Snowflake's growth among larger enterprise clients is hindered by the slow renewal processes of existing on-premise data warehousing solutions, according to finance VP Jimmy Sexton. Although Snowflake has seen success by attracting online-focused customers, transitioning to more traditional firms necessitates a lengthy migration from older systems. Despite recent financial gains, with significant deals in the financial services sector, the complexities of data migration projects impede new customer onboarding until their renewal periods approach, capturing a cautious, gradual adoption pattern in enterprise settings.
"We're at the mercy of a lot of renewal cycles for on-prem data estates," he said.
"With these types of companies, we start with one on-prem data estate, and then slowly tick those down because you have the ability to take smaller bites of the apple up front."
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