Their vision is "analytics for everyone." Their latest release allows companies to "chat with their data."
Event analytics firm Mixpanel uses an event-based data model in which each event is an interaction with a product and company. The new generative AI capability takes this a step further.
How? Mixpanel's innovative application of generative AI processes and reviews queries built by AI, automatically checks the source and accuracy of the report created. And users do not need to expose a company's proprietary data to the Large Language Model (LLM), which ensures privacy.
Why does this matter? Using simple plain English, team members can better understand every customer experience thanks to OpenAI's 'GPT 3.5 Turbo' model. From the impact that product and marketing decisions have on their customers to the company's bottom line, any employee (especially non-tech-savvy) can ask questions on any topic. For example, a marketer can ask, "Which group of users most frequently convert when we apply surge pricing across our key markets?". Then the generative AI builds the required query and returns the relevant charts to illustrate the answer.
"Generative AI is the next interface to computing, and it's unlocking huge productivity gains. In our world, this means it's much easier for anyone to query their data in plain English by asking the AI a question. Making analytics accessible, so literally everyone can participate, will significantly improve decision making across companies." said Amir Movafaghi, CEO, Mixpanel.
Despite its immense power, generative AI remains susceptible to errors. To mitigate this, Mixpanel has made the source of its generative AI-built queries available for verification. This way, users can understand how generative AI created the report.
Although the AI functionality is going to be accessible to all Mixpanel users, it will be entirely optional, allowing individuals to decide between utilizing AI for query construction or sticking to the current user interface. A select group of customers is currently using the new Mixpanel generative AI interface as part of a closed Beta program.
The company rebranded in March 2023, putting data, discovery, and evolution at the core to "pursue a more exciting future for analytics.""Generative AI is a bit like electricity, you can build it into other products to make things faster and easier. We're using it to speed up workflows and simplify how people ask questions of their data. But this is just the start, and we expect LLMs will enhance analytics for years to come." added Movafaghi.
