Reltio unifies data sources to provide real-time customer context
The industry term for access to accurate and retrievable business information is Master data management, but most companies refer to it as a single source of truth. Like many things in life, finding a single source of truth has been a noble but elusive goal.
When Reltio Inc. business started in 2011, the company set out to create not only a single source of truth, but also the ability to provide a real-time contextual customer view based on business roles and goals. Reltio anticipated two key trends that put him on the growth curve he is experiencing today. Executives at the company decided to deliver its solution via software as a service, and they predicted that the amount of data platforms would only continue to grow, leading them to expand the business on the cloud from Amazon Web Services Inc. so that the solution is the solution. could evolve.
“We knew that the number of systems we would have to work with would continue to increase, which posed the problem of where to find the single source of truth,” said Manish sood (photo), Co-founder and CTO of Reltio. “This is where the foundation of Reltio started, and the central problem we wanted to solve was to bridge the gap created by all these data silos. We decided not only to use the compute capabilities in the cloud with products like AWS as a backbone, but also to address some of the fundamental issues with how more sources of information can be unified at scale. “
Sood spoke with Dave Vellante, host of CUBE, the live streaming studio of SiliconANGLE Media, during the AWS Startup Showcase Event: Innovators in Cloud Data. They discussed how Reltio has approached the issue of data fragmentation, the use of its technology by key customers, and the company’s growth momentum in the master data management market. (* Disclosure below.)
A scalable cloud platform
Silos and data fragmentation have become key points of friction in many organizations. In one investigation Of 1,000 IT decision makers at Adobe Inc., data silos were two of the top three challenges businesses faced in creating a single customer view. Reltio set out to address this issue with a scalable master data management platform that would support real-time operations.
“Data fragmentation is what is there today and, with the Reltio software as a service offering that we provide, we are enabling customers to bring together and unify the data from these various fragmented and siled applications. Sood explained. “This is where Reltio fits in as the only platform that can help bring this kind of information together and create a 360-degree view that spans all data silos. It is not a CRM system per se, but it is an information application which can aid and aid in the decision making process as a starting point. “
Reltio works with clients in a number of key verticals, including life sciences, travel and hospitality, financial services, insurance and retail, according to Sood.
A client is CarMax Inc., the Fortune 500 company and the leading used car retailer. Many CarMax customers already have a vehicle they would like to trade in to help pay for a newer car. A successful sale requires access to many data points regarding the maintenance history and value of the current owner’s car, as well as information about which one they want to buy.
“They use Reltio to aggregate, unify, and then make available all the information about customers and what they’re trying to accomplish,” Sood said. “For the vehicle itself, there is a lot of information for the correct price that needs to be gathered from several sources. The consumer-to-vehicle data continuum is aggregated from multiple sources, unified within Reltio, and then made available through API or other methods and means for various applications. “
Real-time financial data
Reltio’s SaaS platform is used by customers for more than just accessing key data from multiple sources. The company’s ability to provide real-time data can be especially important in situations involving financial services, such as refinancing or buying a new home.
Mortgage lender Quicken Loans Inc. built his sizable business on the claim that his Rocket Mortgage brand could connect consumers to home finance by as little as eight minutes. This requires quick access to real-time data fed by Reltio.
“They have a very narrow window of time, up to an hour, where if someone expresses an interest in refinancing or getting a mortgage, they have to shut that business down in that hot window,” said Sood. “The time for conversion or action is under consideration, and everyone is trying to reduce that time.”
Sood’s business has recently been recognized to achieve AWS Travel & Hospitality competency status and now claim 6.3 billion consolidated profiles under management. Last year, Sood stepped down from the role of Managing Director to become Reltio’s CTO. a new CEO to continue the company’s market dynamics.
“Once you know you’re on a good growth path and the business is performing well, it’s all about making sure you can lead stronger and faster towards the growth milestones you want to achieve,” Sood said. “We really have to make sure that we can offer this capability to a wider range of customers.”
Watch the full video interview below, and be sure to check out more coverage of SiliconANGLE and theCUBE from the AWS Startup Showcase Event: Innovators in Cloud Data. (* Disclosure: Reltio Inc. sponsored this segment of the CUBE. Neither Reltio nor the other sponsors have editorial control over the content of the CUBE or SiliconANGLE.)
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