RedPoint Global has announced new capabilities for its Customer Data Platform aimed at providing business users with "data stewardship" for real-time customer insights and actions.
RedPoint Global's Customer Data Platform (CDP) combines automated master customer data and advanced matching algorithms. New Master Data Management (MDM) capabilities announced today are designed to allow business users to manage changes to data and compare new and old data.
"We're enabling business users to have access to data because they're the ones who know the most about their data, whether they're engaging customers through CRM, call centers or applications in a store," RedPoint Global CEO Dale Renner said.
Renner referred to this as on-the-spot data, where users get access to the "most complete data" for real-time insights.
The new capabilities come a few months after RedPoint Global released a solution to help organizations improve customer engagement.Called the Customer Engagement Hub, it integrated data from structured and unstructured environments, applied machine learning to customer analytics and was aimed at helping marketers orchestrate interactions with customers.
This release today includes:
- Integration with existing applications through pre-built APIs (REST-based web services): They integrate viewing, changing and controlling master data into existing apps (such as call center, product fulfillment and onboarding solutions)
- Views of changes to data lineage: Versioned, dated and user-tagged view of changes to the customer master data, including an audit trail and view of older data at the record level
- Control of workflow management: Includes browser-based UI and business processes.
A 'Golden Record' of Customer Data
Today's updates are aimed at providing marketers and business users with a "golden record" of customer data, as Renner calls it.
"Some people call it a single view of the customer or a 360-degree view," Renner told CMSWire. "It's about the golden record. It's gold — all the data about a customer you need to have in order to use in all interactions with that customer. You operationalize that data and operationalize analytics data in driving decisions. Our analytics layer allows you to create the next-best action regardless where you're interacting with the customer."
The Growing CDP Market
RedPoint is one of the companies on the radar of David Raab's Customer Data Platform (CDP) market research. Raab coined the CDP terminology three years ago. His company predicted the CDP market would reach $1 billion by 2019 after analyzing 27 CDP vendors that collectively generated more than $300 million in revenue in 2016.
The finding is part of a new Customer Data Platform Industry Profile report, released by the Customer Data Platform Institute. The institute is a vendor-driven trade association established to educate marketers and marketing technologists about CDPs created late last year.