The Society for Information Management (SIM) 2016 IT Trends Study highlighted important IT topics including priorities, budgets, salaries, skill needs, headcounts, performance measurement and how IT executives spend their time. The following is a list of top ten CIO concerns as summarized by Information Management, including how Reltio’s platform addresses those concerns.
“CIOs are now spending double their time on business priorities, strategy and architecture (from 8.1% in 2014 to 16.2% in 2015). This is where CIOs spend most of their time, followed by forming IT strategy (11.9%) and IT operations (8.0%). Further, the most common measures of CIO performance are IT’s contribution to business strategy (35.5%); availability/up-time (34%); IT user/ customer satisfaction (31.9%), satisfaction of the customers of the business (30.3%); and value of IT to the business (29.6%)”
— SIM 2106 IT TRENDS SURVEY OF 1,218 MEMBERS, FROM 785 ORGANIZATIONS, WITH TOTAL REVENUES OF NEARLY $5 TRILLION AND $250 BILLION IN 2015 IT SPENDING
How Reltio helps CIOs:
#1. ALIGNMENT OF IT WITH THE BUSINESS
It’s no surprise this issue is #1, alignment between IT and business is a recurring challenge. Why? Because IT has to grapple with backend tools and infrastructure, while business cares about rapid access to the data to make informed decisions. Business often views IT investments in big data Hadoop as “franken-projects” that don’t correlate to the problems that need to be addressed today.
Reltio Cloud is the a platform that combines a Modern Data Management PaaS that seamlessly delivers frontline business facing applications. This ensures that the technology is enabling fast time-to-value with both teams “pulling on the same rope” to achieve company goals.
#2. SECURITY AND PRIVACY
Security and privacy continues to be front and center. With an increasingly digital economy, the age of social media, and stringent data management regulations, which are different based on industry and geography.
Reltio Cloud provides the highest level of compliance and data governance. Enabling IT to maintain access to data by role and business goals, down to the attribute-level. A detailed audit log tracks not only modifications and access to data, but even search terms and parameters.
As for physical data security concerns in a public cloud. Reltio is backed by AWS and has undergone, with continuous penetration testing, full validation and security, including HiTrust, making it one of the most secure data management platforms on the market.
#3. SPEED OF IT DELIVERY AND TIME-TO-MARKET
The billions of dollars spent by LOB teams on self-service data preparation, self-service business intelligence, and outsourced “as-a-service insights and intelligence” reflect a desire to shortcut IT projects are typically measured in months and years, not days and weeks.
Reltio is 100% cloud ensuring agility through IaaS (Infrastructure as a Service) partners such as Amazon Web Services. Reltio’s Modern Data Management PaaS uses Data as a Service to rapidly onboard and blend data across all sources. Ultimately resulting in SaaS data-driven applications that deliver information into the hands of users at the speed of business.
No CIO has ever said “no thanks” to innovation. The problem lies in the legacy infrastructure which acts as a resource and budget anchor, preventing innovation. Even when budget is available, the onslaught of new technologies (witness the never ending spawning of Apache open source projects) makes new initiatives obsolete even before POCs have been completed.
Reltio Cloud PaaS incorporates the latest NoSQL, big data, analytics and machine learning technologies such as Apache Cassandra, Spark and ElasticSearch. A metadata foundation supports the logical definition of the business, unconstrained by physical storage and implementation. In effect, Reltio acts as a technology portfolio manager, swapping out the latest in innovative technologies when they mature. Ensuring that CIOs never have to fund those random Hadoop research projects again.
#7. IT AGILITY & FLEXIBILITY
One word “Cloud” embodies how CIOs can be more agile and flexible. Eliminating heavyweight, expensive to install and maintain on-premises hardware and software is critical. As processing power and the cost of storage keeps falling, companies who are handcuffed to massive CAPEX investments are unable to pivot when business needs inevitably change. The use of legacy on-premises software, upon which 12 to 18 month upgrade versions to receive new functionality also prevents any timely innovative competitive advantage.
Reltio is not only 100% cloud, but 100% multi-tenant cloud. Just like Salesforce.com and other innovative public cloud providers, multi-tenant Reltio Cloud delivers no impact upgrades 3 times a year. This not only provides the latest technology and features (see #4. Innovation) as soon as it becomes mature and viable, but dramatically eliminates the hidden costs of upgrade of on-premises or managed services/hosted solutions masquerading as cloud offerings. Even with unlimited financial flexibility for upgrades, the pain of on-premises hardware and software upgrade cycles comes from missed opportunities when resources are tied up simply moving from one version to another in an endless cycle.
#8. IT COST REDUCTION & CONTROLS
Cloud again helps here, this time in the form of OPEX. The ability to dial-up and more importantly dial-down storage, processing and other costs, ensures that IT can spend what it needs to and not a penny more. Shedding “over procurementitus”is great, but savings can also come from consolidation of IT investments in large enterprises, across divisions. This however requires significant coordination and collaboration between teams, and the elimination of “Shadow IT”.
Meanwhile the dramatic reduction in the cost of devices is now juxtaposed with the consumerization of IT, with business users demanding BYOD (Bring your own device) options. This is a security risk as well as a costly endeavor to ensure that applications run consistently on different variations of devices (mobile and PC), and versions of operating systems.
Reltio’s built-in Data as a Service can dramatically lower the cost of data acquisition from third party vendors. It can be used as a “clearing-house” to manage and monitor the consumption of data across groups, eliminating redundant data purchases. Reltio data-driven applications are delivered via industry standard HTML5 form, ensuring compatibility with browsers that support the standard, again dramatically reducing development and support costs.
#9. BUSINESS AGILITY & FLEXIBILITY
The best way for IT to support business agility and flexibility is to bring together reliable data, relevant insights, and to have data-driven applications increase the speed and accuracy of actions taken by frontline business users, as business conditions fluctuate. Unfortunately today’s applications are siloed and process-driven. Focusing on a single group (e.g. CRM for sales, Marketing Automation for marketing), and there is little collaboration across teams. The siloed focus also results in siloed data, which in turn necessitates yet more technology to blend and manage data to form an elusive customer or product 360-degree view.
Reltio’s mission is to eliminate data silos by bringing together data across the enterprise, with MDM rigor for reliable data quality, personalized contextual relevant insights, and machine learning formulated recommended actions to help business teams be more agile. With a single pool of information managed at big data scale, Reltio uncovers hidden business relationships using a commercial graph (similar to those used by LinkedIn, Facebook and Google), to reveal insights for competitive advantage. Since Reltio not only manages master data, but transactions and interactions as well, it forms a full 360-degree view which can be used for analytics and machine learning. Reltio is helping IT teams respond to business needs for process changes, or new sources of data in a timeframe previously deemed impossible.
#10. BUSINESS COST REDUCTION & CONTROLS
Many IT departments require business approval for funding of projects, so a focus on their own IT costs are mutually beneficial. However business teams also spend billions every year in their search for agility on disparate tools for business intelligence and self-service data prep. IT needs to deliver a reliable data foundation upon which business teams can gain the trusted and relevant insight they need, without searching for a needle in a haystack through ad-hoc queries. Another area that IT can help is the significant cost of training of users on how to use new applications and tools.
Reltio can help reduce or eliminate business’ reliance or appetite for standalone tools, by delivering the right information into the hands of the right users at the right time. Reltio data-driven apps are based on the exact same easy-to-use, zero training needs as popular apps such as Facebook, LinkedIn, Amazon and Google.
WE CAN SUPPORT YOUR COST REDUCTION AND INNOVATION STRATEGY
As a Chief Information Officer (CIO) you have priorities far beyond the 10 listed here. You may also have a counterpart Chief Data Officer (CDO) that has data management usage and monetization goals. Or you may be responsible for both. Reltio is not a “big bang solution”, our customers deploy our technology to solve specific business problems in a short timeframe. Our platform is able to help you evolve organically. We delight in helping CIOs today take advantage of our Modern Data Management platform that includes Data as a Service and data-driven applications as their strategic technology foundation to achieve their goals.
Watch the brief video below to see how IT and Business teams can work together towards a common goal.
10 Steps to GDPR Compliance
Effective May 25, 2018, General Data Protection Regulation (GDPR) will represent the most rigorous data protection regulation ever. Complying is not optional, and the penalties are very high. As companies scurry for total compliance, it makes sense to pause, assess, and use this opportunity not only for compliance but for managing customer data efficiently and gainfully.
MACHINE LEARNING PUTS DATA FRONT AND CENTER FOR BUSINESS
Machine learning is surrounded by fascination and awe. It can drive better personalized experiences with customers, increase workforce effectiveness, and de-risk your organization from security threats and regulations. But, machine learning needs quality data, relevant data, and better context surrounding transactions, interactions, operations and decisions.
Businesses Feeling the Heat of the ‘Amazon Effect’
Over the past 10 years, Amazon’s market value has grown more than 2,000 percent. The entire retail industry is feeling the heat, and companies are investing in digital transformation initiatives to help them compete. Walmart, for example, is rapidly investing in digital capabilities and online brands (it acquired Jet.com, for example).
WHY MASTER DATA MANAGEMENT AND MACHINE LEARNING GO HAND IN HAND
Reltio’s inclusion in the The Forrester Wave™: Machine Learning Data Catalogs Q2 2018, by Michele Goetz with Gene Leganza, Elizabeth Hoberman, and Kara Hartig, Forrester Research, June 2018, sparked (pun intended) several questions. Such as why was Reltio included, how did we receive such strong marks, and why were we the only Master Data Management (MDM) vendor in the Wave?