Companies invest substantial resources in analytics projects to control their business and make informed decisions. But how many companies are actually data-driven? Are the insights from analytics systems timely? Are they relevant?
Issues about getting the reliable data to run analytics and quickly making that data available for analytics has been an ongoing challenge for most organizations. Incomplete transactional data, inaccurate master profiles, and analytics disjointed from business applications deliver insights that are seldom actionable. Companies collect aggregated metrics but does that help the frontline users to make daily decisions? Probably not. Moreover, insights from disconnected analytics tools never find a way back to either augment master data profiles or improve business operations.
We announced our new offering Reltio Insights to tackle exact these issues. Reltio Insights (now Reltio IQ) enables organizations to easily and quickly leverage master data and transactional data for big data analytics. It supports three-way connectivity across master data, analytics (Apache Spark), and data-driven applications in a closed-loop. This connectivity makes it easier to provision master and transactional data to any traditional or predictive analytics environment, bring the results from analytics back to update master data profiles, as well as visualize personalized insights within the end user business applications.
For instance, to calculate “Customer Value,” you need demographic information from master profiles, historical interactions, and past transactional data. When reliable customer information is fed into analytics tools, realistic customer value can be determined. Customer value thus determined is made a part of the customer profile and made available to support agents using the contact center application. If a client calls in to inquire about a product or a service, the real-time recommendation engine, running on reliable data, can guide phone reps regarding up-sell and cross-sell opportunities.
Reltio Insights seamlessly connects data, mastered and managed within Reltio Cloud together with Apache Spark on demand, to quickly enable agile and closed-loop predictive analytics. Reltio Insights offers:
- Speed through faster correlation of accurate, up-to-date profile data with transaction data from multiple sources
- Simplicity through integrated on demand traditional and sophisticated analytics
- Flexibility with automated updates of business model changes
- Visibility by closing the loop and updating profiles with results derived from analysis
This notion of bridging the gap between data management, big data analytics, and business operations is increasingly becoming a focus area for business executives, also reflected in the latest Forrester MDM Wave.