Data today in businesses is exalted. Every sector today is not just diving into the pool of perennial growing data but wants to make the best out of it; hence Data Analytics, Big Data, Artificial Intelligence, Machine Learning and Cognitive Technologies are the promising leaders in the IT budgets of a business.
Luc Burgelman, CEO, NGDATA, has recently been on a data-driven acquisition spree. The company believes to rapidly grow its capabilities, functionality and global presence through the periphery of ‘Data’.
In an exclusive interview, Luc Burgelman, CEO of NGDATA deciphers the potential of today’s hot technologies and constitutes NGDATA’s transition and strategies towards this ‘Data-Driven’ customer demand. Edited Excerpts.
- The company has lately been on an acquisition spree wherein all the acquisitions diligently focused on data and real-time analytics. What are the rationales behind these strategic acquisitions?
To be successful in today’s data-driven world, organizations need a customer-centric approach in order to build their business around the needs, preferences and intents of customers on an ongoing basis. The need for companies to become truly customer-centric is becoming more critical. NGDATA is building an ecosystem to help companies develop, deploy and execute data-driven strategies. The acquisitions are allowing NGDATA to rapidly grow its capabilities, functionality and global presence to allow companies worldwide to benefit from access to top data-focused talent and expanded industry expertise to drive more connected customer experiences.
- What is key product portfolio of NGDATA and primarily which sectors do your solutions focus?
NGDATA helps data-rich companies in financial services, media/publishing and telecom drive connected experiences. The company’s next generation customer data platform, Lily Enterprise™, puts individuals at the center of every business via Lily’s Customer DNA, which continuously learns from behavior to deliver compelling experiences for enterprises.
- Can u share an anecdote on your prime solution Lily Enterprise? And what other solutions is the company leveraging today in the market?
Large companies are busy with data analysis on a daily basis. However, the issue lies in the fact that this data is often not centralized. For example, with banks that are currently among our largest clients, we see that there is very diverse data generated through their customer relationships. Their customers use websites, mobile apps, software, ATMs, etc. Banks are increasingly struggling to collect all that data, to analyze it effectively, and to optimize their programs and processes through those results. Data is growing faster on a global basis. This is faster than humans are able to analyze. That’s a real problem that we are focused on solving.
Lily Enterprise is a next-generation customer data platform that empowers businesses seeking greater customer lifetime value to drive continuous, real-time actionable insights for increased customer loyalty and revenues through a combination of interactive big data management, machine learning, real-time behavioral scoring and preference understanding capabilities.
- Why should today’s businesses adopt customer data platforms over other data platforms or enterprise-wide data warehouses? And how can a business make the best out of a CDP platform?
The most recent technological development changing the customer experience is the dawn of the big data era in conjunction with advancements in mobile, personalization and real-time analytics and artificial intelligence (AI). These changes and the digital transformations they enable are helping companies catch up and finally deliver on that powerful combination of personal touch, convenience and added value. Never before have companies had the access and ability to analyze the massive amounts of data generated by their relationships with consumers.
NGDATA delivers Lily Enterprise, a next-generation customer data platform. More than a CDP, Lily Enterprise creates a unified and full data density database of customer profiles that generates real-time AI-driven insight and decisions, and detects opportunities. It is connected within the CX technology ecosystem and drives a truly connected and integrated brand experience for customers.
The Lily Enterprise next-generation CDP has the smarts to understand, decide and detect with the illusion of a personalized relationship. A next-generation CDP learns with every interaction, and becomes constantly smarter about the customer and their individual needs without the need for human intervention. It allows marketers to respond to every customer with context and relevancy – immediately.
- India market has tremendous potential as it’s witnessing digital transformation across all sectors? Are there any plans to sweep through the Indian market and what will be your key focus in this market?
We will be continuing to do the good work through our recent Eccella acquisition.
- What is the business model of the company and how strong is your partner ecosystem?
NGDATA markets and sells directly and through a strong partner community. NGDATA believes in the power of partnerships to extend its reach and to deliver on the most comprehensive next-generation customer data platform to deliver more relevant customer experiences. Our partnership ecosystem consists of strong, effective and growing referral, co-sales, reselling and technology partnerships.
- To the global scenario, what is the key technology focus of the company and what major expansion is the company planning across new markets?
NGDATA will continue to build out its next-generation CDP, Lily Enterprise, and the ecosystem that surrounds it. With the recent acquisition of Eccella, along with customer adoption, NGDATA will continue to build its business in the Americas, Europe and AsiaPac.
- What has defined NGDATA’s success journey and what are the key USPs of your product portfolio?
In a world of increasing customer choice and decreasing barriers to switch brands, adding value to customers’ lives is crucial for organizations wanting to forge lasting customer relationships. This drives the need to engage customers in a relevant and timely manner at every stage of the customer journey. NGDATA has delivered and continues to deliver solutions to address these needs by delivering customer DNA down to the atomic level. Lily Enterprise:
- People-based – delivering customer DNA down to the atomic level
- Has fully data density – centralizing data from across multiple silos and sources
- AI-driven with the smarts to understand and respond, humanizing the customer experience
- Real-time for immediate interaction readiness
- Delivering seamless and connected experiences regardless of device or channel, in both the digital and physical world.
- What is the course of NGDATA’s growth in each fiscal year and what have been the key drivers for this impressive growth figures?
NGDATA experienced record growth with a 70% increase in revenues in 2016, and continues at a pace of 35% quarter over quarter product growth.
- Today, businesses have to store Petabyte or Exabyte data, extracted from various online and offline sources, to conduct their daily business. Understanding the data and its impact on the business is the real challenge faced by any Big Data tester. How does NGDATA diagnose these kinds of challenges?
Before companies can make data work for them, they need to clearly articulate exactly what it is they want it to do. NGDATA helps companies clarify their primary and early quick wins. As simple as “win new customers,” “increase customer lifetime value”, or as tactical as “deliver the most relevant banner advertising.” Understanding what needs to be accomplished before starting is critical. Additionally, NGDATA has been successful in delivering value at a fast pace, generating actual results within 4-6 months. Having assisted companies in determining their most effective use cases and creating a clear path and solution to gain quick wins combine to deliver significant value, quickly.
- Analytics can be said as ubiquitous today across businesses and is sought to become ‘Big’ in 2017. What key digital trends do you think businesses will undergo and which Analytical tools will be more impressive?
The market for data-driven insights is growing quickly. According to Wikibon, big data and business analytics worldwide revenues will grow from nearly $122B in 2015 to more than $187B in 2019, an increase of more than 50% over the five-year forecast period. According to Gartner, the market for prescriptive analytics software is estimated to grow from approximately $415M in 2014 to $1.1B in 2019. Gartner also predicts that by 2020, predictive and prescriptive analytics will attract 40% of enterprises’ net new investment in business intelligence and analytics. Next-generation customer data platforms are the tool to deliver on the customer centricity opportunity.
- Lastly, what key announcement is expected from NGDATA in this fiscal year?
We have a lot of interesting plans and ambitions for NGDATA. We will continue to make progress toward assisting companies to gain greater customer centricity. In doing so, we’ll make announcements around key customers, product and activities throughout the year.