Treasure Data Korea Managing Director Ko Young-hyuk. He has proactively promoted the company’s customer data platform (CDP) product, the latest enterprise customer data platform. Photo courtesy of Treasure Data Korea

Data science improves corporate understanding of customers

The more any company knows about its customers, the better it will be able to meet their needs and wants. Then, the outfit will be sure to survive and thrive.

The thing is how it can better understand customer’s deep-down motivation and complaints. And Treasure Data says that customer data platform (CDP) is the answer.

Treasure Data Korea Managing Director Ko Young-hyuk said that CDP is the latest and best enterprise customer data platform geared toward helping corporations comprehend existing and prospective clients.

“CDP is powered by data gathered from multiple sources, which is then processed to create a single customer profile. This structured data is the perfect fit for marketers,” Ko said in a recent interview with Korea News Plus.

“Treasure Data is the pioneer and leader in CDP. Just like many global companies, a mounting number of Korean entities are contacting us to take advantage of our product.”

CDP is an advanced form of a corporate tool compared to conventional systems like customer relationship management (CRM) or data management platform (DMP).

The former was primarily aimed at managing interactions with clients, while the latter was designed to support advertising by targeting relevant audience groups.

Critics point out that the two tools overpromised as optimal customer data platforms but ended up underdelivering.

“Many have attempted to see data more holistically, and less siloed. But both CRM and DMP were not good enough to achieve the goal,” Ko said.

“CDP is different because it ingests data from first-party, second-party, and third-party sources, including personally identifiable information like email address, phone number, and name. Hence, CDP offers a very useful tool to marketers, who want to provide tailor-made experiences for customers.”

Ko said that Treasure Data’s CDP product enables data-driven solutions, which makes customer data accessible to the right people at the right time.

“A few years ago, big global companies in the data science business did not expect that CDP would gain traction like this. Now, they are trying to jump on the bandwagon,” he said.

“In Korea, we are working for many big companies, which want to set up their own CDP system. Although we cannot disclose them now, you will learn who they are in the not-so-distant future.”

Indeed, such outfits as Oracle, Adobe, and Salesforce came up with their CDP products.

Treasure Data is an affiliate of ARM, a British company that designs semiconductors and software. The Cambridge-headquartered outfit acquired Treasure Data in 2018.

Included in Treasure Data’s customers are such multinational powerhouses as AB InBev, a drink and brewing company, and cosmetics brand Shiseido.