Saturday, December 10, 2022

Reltio: Accelerating the Growth of Modern Data Management

It has been nearly a few decades since data became the heart of every business operation. Since then, data management has evolved with many legacy vendors in the space having existed since the late 1990s to early 2000s. Manish Sood laid the cornerstone of Reltio in 2011 to introduce a more modern way of managing data and accelerating the value of data. With that in mind, Reltio launched the industry’s first cloud-native SaaS platform in 2012 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 cloud-native SaaS platform built on the innovation of the highly scalable public cloud and big data infrastructure,” begins Sood, Founder and CTO, Reltio.

The data challenges and complexity of the digital environment are growing at an unprecedented rate. For the Life Sciences professionals in particular, it’s crucial to understand and manage complex, dynamic healthcare professional (HCP) and healthcare organization (HCO) affiliation networks. These companies need easy access to the most current and connected data about HCOs, HCPs, payers and patients, including their relationships, interactions, treatments, and more. However, too many Life Sciences organizations are stuck with legacy master data management (MDM) systems that only compound the complexity, leaving organizations without the business agility, enterprise-scale, and insight-ready data needed to bring big ideas to life. This is exactly where Reltio fits in. According to the founder, “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.”

Reltio is widely accepted and adopted by customers across the three key areas of the Life Sciences business. Sales and Marketing teams can harness the potential of Reltio for information management for HCO, HCP, patient and product data. When it comes to the healthcare space, Reltio can be used in clinical trials for applications where the information managed is for sites, investigators, and patients to accelerate clinical trials with data. It can also be used for the management of information surrounding drugs, compounds, substances, finished products, and for researchers who work on bringing these products to market.

As customer data exists in multiple systems and applications, across touchpoints and across go-to-market approaches that are different for HCPs, HCOs and patients, geographies, and product lines, duplicates and discrepancies are unavoidable. This results in disconnected and poor experiences. Reltio can solve this problem by unifying multi-source, complex data into a single source of trusted information. With the Reltio platform, companies effectively manage the data needed, whether it originated in internal applications, third-party data feeds, omnichannel transactions, or interactions. “We deliver the capabilities needed to manage all HCP, HCO, product and patient data,” explains Sood.

Creating a Unified Data View

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.

Reltio Connected Data Platform reduces risk by providing a holistic, real-time and actionable understanding of HCO, HCP, patient and product information by building a single source of truth for this data. This is achieved by aggregating all structured and unstructured data (including interactions and transactions) from all sources across the organization. It further enriches the profiles by uncovering relationships among people, products, organizations, and places. With this unified customer information, companies can deliver hyper-personalized engagement across all omnichannel touchpoints and improve sales effectiveness, ultimately keeping customers happy and increasing revenue. Using complete, accurate, and detailed product information, marketing teams can successfully execute product launches, perform pricing analysis and manage compliance reporting. With Reltio, customers can audit data and access and manage communication preferences. This simpliflies compliance with FDA and HIPAA regulations, and enhances transparency reporting requirements as well as emerging privacy laws.

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 graph data store has been specifically designed for the agile, modern enterprise. This data store enables Pharma and Life Sciences 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 combines data generated through transactions as well as machine-generated data. The platform maintains ongoing insights from new relationships and is not constrained by instances.

Enhancing Operational Efficiency

Today, Chief Data Officers, Chief Information Officers, as well as commercial, medical, and brand leaders at innovative life sciences organizations trust Reltio. To contend with these industry challenges, eight of the top 10 global Life Sciences companies manage their healthcare provider (HCP) and healthcare organization (HCO) data with the Reltio Connected Data Platform. The platform delivers the real-time, operational data these companies need to simplify complexities and power its key initiatives. An instance that cements Reltio’s value proposition is when the company 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.

Under the leadership of Sood, Reltio envisions to achieve new heights in the upcoming years. As part of its expansion plan, 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. “At Reltio, we’re constantly looking into the future in order to develop and provide the most innovative solutions. We predict 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 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:
“Reltio was the first vendor to introduce a cloud-native SaaS platform built on the innovation of the highly scalable public cloud and big data infrastructure.”

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