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Independent Research Reports Name Teradata a Leader in Customer Journey Analytics
Teradata announces new enhancements to its Customer Journey solution that empower marketers to act self-sufficiently on insights in real time, without assistance from IT
Teradata (NYSE: TDC), the leading data and analytics company, has been named a leader in Customer Journey Analytics in two Forrester WAVE reports – one for Visioning, and the other for Orchestration. Forrester is careful to emphasize that journey analytics is not a tool, but “an analytics practice that combines quantitative and qualitative data to analyze customer behaviors and motivations across touchpoints and over time to optimize customer interactions and predict future behavior.” The two reports are The Forrester Wave™: Customer Journey Analytics Visioning Platforms, Q3 2017 and The Forrester Wave™: Customer Journey Analytics Orchestration Platforms, Q3 2017.*
Per Forrester: “[The visioning platforms evaluation is] weighted heavier on journey design and planning (sharing maps and insights, creating current- and future-state maps, co-creation and ideation, and discovery of segments and personas)” and the orchestration platforms evaluation is “weighted heavier on journey automation and orchestration (workflow automation, journey orchestration, and integration).”
Forrester positioned Teradata as a leader in the two Waves, and noted it for “combine(ing) analytic data sources, databases, and data from real-time digital interactions to identify problems in the journey, size them, calculate the business value of fixing them, and orchestrate(ing) actions across teams, for large volumes of data.” Forrester notes that the Teradata platform “…integrates well with big data sources; has strong real-time analysis, real-time decisioning, and predictive capabilities; and, according to reference customers, focuses on simplification and reducing time to insights.”
“I believe that Forrester’s evaluation validates the good feedback we hear from our customers. They acknowledge our significant strengths in data integration, advanced analytics and multi-channel interaction management. Customer Journey Analytics has become the most important space for technology enablement as consumers shop diligently across channels and expect quick, precise responses,” said Chris Twogood, Senior Vice President, Marketing at Teradata. “In addition, we are introducing new functionality, which facilitates action based on deeper insights at higher speed – so opportunities can become business outcomes in minutes, not days.”
As these WAVE reports were published, Teradata announced new enhancements to its Customer Journey Program. The new capabilities augment many of Teradata’s existing assets identified in Forrester’s report, such as a centralized command center for faster access to business insights and the self-sufficiency to access and act on analytic insights in real time, without the need to engage technical resources.
New features include:
- Operationalizing Analytics to provide marketers quick access to analytic insights via dynamic visuals makes it easy to act on those insights in real time, without depending on data scientists or IT. Using graphical techniques, marketers can visualize the customer journey to better understand the most travelled paths and inflection points, and with simple point and click access, offer compelling interactions along the way.
- Open Analytics with “R” based Predictive Models allows data scientists to view the models used for real time decision arbitration, thereby proving them transparency into the decisioning process. This “open” approach to analytics increases confidence and therefore adoption of the self-learning models, freeing analytic resources for other analytic challenges.
- Centralized Marketing Command Center gives marketers a single point of access to real-time insights, allowing them to manage performance in a consistent manner across a variety of focus areas such as customer acquisition, growth, retention and customer experience. These metrics, enabled by underlying analytics, ensure standardization of KPIs across business units, and make it easier for marketers to pinpoint the reasons for, and areas of, poor ROI.
- General Data Protection Regulation (GDPR) Compliance to ensure Teradata’s Customer Journey clients are acquiescent with regulatory requirement in advance of the May 2018 deadline. GDPR requires that businesses must get, and be able to prove, customer consent before collecting their information. It also gives customers the right to data portability and the right to be forgotten. The new capability provides customer decision traceability and encryption of contact history for open, transparent records of marketing campaigns.
- Customer Journey “Everywhere” grants marketing organizations significant flexibility with their system architecture, deployment options and purchasing models. Existing or previous investments are protected from future disasters by allowing early, unrestricted portability of licenses from on-premises to public and private cloud options.
Teradata’s Customer Journey solution continues to improve scalability and performance of real time decisions to enable fast market entry and is available immediately, worldwide. Many of these new features are already included in the solution, while others become available this fall.
*-- Both reports were authored by Joana van den Brink-Quinilha, and Alex Causey.
Relevant News Links
- The Forrester Wave™: Customer Journey Analytics Visioning Platforms, Q3 2017
- The Forrester Wave™: Customer Journey Analytics Orchestration Platforms, Q3 2017
- Teradata to introduce the Edge of Next in Big Data Analytics, IoT and Cloud Technology at the upcoming Teradata PARTNERS Conference and EXPO