BUSINESS INTELLIGENCE, BIG DATA MANAGEMENT, DATA SCIENCE
Businesswire | June 02, 2023
New research from Tamr, Inc., the leader in data products, reveals that more than three-fourths (78%) of surveyed businesses focus on improving customer data quality and breaking down data silos. And many organizations are shifting from being solely data-driven to seeking value from the promise that their customer data holds. These findings are based on a recent study of businesses across a variety of industry sectors, including financial services, retail, manufacturing, and life scien
Customer data has become a key focus in light of ever-evolving customer preferences and behaviors. With both B2B and B2C customers expecting a seamless experience, it's become clear that improving the value of customer data is vital to any business's success. But when customer data is incorrect, incomplete, or outdated, it becomes difficult to derive value from it.
Dirty customer data: what it is and why it exists
Most companies' customer data is messy, incomplete, incorrect, and managed in data silos, making it difficult to integrate into a holistic, 360-degree view of the customer. Typically, organizations manage their data in a way which aligns to how they are organized – by product line, by geography, by business unit, etc. But, the real value from data comes when organizations break down those silos. Without that holistic view, the individuals in the company responsible for identifying and driving upsell/cross-sell opportunities, delivering world-class customer experiences, and identifying potential risk exposures will struggle to succeed.
"With regards to customer data, changing customer buying behavior created an influx of data for businesses to comb through," said Anthony Deighton, Data Products General Manager at Tamr. "Companies leading the pack in winning buyers and increasing customer loyalty are doing so by solving the customer data problem."
Data is everyone’s concern
Tamr research participants were primarily from data and analytics teams and business departments, such as marketing, procurement, and customer experience. The high survey participation rate (64%) from business departments demonstrates that data is becoming a part of everyone’s job in the enterprise. And as organizations become more data driven, data products are rising as a primary focus to enable organizations to realize the value of data as a core asset.
Data products: an antidote to dirty, disconnected customer data
Companies that have shifted their focus to data products are overcoming customer data problems and delivering outstanding results. Data products are easy-to-use sets of high-quality, trustworthy, and accessible data that people across an organization can use to solve business challenges. Tamr’s research shows that 69% of respondents cited business value as a key metric for measuring the success of data products, second only to user experience. In fact, 74% of respondents would advise companies wanting to solve customer data problems to develop a data product strategy that focuses on business value.
“Treating data like a product involves bringing structure to the ownership, processes, and technology needed to ensure the organization has clean, curated, continuously-updated data,” Deighton explained. “Organized by business entities and governed by domain, data products are the best version of data. They are aligned to key business entities and available for humans and machines to consume broadly and securely across an enterprise to solve business challenges.”
Building data products
A templated approach to data product development is the simplest way to accelerate time to value for organizations wanting to move toward a data product strategy. Data product templates enable you to build a custom flow for your MDM program quickly, author and curate data, and improve data quality for your operational processes, analytics, and data consumers. Data product templates address wide-ranging data challenges, from B2B and B2C customer mastering to supplier mastering and legal entity mastering, so any organization seeking better, more efficient ways to manage their data can benefit from this approach.
“Our research indicates that businesses that have moved away from being data-driven only, and adopted data product strategies to become value-driven, are the real success stories,” says Deighton.
Read Tamr’s latest insights report, Getting Started With Data Products: A CDO Guide, to learn more about how to get more value from your customer data with data products.
Tamr commissioned a third-party market research firm, Propeller Insights, for the research of over 500 participants on the state of the data and analytics industry.
About Tamr, Inc.
Tamr, the leader in data products, enables customers to use data product templates to consolidate messy source data into clean, curated, analytics-ready datasets. Organizations benefit from Tamr, the industry’s first suite of data product templates that combine human curation, patented machine learning, mastering rules and enrichment with first- and third-party data to accelerate business outcomes and deliver business-changing insights. Tamr’s cloud-native and SaaS solutions enable industry leaders such as Toyota, Western Union and GSK to get ahead and stay ahead in a rapidly changing competitor environment.
Visit www.tamr.com and follow @Tamr_Inc on Twitter and LinkedIn for more information about Tamr, its partners and investors.
About Propeller Insights
Propeller Insights is a full-service market research firm based in Los Angeles. We use quantitative and qualitative methodologies to measure and analyze marketplace opinions from B2C and B2B perspectives. We work extensively across multiple industries including technology, brand intelligence, entertainment/media, retail, and consumer packaged goods. Our collective experience in all aspects of the research process, from sample management and data collection, to data processing and analysis, ensures our research is efficient and of the highest quality.
BUSINESS INTELLIGENCE, BIG DATA MANAGEMENT, DATA SCIENCE
Businesswire | June 01, 2023
Precisely, the global leader in data integrity, today announced a series of innovations to its industry recognized data quality portfolio. The announcement underscores the company’s continued commitment to helping organizations on their path to data integrity - empowering data leaders and practitioners to better understand their data and ensure it is accurate, consistent, and contextualized for confident decision-making.
Thousands of customers around the world rely on data quality solutions from Precisely for their best-in-class address validation and enrichment, sophisticated entity matching, financial reconciliation, and enforcement of data quality rules for their business. Integration with other Precisely solutions, including data governance, data observability, data integration, and data enrichment empowers customers to seamlessly address new use cases in their rapidly changing, data-driven world.
With the latest product updates, Precisely has further enhanced capabilities in its well-known solutions, building upon decades of leadership in the data quality market:
Precisely Spectrum Quality – now offers expanded capabilities for editing, visualizing, and interacting with graph data for use cases requiring a single view of critical data. It also supports the latest United States Postal Service (USPS) CASS™ Cycle O, allowing customers to benefit from improved address validation and matching to ensure accurate and efficient delivery of mail, and take advantage of reduced mailing costs. Starting in July, it will also provide the option to integrate Spectrum OnDemand directly with Precisely Property Graph – enabling users to understand the intricate relationships between addresses, parcel boundaries, building footprints and points of interest.
Precisely Trillium – offers improved connectivity with double the number of supported data sources now available for Trillium Quality and Trillium Discovery customers. The updates enhance performance and enable data quality rules to be applied to data originating from sources such as Snowflake, Amazon Redshift, Google BigQuery, and SAP S/4HANA. Starting in July, support will also be available for USPS CASS™ Cycle O.
Precisely Data360 – has been advanced with the option to integrate Data360 DQ+ with Spectrum OnDemand, allowing customers to validate emails and phone numbers, on top of being able to validate and geocode addresses using Spectrum’s well-known strengths. Several enhancements have also been made to Data360 Analyze to provide secure and easy access to Microsoft Azure Key Vault, and enable more efficient coding in Python.
These new updates follow the recent announcement of the Precisely Data Integrity Suite’s new Data Quality service, which provides complementary benefits for users of Precisely data quality solutions including Spectrum Quality, Trillium Quality, Trillium Discovery, and Data360 DQ+. The new Data Quality service means customers can run data quality processes wherever data lives – including in the cloud. It also empowers them to harness additional value by seamlessly integrating with other Suite services, including Data Integration, Data Governance, Data Observability, and more.
The announcement comes at a time when organizations are under more pressure than ever to execute on increasingly sophisticated data initiatives, requiring access to high levels of accurate, consistent, and contextualized data to achieve successful outcomes. In fact, new research1 from the Center for Business Analytics at Drexel University’s LeBow College of Business revealed data quality as the number one challenge for organizations (50%), as well as being the top priority (53%) for data leaders to address in 2023, with 66% of all respondents rating the quality of their organization’s data as average, low, or very low.
“Advanced data programs ultimately rely on high-integrity data to achieve successful outcomes, and ensuring that your data is accurate, consistent, and contextualized is a critical step on the path to building that trust,” said Emily Washington, SVP – Product Management at Precisely. “We are proud to continue to evolve our unique blend of software, data, and strategic services to meet customers wherever they are on their data integrity journey and help them to stay agile in the dynamic market landscape.”
Register for the new data quality webinar series to hear directly from Precisely product experts on how customers can take advantage of these latest updates.
1.2023 Data Integrity Trends & Insights Report, Center for Business Analytics at Drexel University’s LeBow College of Business in partnership with Precisely – full report coming June 2023
Precisely is the global leader in data integrity, providing accuracy, consistency, and context in data for 12,000 customers in more than 100 countries, including 99 of the Fortune 100. Precisely’s data integration, data quality, data governance, location intelligence, and data enrichment products power better business decisions to create better outcomes. Learn more at www.precisely.com.
BUSINESS INTELLIGENCE, BIG DATA MANAGEMENT, DATA SCIENCE
Prnewswire | June 02, 2023
Couchbase, Inc. (NASDAQ: BASE), the cloud database platform company, today announced a broad range of enhancements to its industry-leading Database-as-a-Service Couchbase Capella™. The newest release of Capella will be accessible by popular developer platform Netlify and features a new Visual Studio Code (VS Code) extension, making it easier for developers and development teams to build modern applications on Capella, streamline their workflows and increase productivity. Coinciding with National Cloud Database Day, Couchbase is also extending its enterprise deployability and introducing new features, allowing customers to move more applications to Capella with a lower TCO.
"The reality is that developers don't want to spend their time operating and integrating separate primitives. Capella's new developer platform integrations aim to address this widespread issue, minimizing the developer experience gap and allowing teams to focus on what they do best — writing code and solving problems," said Rachel Stephens, senior analyst at RedMonk.
Simplifying the Developer Experience With Netlify, VS Code and Capella
Findings from Couchbase's recent developer survey reveal that the majority of developers (94.9%) are currently at or over their work capacity and are on the brink of or already feeling overwhelmed. To reduce this friction and help developers lower their number of operational tasks, Couchbase is extending Capella to more of the developer platform ecosystem that is highly favored by frontend and full stack developers.
The new integration for Capella makes it easy for developers to connect to Netlify for more simplified and agile web application development. In addition, the new VS Code extension is designed to provide a seamless experience for Capella users who want to work within the popular source-code editor. These ecosystem enhancements are now available and reduce friction so that developers can focus on building innovative modern apps.
"Netlify's platform unites an extensive ecosystem of technologies, services and APIs into one workflow to empower developers to build composable web experiences with the tools that best suit their needs. In this way, Netlify meets their users where they are, allowing them to embrace the composable web in a manner that respects their existing businesses, while also balancing flexibility and enterprise-grade reliability. I'm a strong believer that when the ecosystem wins, we all win. That's why we're so excited to deepen our ties with Couchbase to strengthen and diversify the ecosystem of tools developers are using to build the modern web," said Chris Bach, co-founder and chief strategy and creative officer at Netlify.
Broader Enterprise Deployability and New Enterprise Features
Couchbase is also broadening Capella's enterprise features and deployability so customers can move more applications to the cloud database platform. The new Capella enhancements deliver the following benefits:
Support for time series data. A new time series array function in Couchbase's support for JSON will enable a broader set of use cases, such as IoT or finance apps. By using time series arrays, Couchbase is able to utilize all of its data access, processing and storage features including its patented array indexing and high-density storage engine. This approach will enable development teams to quickly and easily extend new features to their applications without adding complexity to their architecture or infrastructure, allowing them to be more agile and productive while driving cost efficiency.
Extending deployability of Capella. Couchbase has added over 10 new supported regions across the three major cloud service providers and larger instance sizes. Capella is also available directly in each of their marketplaces. Capella adds support for memory-only buckets (ephemeral databases) for caching and transient data use cases. Security and compliance capabilities are enhanced through Google Cloud HIPAA compliance and with private endpoints for Azure.
Enhanced management. Managing Capella is even easier now with the introduction of dynamic disk scaling, hibernation of clusters and the enabling of downloadable buckets. Also new is change data capture, which recognizes and automates change history on documents. This is then streamable via Kafka to other applications. These enhancements collectively position Capella as a single, comprehensive cloud database platform that offers broad multimodel support and in-memory performance — a powerful combination that lowers TCO for customers.
"We continue to broaden the Capella capabilities and make it easier for new developers to come on board and take advantage of our industry-leading cloud database platform," said Scott Anderson, SVP of product management and business operations at Couchbase. "Development teams can get started with Capella more quickly and do more with our cloud database platform, improving efficiency and productivity. And for operations teams, Capella becomes even easier to deploy and manage while broadened enterprise capabilities handle more workloads at a fraction of the cost compared to other document-based DBaaS offerings."
The new release of Capella will be generally available in the second quarter. Couchbase will host a webcast on June 7 and 8 to discuss what's new in Capella and how customers can benefit from the latest enhancements. Register here.
Modern customer experiences need a flexible database platform that can power applications spanning from cloud to edge and everything in between. Couchbase's mission is to simplify how developers and architects develop, deploy and consume modern applications wherever they are. We have reimagined the database with our fast, flexible and affordable cloud database platform Capella, allowing organizations to quickly build applications that deliver premium experiences to their customers – all with best-in-class price performance. More than 30% of the Fortune 100 trust Couchbase to power their modern applications. For more information, visit www.couchbase.com and follow us on Twitter @couchbase.
Couchbase®, the Couchbase logo and the names and marks associated with Couchbase's products are trademarks of Couchbase, Inc. All other trademarks are the property of their respective owners.