Teradata Unifies IT, Marketing, and Customer Intelligence into Single CDP; Launches Vantage CX
Teradata Pushes the CDP Ecosystem with New ML-based Martech Offerings — Vantage Customer Experience and Vantage Analyst
Global provider of Cloud and RDBMS solutions, Teradata has leaped into the vastly disruptive ecosystem of Marketing Technologies. This week, the Cloud analytics company announced the commercial availability of a new customer data platform (CDP) and advanced analytics for the business analysts. The new CDP offerings include Vantage Customer Experience and Vantage Analyst. Known for delivering Pervasive Data Intelligence, Teradata is providing Vantage Customer Experience (CX) to transform the customer experience at the world’s most innovative data-driven companies.
At the time of this announcement, Reema Poddar, Chief Development Officer at Teradata stated,
While Teradata has long been the consistent, recognized leader in data management and analytics, business users sometimes leverage their own systems for customer analysis because of the need for control and to take advantage of a user experience that is aligned with their own skills and processes. This limits their ability to deliver a connected customer experience across channels and departments.”
What are CDPs?
Gartner defines a Customer Data Platform as “a marketing system that unifies a company’s customer data from marketing and other channels to enable customer modeling and optimize the timing and targeting of messages and offers.”
A CDP should be able to do these for the marketing team–
- Customer Data Collection
- Profile Unification
- Data Activation
- Visualization and Analytics
A CDP could tie in with a traditional CRM, Marketing Automation, Customer Intelligence, and ABM tools, depending on what kind of martech stack the CMO currently owns.
What is Vantage Customer Experience (CX)?
Teradata’s CDP is designed to help brands deliver relevant, personalized experiences in real-time, across all interactions. Vantage CX would drive incremental revenue and lower the cost-to-serve.
In addition, Vantage CX builds upon the capabilities of Vantage, so organizations can focus on customer growth, retention, satisfaction and increasing revenue from customer acquisition, rather than managing IT infrastructure. Delivering a superior customer experience is the top priority for customer-centric organizations, yet many actually struggle to gain a complete view of customer interactions that span multiple touchpoints and departments.
With the ever-growing numbers of marketing technology (martech) tools and customer engagement systems creating more analytic silos, additional challenges arise in sensing and reacting to customer opportunities and pain points. This means businesses cannot explicitly personalize customer interactions in a timely manner.
Reema added, “Vantage Customer Experience provides Marketing and CX professionals with a best-in-class, tailored experience, using Vantage as an enterprise customer data platform, to ensure they have the autonomy and ease-of-use they need to integrate, analyze and activate customer data.”
Vantage CX overcomes the resulting complexity through a unified view of the customer, easy-to-use advanced analytics that turns data into customer insights, and orchestrated messages across martech tools and customer engagement systems to turn insights into actions.
Teradata also announced today Vantage Analyst: a set of capabilities for Vantage customers that empower business analysts to perform machine learning and advanced analytics that were previously the domain of data scientists. With support from Vantage Analyst, the business analyst can run complex analytics with point-and-click simplicity – at the enterprise-scale, in the Cloud. This simplified approach enables them to leverage multiple data sources and quickly iterate their analytics to discover business-changing insights. In addition to dramatically increasing employee efficiency and thus improving overall organizational agility, Vantage Analyst promotes customers’ increased focus on the analytic insights that lead to answers.
Vantage Customer Experience is in limited availability, with general commercial availability in Q1 2020. Vantage Analyst is available today with additional features by year end, 2019.
How Could Chief Marketing Officers Benefit from Teradata CDP?
The answer comes from Teradata’s CMO – Martyn Etherington.
Martyn explained that most CMOs, irrespective of the industry they serve in, have only one top priority — to deliver optimized experiences, at the speed customers expect. But with the ever-increasing complexity of a fractured digital landscape including proliferating martech stacks, new customer data sources, and multiple customer touchpoints – this has become progressively more challenging.”
According to Martyn, Vantage CX addresses this by putting more data, powerful analytics and the ability to take timely action in the hands of marketers.”
Vantage Customer Experience Key Differentiators
- A True Unification of Customer Data: Only Vantage CX enables IT and Marketing professionals to collaborate to achieve the previously elusive 360-degree view of the customer. Vantage CX is built for citizen data integrators who demand the agility to experiment and capitalize on rapidly depreciating data. Unlike other customer data platforms in the market that only create another departmental silo, the foundation of Vantage CX is based on enterprise governance, scale, reliability and security provisioned by IT expert data integrators with Vantage.
- Turning Customer Data into Customer Insight: Enterprises have the opportunity to drive increased revenue and lower cost across thousands of daily opportunities if they can sense and react to all the data at their disposal. Scaling an enterprise CX initiative requires putting powerful analytics in the hands of those with business acumen and the remit to implement customer-facing programs. There is no coding required for marketers and CX professionals to leverage intuitive advanced analytics in Teradata Vantage, including Path for understanding the customer journey, Text for sentiment analysis, Cluster for hyper-segmentation, and Machine Learning to optimize the next best offer.
- Turning Insights into Action: Vantage CX enables CX professionals to turn insights into actions, giving them the tools to seamlessly operationalize insights across any channel in real-time. Data insights are actionable by simply selecting customers from a variety of visualizations. Teradata’s previous capabilities around Customer Interaction Management (CIM) to coordinate cross-channel communications and Real-Time Interaction Manager (RTIM), which uses machine learning to analyze real-time customer events in the context of past behaviors to accurately predict next best offers, have been modernized for the cloud and deployed as one fully integrated application.
What is Vantage Analyst?
With Vantage Analyst, in addition to providing an integrated data and analytics environment that delivers cross-functional analytics at scale, Teradata Vantage now enables rapid self-service discovery and machine learning across multiple data sources and types, leading to faster and richer insights, and better business outcomes.
“As our customers look to increase their speed-to-value through faster and improved business processes, powered by analytic insights, the demand for business analysts with expanded skill sets in data science and advanced analytics will continue to increase,” added Poddar.
Reema added, “Currently, business analysts lack the tools needed for self-service data loading, discovery, machine learning and other advanced analytics. Teradata – the only company to fill this gap – now offers Vantage Analyst in the cloud to make it simple for business analysts to perform guided data science analytics without having to write a single line of code.”
Vantage Analyst also visualizes hidden associations and patterns in the data, helping business analysts discover new actionable business opportunities. As a result, Vantage Analyst, combined with Teradata Vantage’s powerful analytic engines, makes it possible to perform quick iteration and hypotheses testing that increase the proportion of business analysts’ time spent on finding valuable business-changing insights.
What Makes Vantage Analyst Unique in Martech?
- Machine Learning with no coding: Vantage Analyst lets business analysts perform complex analyses without having to know or do coding.
- Effortless and Interactive Machine Learning Visualizations: Vantage Analyst enables seamless integration between user interfaces, machine learning functions, and domain-specific visualization techniques (e.g. Sankey diagrams, word clouds).
- Self-service Discovery: Business analysts now have access to rapid self-service data loading for frictionless analysis of new non-integrated data.
- Modularized Process Workflow: Vantage Analyst’s Workflow speeds the process of analytics development by providing point-and-click automation of repeatable tasks.
- Seamless Sharing and Repeatability: Business analysts can now reuse process workflows from discovery to production, and share and reuse the proven analytic processes, best practices and results.
Key Features of Vantage Analyst
- Path – Discover actionable insights in a series of behaviors or events.
- Text – Discover patterns (e.g. sentiments) and trends in text-based data.
- Cluster – Segment data (e.g. customers) based on characteristics.
- Lab – Self-service environment for rapid exploration and experimentation of new data and analytics.
- Model – Build, train and evaluate predictive models to maximize business value.
- Workflow – Quickly automate analytic workflow to create repeatable and operationalized process.
Currently, Vantage Analyst is available today with Path, Model, Workflow and Lab. Text and Cluster will be available late Q4 2019. Vantage Analyst is included in the Vantage software license.
These are the top providers of CDP with CX software
- Tealium, Lytics
- Selligent Marketing Cloud
- Arm Treasure Data
- Mobius Solutions
To follow more CDPs, read our MarTech RADAR 2019.