Despite the pandemic and economic uncertainty, customer data platform (CDP) growth is booming. In fact, data from Gartner (subscription required) predicts that by 2023, three-fourths of all customer databases will be on a cloud platform. To that end, Lytics, a customer data platform provider, has released a new product enabling users to copy data from the cloud to an operational system of record. The Portland, OR-based company, which has clients like Nestle, HBO and Atlassian, announced the release of Lytics Cloud Connect on Aug. 25.
This new extension to its existing CDP is a reverse ETL (extract, transform, load) that will allow IT departments, data analysts, and developers to run SQL queries directly from their data warehouse in segments without the need for moving data around. ETL is the process of moving data from an information storage system that is the system of record, such as Salesforce, Google or Oracle, to the cloud. Reverse ETL is the opposite, copying information from a data warehouse to a system of record.
“Cloud Connect is an important step forward in accelerating those who work with consumer data and drive brand marketing and ad buys, to move toward first-party behavioral data collection,” said James McDermott, CEO and Cofounder, Lytics.
This makes it easier to execute complex calculations, such as customer lifetime value estimates and to build custom models that for many organizations have been locked within cloud-based data warehouses. All of this means that customers can combine first-party data insights from their data warehouses with real-time recommendations. “Cloud Connect makes it very easy for Lytics customers to connect the customer data in their warehouses like Google Cloud Platform or Snowflake, more directly to action systems like Salesforce, Zendesk and hundreds of others. People need to start thinking about the CDP as a suite of tools that allows developers to query the data warehouse and combine those results with real-time behavioral insights with decisioning, to better engage users with relevant and personal experiences,” said McDermott.
With this rollout the company has changed the name of its platform to Lytics Decision Engine, previously known as Lytics Customer Data Platform.