stripe sigma payment data

Stripe Sigma Is Transforming How Businesses Receive Payment Data

According to the latest Dresner Advisory Data Preparation Market Study Report, 63% of respondents said that data preparation is critical or very important and 65% are constantly or frequently making use of data preparation.

These numbers have tripled from 2015, up from 17% in 2015.

According to Dresner’s 2021 report, “reporting, dashboards, advanced visualization end-user “self-service,” and data warehousing are in the top five initiatives strategic to business intelligence.” Moreover, data warehouse optimization is once again the top use case for big data.

No longer is data warehousing limited to your data analysis teams. Every department in your organization needs access to your business data—especially Finance.

This is why companies like Stripe have worked to develop technical infrastructure to bring business and financial data to end-users.

How Stripe Sigma is Transforming Data Analytics for End-Users

1. Minimizing data warehouse maintenance

Stripe Sigma enables users to write SQL queries to create custom reports. It includes the use of their data warehouses, which makes all users’ historical business data 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 process automation platform built for business users, Kloudio also provides easy access to any data warehouse or source so that users can generate reports in seconds.

But no matter what data analytics solution you use, consider if it’s minimizing your team’s manual efforts. The key to adding a new solution to your data stack is to alleviate the burden of processing data, not add to your team’s current workload.

Download our guide about how to construct a modern data stack that serves your business … not the other way around.

2. Being where their users are

Stripe users are everywhere, meaning Stripe needs to be not only where their customers are but also their customers’ customers. To meet this need, Stripe’s system allows users to access their global payments infrastructure anywhere.

For 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.

3. Automating data processing with simple queries

Since its launch, Stripe Sigma has accelerated financial close processes with simple queries. Instead of manually combing through and compiling multiple data sources, Stripe Sigma users can now run a few simple queries to account for credit card transactions.

Unfortunately, even the best solutions can have 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. To create an organization free of data and team silos, it’s important that everyone has access to the data they need to make data-driven decisions.

Kloudio + Stripe

That’s why we released our Stripe integration—to help businesses quickly analyze their Stripe data and enable entire organizations to get faster data insights with or without the knowledge of SQL. Not only can Kloudio’s Stripe integration extract data directly from Stripe to a spreadsheet, but the same data can also be linked to SaaS applications like Intercom and Shopify.

With this integration, you can bring the end-to-end customer experience into one report, capturing cohort analyses, ARPA, MRR, ARR, and more. Create a free Kloudio account to see your Stripe data and reporting in your favorite spreadsheet tool.

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