Precisely has announced growing momentum for its Data Integrity Suite. Launched in June 2022, the Precisely Data Integrity Suite provides a comprehensive platform for customers to gain trust in and then enrich their data. Data is becoming even more critical in the age of AI, where poor data quality will lead to poor decision-making.
Gartner recently stated in its Hype Cycle for Emerging Technologies in Finance, 2023 report (Gartner Clients can access) by Mark D McDonald: “AI relies on data, and better data leads to more reliable AI solutions. Without automated support, validating massive volumes of data is impossible.”
Precisely has also added new partner certifications for the Data Integrity Suite in 2023. At Amazon re:Invent, it announced the Suite was Amazon Redshift ready. The company also joined the Open Map Foundation to help drive the Open Map data initiative. Organisations are now able to leverage the Data Integrity Suite across cloud environments. Products such as AWS Redshift, Databricks, and Snowflake, bring the ability to improve data quality closer to the analytics and AI engines.
With the Suite, organisations can natively run data integrity processes at scale within leading data cloud environments, including AWS Redshift, Databricks, and Snowflake, accelerating analytics where the data resides.
The Data Integrity Suite attracts
Customers such as Belfius Bank, Smiley Technologies, UK Power Networks, and Vantage Towers are all now leveraging the Data Integrity suite across cloud and hybrid architectures to improve the integrity of and trust in their data.
Precisley has added dozens of other customers over the last year who are taking advantage of the various modules and features that the Suite provides. These include data integration, data governance, and geo-addressing services. Launched with three modules originally, Precisely continues to extend the platform. Most recently, it added a new data quality service, an integrated data catalogue, new connectors and enhancements to the Data Observability capabilities.
The Suite now includes Data Integration, Data Quality, Data Governance, Data Observability, Geo Addressing, Spatial Analytics, and announced growing momentum for adoption of these services.
More than half of the sales it achieved in 2023 have been net new customers. That is impressive, considering the expansion its platform has delivered for existing customers. Customers are now using the platform to prepare the data to use cases such as AI, advanced analytics, and other high-value, data-driven initiatives to achieve greater operational efficiencies and improved business outcomes.
Eric Yau, Chief Operating Officer at Precisely, commented, “The strong customer momentum for the Data Integrity Suite confirms that it is essential to deliver cloud-native data integrity processing. There is a need for trusted data, and we’re here to solve the complexities for business and data teams alike. We have extensive expertise to provide a clear path for businesses focused on achieving faster insights and optimal efficiencies for their organisations.”
Enterprise Times asked Yau, where Precisely is seeing the greatest success in terms of growth by region and industry?
He replied, “The highest regional growth is in the US and EMEA, with emerging growth over the past 18 months in Australia/New Zealand and Singapore. High-growth industries include Insurance, Finance, Banking, Telecommunications, PropTech, Retail, Real Estate, Utilities, and Manufacturing.”
Extending beyond the Suite
While the Data Integrity Suite is Precisely’s core offering, the firm has a wide array of solutions to meet the needs of organisations worldwide. Enterpriseprise Times asked Yau about the momentum of the SAP capabilities it offers to help organisations with their RISE with SAP initiatives for migration to S/4HANA.
Yau replied, “The SAP market continues to be a vital segment of Precisely’s customer base. We are dedicated to consistently introducing innovations that enhance the SAP ecosystem, particularly with S/4HANA. This year, we’ve made significant advancements in assisting our customers to prepare their data for SAP S/4 migrations and implementations.
“Furthermore, customers are effectively employing the Data Integrity Suite today to bolster the discovery, governance, and trust of their data within SAP systems. And It offers the ability to establish data pipelines from SAP environments.”
At Trust ’23, Precisely also spoke about the importance of data enrichment and putting data in context. Josh Rogers, CEO of Precisely, stated, “Our mission is to help enterprises achieve data integrity data that is accurate, consistent, and contextualised so you can make more confident business decisions based on trusted data.”
Enterprise Times asked Yau, what customer adoption and what improvements have Precisely made for the data enrichment service since Trust ’23. He replied, “We have significantly improved the accessibility of our data enrichment portfolio within the Suite, streamlining access to enrichment products for easier use and integration. For instance, earlier this year, we integrated Precisely’s data enrichment portfolio into our data quality pipelines.
“This integration simplifies the process for users to choose enrichment attributes, such as property and risk data, directly within a data quality remediation flow. “
Customers
Customer advocacy is important, and Precisely has obtained some initial quotes from new customers about their experience.
The UK Power Networks, which provides power to a quarter of the UK’s population, hold data from Smart meters. It recently moved the data to Microsoft Azure. The Data Integrity Suite is important to its strategy.
Zachary Decent, Data Governance & Quality Manager, Enterprise Data Management at UK Power Networks, said, “In our ongoing commitment to make data easy to discover, understand and use reliably, we are procuring the Precisely Data Integrity Suite. This move signifies our dedication to fostering Data Best Practice principles, leveraging this platform to offer stakeholders an enriched experience through a comprehensive data catalogue, with clearly defined data responsibilities and robust quality monitoring mechanisms.”
Smiley Technologies Inc., a US-based provider of core banking software and services for community banks and financial institutions, has also deployed the Precisely Suite. Chris Raper, Chief Strategy Officer of Smiley Technologies Inc., said, “Smiley’s Analytics Services depend on a very high level of accuracy for address validation and location data. Leveraging Precisely Data Integrity Suite has allowed us to seamlessly integrate these services into our overall analytics solution supporting Community Banks.”
Enterprise Times: What does this mean
As a private company, Precisely does not always share financial details of its progress year to year. However, the Data Integrity Suite strategy seems to be working. The increasing importance of quality data and not just data, especially for use in modern AI systems, is a message that makes the Precisely solutions even more important.
The ability that Precisely has to put data into context is also key for organisations seeking to maximise the value of their data and differentiate from the competition. Organisations that are unsure of their data but power on with AI initiatives are more likely to get false insights and hallucinations.
AI cannot determine the validity of data in most cases, and human insight is often required. However, doing so manually with the vast amount of information available is impossible. The Precisely suite helps to automate the process, using AI where appropriate to build trust in data. Those results, both analytics and AI initiatives, can be used effectively to drive business value.
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