The Easy Investor
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The Easy Investor

Three things you should know about Alteryx

Data is the new oil. Alteryx is a self-service analytics, data science and process automation tool. But what should the striving Data Analyst or Scientist know about the business and their software?

Source: Easy Analytics

I have been an aspiring Data Analyst for some time now. Qualifying as a Chartered Accountant, is not the normal route that one would usually take on the Data Science journey. However, I always felt drawn to Data. Data, if used correctly tells a story like no other. But, the journey is not always that simple.

Coding takes time to master. And even then, designing a workflow or anything takes a significant amount of time. I always knew that something easier should be out there. That is quicker and more efficient than the normal coding path. It is during this time that I stumbled onto Alteryx. So as someone starting out, and considering implementing some technology. What should you know about Alteryx?

Here are my top three things that I believe you need to know:

Alteryx is a self-service tool

  1. This means that Alteryx is not sold as a service where you need to pay an absorbent amount of money for somebody else to install it, and you will be reliant on them to keep it working. No. Alteryx is almost plug and play. You download the software, and there you go.
  2. Alteryx is a code friendly application. Therefore, you do not need to physically code within Alteryx. It is a drag and drop of the tools that they have within the toolbar. Being able to think in the same logic as a coder would be beneficial, as formulas are going to be widely used. But, it is easy enough to grasp.

Alteryx have an amazing and active community

  1. Probably one of the things that I liked about Alteryx the most was the active and helpful community. If you have an issue, you post it on there and create a chat. There is always someone out there ready to help.
  2. Alteryx is also growing, and growing fast. This means that every day there are more people using the tool and more “heads” that can help you solve a problem.
  3. Alteryx also allows you to design apps and macros for within Alteryx. These apps that you design can be saved as “tools”. These tools are saved on the community hub, where others can download tools that would potentially be better than the pre-installed tools already within Alteryx.

Alteryx is listed on the NYSE

  1. For most this point is not that important. However, I would beg to differ. Because it is listed, I can now review the financial health and sustainability of the tool that I have implemented and that I am using. This would provide me with the insights if I will be able to benefit in the long-term from the application or if I should be looking for something else.
  2. Based on my quick review of their financials, the business is doing well. They are not making a profit yet, however, not a lot of tech companies do in their “early” days. However, the growth that Alteryx experienced in recent years is assuring, and they are heavily investing back into their software.

Alteryx in my opinion is a great tool and gets me very excited about data. Although, my skillset with both excel and SQL was probably advanced. Alteryx ruined other applications for me.

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