Saturday, May 18, 2024

Reltio: Accelerating Modern Data Management

The needs for customer data have grown exponentially in the last few years, but the approach to managing data hasn’t kept pace. Disjointed, disconnected, and outdated customer information is holding back companies from delivering winning customer experiences. Directives like the European Union’s GDPR and California’s CCPA are clear warnings to companies to get their data house in shape. Though master data management has been around for a long time, it hasn’t proven effective for many businesses. Realizing this fact, Manish Sood founded Reltio in 2011 to introduce a more modern way of managing data and accelerating the value of data. Reltio launched the industry’s first cloud-native SaaS platform in 2011 to unify multi-source, siloed data into a single source of trusted information for any data domain. “Our innovative mindset was ahead of the curve even then as Reltio was the first vendor to introduce a SaaS platform built as cloud-native on the innovation of the underlying highly scalable public cloud and big data infrastructure,” points Manish Sood, Founder and CTO, Reltio.

The data challenges and complexity of the digital environment are growing at an unprecedented rate. The most difficult part of both compliance and hyper-personalization is identifying an individual across multiple systems and data sources. Reltio solves this problem by uncovering complex or hidden relationships between siloed data sets, in real-time. Reltio goes far beyond what customer data platforms (CDP) or legacy master data management (MDM) platforms are able to achieve, and supports business goals by improving the bottom line. We believe that data should fuel companies’ success, not hold them back. Reltio can help to fuel digital transformation and enable businesses to adapt to changing needs – now and in the future.

The 360 Degree Connected Platform

Reltio Connected Data Platform aggregates data from internal, third party, public and social media sources, so users can establish a unified, accurate view of customers, products, places and activities, as well as the interrelationships between these entities. Furthermore, all downstream operational and analytical systems can then gain real-time access to this optimized data. With Reltio Connected Data Platform companies can leverage the accurate, consistent, and comprehensive information that powers enhanced customer experiences and real-time operations. “We are built as a SaaS offering on public cloud infrastructure designed for infinite scale and global reach so that we can help businesses address the growing data silo problem,”saysSood.

Reltio Connected Customer 360 provides the comprehensive customer information they need in real time in the context of their roles and business objectives. Instead of overwhelming users with thousands of data points, Reltio Connected Customer 360 provides only relevant contextual views and actionable business insights that can transform day-to-day operations and ultimately the entire business. Reltio Connected Customer 360 unites all internal and external data sources – even public domain and social – giving companies one incorporated view to see how they work together – and where they don’t – all in real time. It’s comprehensive. It’s consistent. It’s accurate.

With Reltio’s award-winning cloud-native SaaS platform, businesses can gain a deeper, more dynamic understanding of B2B and B2C customers and prospects. Reltio Connected Customer 360 will transform the customer experience. The solution seamlessly enables to drive Hyper-Personalization—Boost customer acquisition, retention and lifetime value by creating connected, consistent and engaging customer journeys across every touchpoint. Moreover, businesses can accelerate revenue from new ideas, prevent revenue leakage by reimagining business processes, and streamline customer interactions with actionable customer insights, thanks to Reltio real-time operations. The solution also enables to simplify the customer data sprawl nightmare to comply with GDPR, CCPA, and emerging regulations for customer consent, and communication preferences.

Reltio Enterprise 360 provides a single source of truth for all data domains to deliver trusted and connected data across the enterprise, in real-time. It seamlessly breaks down information silos to effectively manage master data and gain a complete 360 view of relationships between people, products, places, and activities. In a nutshell, it is an award-winning SaaS offering built on Reltio’s industry leading Connected Data Platform.

The Multi-Model Architecture

Reltio’s innovative, cloud-native platform stands out from the competition by providing a user-friendly and easy-to-navigate graph data store, Connected Graph. The hybrid, columnar and graph data store has been specifically designed for the agile, modern enterprise. This data store enables customers to manage a virtually infinite number of attributes and relationships, so they can connect people, organizations, products, and places.With a multi-model data storage architecture, the platform efficiently and combines data generated through transactions as well as machine-generated data. The platform maintains ongoing and real time insights from new relationships and is not constrained by instances.

Another offering from the company includes the Reltio Enterprise 360 Site Intelligence (for the life sciences and pharmaceutical industries) that enables Pharmaceutical Research & Development Teams and Contract Research Organizations (CRO) to centralize detailed data about study sites and Principal Investigators (PI). Meanwhile, Reltio’s free offering, Identity 360, connects all internal, external, and third-party data, bringing it all together to create one unique profile used across applications for connected and consistent experiences, fraud detection, and compliance.

Reltio Enterprise 360, Reltio Enterprise 360 Site Intelligence, and Reltio Identity 360 provide the flexibility, scalability, security, business continuity, and choice that only a cloud-native MDM SaaS platform can deliver. Using graph technology, Reltio’s platform provides a rich, easy to understand, multi-dimensional picture of consumer relationships as well as an understanding of complex, contextual organizational hierarchies.

The Passion that Led to Innovation

The inception of Reltio dates back to the times when Manish Sood, a data and project management expert, realized the challenges that businesses are facing with data silos. Prior to Reltio, Manish was at Informatica where he joined as part of the acquisition of Siperian. While at Informatica, Manish saw a major problem with innovating for the enterprise; over the years, there has been an explosion of SaaS applications with nearly every business process – from a client filling out a form, to choosing the best marketing strategy – having at least one application involved. Back in 2010 and 2011, this was a smaller problem as some customers were struggling with twelve or more different systems driving their businesses. Today, these organizations are dealing with over 400 applications. With this passion for innovation, he left Informatica to pursue his vision and invested his savings to lay the foundation of Reltio.

Reltio itself runs on 100+ SaaS applications end-to-end, is no stranger to complex data stacks. However, this issue creates one of the biggest friction points in the enterprise, yet also creates one of the biggest opportunities. Manish saw this opportunity from the start. This friction made business decisions more challenging, but to create better, more efficient business outcomes, companies need to know the source of truth in all of their collected data silos. To this day, many companies do not know where their source of truth is, thus lacking effective business strategies and negating important business decisions. When beginning to solve this problem, Manish realized that digital transformation and cloud transformation requirements would drive a larger need for this source of truth. As a result, Manish created a new category of modern data management, which eliminates the need for data to be managed through a simple (yet chaotic) database. As a cloud-based Master Data Management (MDM) system, Reltio and its products are able to act as a single source by unifying siloed data.

Reltio’s customer base was primarily in the pharmaceutical industry, but quickly expanded into other sectors. Over the years, the company has built a huge clientele that includes CarMax, L’Oreal, Shiseido, AstraZeneca, Hyperion X, Fulton Bank, Pfizer, Takeda, Bioclinica, Flexion, Sun Pharma and many more. While explaining the value proposition of Reltio, Sood recalls an instance when the team assisted AstraZeneca to boost multichannel marketing and sales effectiveness. For operational efficiency and process optimization, AstraZeneca was able to deploy Reltio to consolidate 66 master data management systems into three regional deployments, as well as improve usability and speed of query response time for sales reps with a mobile friendly interface. Reltio also enhanced AstraZeneca’s operational efficiency with real-time updates to improve data quality from 20 data providers and enabled multi-channel marketing campaigns.

Data as an Enabler to Fuel Business Success

Reltio recently secured $120 million in funding, with a company valuation at $1.7 billion. The new capital will help to fuel Reltio’s growth strategies, expand global go-to-market, and further scale the company’s efforts to deliver industry-leading products.

Moreover, Reltio is constantly looking into the future in order to develop and provide the most innovative solutions. Reltio is also expecting that 2022 will demand a speed acceleration within businesses, which will cause companies to rely heavily on cloud-native technology and data as an enabler to fuel their business success. Additionally, the requirements for revolutionary SaaS tools will increase as organizations grow their remote presence. “The 10+ years of experience of being born in the cloud and building our SaaS business on that foundation has been a tremendous transformative experience for our culture and workforce. This not only gives us a better understanding of the challenges that our customers may experience in embracing this future, but also allows us to have gone through the transition many years before our customers,” concludes Sood.

Company:
Reltio

Management:
Manish Sood, Founder & CTO

Quote:

“We are built as a SaaS offering on public cloud infrastructure designed for infinite scale and global reach so that we can help businesses address the growing data silo problem”

Latest