stripe, a software company that allows businesses to make and receive payments over the internet, have developed the technical infrastructure to bring business data to their users.
Here’s what Stripe is doing to transform data analytics for end-users...
Minimizing data warehouse maintenance
In the case of Stripe, they’ve created Stripe Sigma which enables users to write SQL queries to create custom reports.
Stripe Sigma includes the use of their data warehouses which makes all users’ historical business data highly available. This means businesses won’t need designated data engineers to build or maintain data warehouses.
This practice isn’t as uncommon as you might think.
As a data analytics solution for businesses, Kloudio also provides users with easy access to any data warehouses of their choice. All of these efforts strive to deliver extensive parallelism so that users can generate even complex reports in seconds.
But no matter what data analytics solution you use, it’s important to consider whether it’s minimizing the manual efforts your team has to put in. The key to adding a new solution to your tech stack is to alleviate the burden of processing data and not add to your team’s current workload.
Being where their users are
Stripe users are everywhere. That means Stripe needs to be not only where their customers are, but the customers of their customers as well.
Understanding this need, Stripe has built a system that allows users to have access to their global payments infrastructure anywhere. (In case you haven’t noticed, Stripe Terminal is also now available across the US as of last week.)
When it comes to international accessibility, it can be challenging for SaaS businesses to comply with local accounting rules and meet global customer expectations.
Because these challenges are much more complicated, Stripe provides custom invoice templates, a unique invoicing prefix, and invoices in 13 different languages. All this to be where their customers need them to be.
Automating data processing with simple queries
Since its launch, Stripe Sigma has accelerated financial close processes with simple queries. Instead of having to manually comb through and compile multiple data sources, Stripe Sigma users can now run a few simple queries to account for credit card transactions.
Unfortunately, even the best of solutions can have their own downfalls and Stripe Sigma is no exception. Stripe Sigma only supports custom reporting with the use of SQL queries.
While much of your data or engineering teams are proficient in SQL, the majority of your organization might not be.
In order to create an organization free of data and team silos, it’s important that everyone has access to data they need to make data-driven decisions at ease.
That’s why we’re releasing an integration with Stripe to help businesses quickly analyze their Stripe data and to enable entire organizations to get faster data insights with or without the knowledge of SQL.
Not only can Kloudio’s integration with Stripe extract data directly from Stripe to a spreadsheet, the same data can also be linked to SaaS applications like Intercom and Shopify.
All this to allow you to bring the end-to-end customer experience into one report. The possibilities are endless, you can capture cohort analyses, ARPA, MRR, ARR and more.
Let us walk you through our integration with Stripe here.
We’d love to hear from you
Our Stripe integration is only one of many soon to be released to our users.
As we continue to add more features to Kloudio, we’d love to hear more from you.
Join the conversation and build a solution that will help you better automate complex data processing in business.
Simply leave a comment or send us a direct message in the chat box in the right-hand corner of your screen.