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Introduction
The business selected is the American company Reltio, founded in 2011 and located in Redwood City, CA. It is quite large, as it employs 391 workers, and its funding is estimated around $117 (Brous and Janssen, 2020). They provide services for analyzing and providing recommendations for working with corporate data using cloud storage to ensure data quality. Their market is cloud platforms that provide unified data management across the entire IT infrastructure. Their target is organizations that generate a large amount of corporate data.
Their competitive advantages of the Reltio company are the selection and implementation of the most cost-effective data storage options with guaranteed maximum confidentiality. The services have likely emerged successfully and accepted by the market due to the management theory prescribing the structuring of a large amount of data, which is most convenient to implement using a cloud platform (Brous and Janssen, 2020). They provide those services online by connecting via remote access to the client’s system which allows them to work with organizations across America and beyond.
Speaking about the Reltio company, it is necessary to give a specific background in which economic sector it is generally involved. The experience economy is a sort of economics in which a wide range of goods and services are marketed based on their impact on people’s lives. Because experiences are more remembered than goods, most individuals choose to spend more money on them in today’s world. Since these experiences have become the product, most organisations are now motivated to create authentic moments for their clients. As a result, customer-centricity and involvement are promoted to give the most satisfactory services available to clients. Apple, for example, has built its business on providing people throughout the world with simple adventures. Individuals may listen to music, watch movies, and browse other information in a cohesive environment with ease. Modern technology industrial companies, such as Reltio, have played a critical role in boosting the experience economy.
A robust foundation of linked customer data that helps firms keep informed on continuously changing consumer and corporate demands are required for an exceptional experience. The information reveals their demographics, intent, purchasing habits, and preferences. Data from external and internal platforms must be gathered and utilised in decision-making in order to generate concrete consumer profiles (Brous and Janssen, 2020). Many businesses have adopted Reltio as a significant source of contemporary data management and organising technologies. Because it is built on a more sophisticated cloud, this technology has aided enterprises in addressing their analytical, operational, and regulatory needs (Bouncken, Kraus and Roig-Tierno, 2019). Customers who are highly demanding and technologically sophisticated desire convenience and quickness, and a feeling of personal interaction.
Based on the above information, positive customer connection is the key to meeting these high consumer expectations and retaining their loyalty. This innovative technology analyses and shares the connections between consumers, places, services, goods, and transaction and interaction data across all customer-facing and cloud environments (Bejakovic and Mrnjavac, 2020). To decrease data fragmentation and increase speed, Retlio is working with a number of clients in a variety of market arrangements. During the last pandemic, technology was fundamental since it allowed people to share their experiences across a wide range of consumption categories (Baiyere, Salmela and Tapanainen, 2020). As a result, having a well-thought-out and interconnected consumer data strategy is no longer optional. It should be a key focus for business owners who want to achieve considerable long-term success.
Digital Disruption Analysis (Impact of the Emerging Technology)
According to the theory of data warehouse architecture, emphasizing the advantages of mass parallel processing, the impacts of the emerging cloud technology disrupt the current industries of traditional data processing (Bejakovic and Mrnjavac, 2020). The potential digital disruption in the future is likely to be associated with the possibility of corporate data leakage as a result of the development of cloud storage by cybercriminals. The digital disruption innovation can engage with existing market or create a new market by developing new software designed to protect cloud data. The company markets their value to their consumers by providing them with the highest level of data privacy currently available. The best way to respond to the challenges and opportunities that disruption offers consists in the integration of modern data protection technologies.
Cost-Benefit Analysis
Cost-benefit analysis shows that the benefits exceed costs by three times, and their ratio is reflected in Diagram 1 (Bejakovic and Mrnjavac, 2020). Costs are associated with the work of employees, however, due to the fact that most of them work remotely and do not require additional equipment to work, the percentage of net earnings is quite high.
Challenges and Opportunities in Future
Table 1 provides an additional analysis of the factors affecting the reliability of Reltio.
Table 1
The implication of the analysis will contribute to the development of the company’s economy, both on a local and global scale. At the same time, the costs will be minimal, and significant growth will be provided. As a result of the implication of the findings, Reltio will receive opportunities for economic transformation, which contributes to the formation of a healthy competitive environment among companies working with cloud storage.
Businesses must be able to handle shifting client demands due to the complexity of the dynamic nature of various external sources. Reltio’s success highlights the importance of big data in launching a new product. A qualitative research employing a case study approach to assess the market is crucial, as evidenced by the company’s performance (Cozzolino, Verona and Rothaermel, 2018). For example, using big data analytics, it was possible to understand better customer flexibility for a new product’s success in numerous scenarios. The findings of this sort of study indicate the relevance of client flexibility in a new product’s success.
The business investigates the link between data aggregation tool efficacy, data analysis tool efficacy, and client flexibility. In addition, the business investigates the link between all of these characteristics and the success of a new product (Brous and Janssen, 2020). Customer agility, according to Reltio, is the result of outstanding data collecting and analysis technology, which explains how a firm detects and responds to innovation possibilities in a competitive marketing environment (Brous and Janssen, 2020). For example, the experience economy pervades tourism ideology, influencing how we connect with tourism and how people consume it. They seek to add variety to their life by trying new things and participating in activities that promote self-improvement, enjoyment, and rejuvenation.
So much of people’s buying decisions are based on a need to accumulate “stories”: fresh experiences are sought to develop memories, identities, and social capital stores. As a result, customers might be thought of as adventurers (Bejaković and Mrnjavac, 2020). Consumers may exhibit a continuous stream of events on Snapchat and Instagram stories, where the prosaic or daily sits easily alongside flashier, performative material. Shareability and good storey fodder are more valuable than material value here.
Sharing every occasion with friends and followers appears to have surpassed living in the moment, from elegantly prepared restaurant meals to music events. The experience economy’s ephemerality is likewise an ordinary appeal (Bejaković and Mrnjavac, 2020). Furthermore, the most luxurious experiences skillfully generate even more buzz by avoiding social media entirely – albeit shareability and status-boosting are still important. Consumers, on the other hand, like the feeling of discovering something really unique and are more inclined to spread the news through word-of-mouth marketing. Those with the wherewithal to enter the industry might expect their experiences – in-store, on vacation, online — to be superior to those accessible to the general public.
Customers throughout the world continue to enjoy the convenience and consistency afforded by mass production. The authentic-seeking mentality has been coined to describe the desire many customers have for products, services, and experiences that are imbued with a natural feeling of authenticity. Authentic searchers seek for authentic and unique experiences that are not tainted by impurity or falsification. The genuine seeker is someone who appreciates discovering things or experiences with apparent ties to a specific location, period, or culture — those that are handmade, one-of-a-kind, and have an essential backstory.
Consumers regard their leisure time, whether at home or outside, as a source of enjoyment and escape. Nonetheless, many people have developed a desire for self-improvement in their spare time, as though they want to do more than have holidays (Bejaković and Mrnjavac, 2020). Moreover, this was not expected to alter in the near future; the value which was placed on basic pleasures is not diminishing in any way. For some, though, the idea of leisure time has grown to include a more nuanced and complicated set of needs.
When it comes to the market’s future, Augmented Reality, or AR, is obviously in the lead. This technology may be used for educational, aesthetic, escapist, and recreational purposes. The findings reveal that the four areas of experience economy have an impact on visitor pleasure and recall, as well as the desire to interact with science research during science festivals (Bejaković and Mrnjavac, 2020). Theoretical contributions are given and explored, as well as practical ramifications.
The new Reltio Cloud connection and technology choices have greatly aided business owners in making educated decisions that require ongoing consumer involvement. Due to the securely designed customer databases, it has become easier to get essential data in a short period of time (tom Dieck, Jung and Rauschnabel, 2018). The data loader, modeller, and workflow inbox are all cloud innovations that keep businesses well-equipped (tom Dieck, Jung and Rauschnabel, 2018). By making data available in real-time, Reltio has assisted in increasing productivity and lowering expenses.
Employees at firms have been more vigilant in offering outstanding client experiences as a result of their successful usage of Retlio, which has helped the organisation accomplish its goals. Furthermore, compliance and security issues have decreased since this current master data management trend has made record backup easier (tom Dieck, Jung and Rauschnabel, 2018). The supply chain has been better visualised, and operations have been made more efficient by breaking down corporate silos (Haddud and Bienhaus, 2018). However, the most significant disadvantage of this technology is that it is costly to deploy and maintain, and as a result, some businesses are unable to keep up with it.
In the experience economy, as opposed to the service economy, industry income grows in proportion to how much customers appreciate their experience. Understanding the experience economy from many perspectives is crucial. It may be done primarily by looking at how customers perceive monetary value variations between experience and service and perceive gain and loss values in the same experienced component (Bienhaus and Haddud, 2018). According to the present market condition, consumers still consider the service business to be more significant than the experience industry. However, because the loss values of experience are more significant than the gain values, it is critical to persuade customers not to miss out on future experienced purchasing opportunities.
Clients can really unleash the value of consumer data for the experience economy sector using the company’s contemporary data platform, which gives their organisation incredible agility. Reltio Connected Data Platform enables 1000s of users in real-time operations out of the box. The Reltio Connected Data Platform is a SaaS data management platform with graph technology and machine learning built on cloud-native, significant data architecture (Hajli, Tajvidi, Gbadamosi and Nadeem, 2020). All this speaks of a qualitatively better future for Reltio Cloud. Given the fact that the company collects and analyses information for the experience economy, in the future, the market will develop in this area of high technology (Chang, 2018). For the latter, which is entirely rational, a high level of information infrastructure is also required, which is what Reltio provides (Bienhaus and Haddud, 2018). Reltio offers a unique technique that allows work teams to break free from the confines of clients’ current systems and design a data strategy for the future.
Conclusion
The possibilities of using cloud storage technologies and usage recommendations provided by Reltio are a productive solution for a business that generates a large amount of data. Using The Reltio Connected Data Platform, users may collect, refine, reconcile, and link data from hundreds of sources. It enables the creation of Linked Data Platform Profiles, which provide a trustworthy, wealthy, and connected perspective of consumers while reducing data administration. Therefore, the services provided by Reltio can provide advantages such as a higher degree of manageability, economic efficiency and good customization.
Reference List
Baiyere, A., Salmela, H. and Tapanainen, T. (2020) ‘Digital transformation and the new logics of business process management’, European Journal of Information Systems, 29(3), pp. 238-259.
Bejaković, P. and Mrnjavac, Ž. (2020) ‘The importance of digital literacy on the labour market’, Employee Relations: The International Journal, 42(4), pp. 921-932.
Bienhaus, F. and Haddud, A. (2018) ‘Procurement 4.0: factors influencing the digitisation of procurement and supply chains’, Business Process Management Journal, 24(4), pp. 965-984.
Bouncken, R., Kraus, S. and Roig-Tierno, N. (2019) ‘Knowledge- and innovation-based business models for future growth: digitalized business models and portfolio considerations’, Review of Managerial Science. 15(1), pp. 1-14.
Brous, P. and Janssen, M. (2020) ‘Trusted decision-making: Data governance for creating trust in data science decision outcomes’, Administrative Sciences, 10(4), p. 81.
Chang, S. (2018) ‘Experience economy in hospitality and tourism: Gain and loss values for service and experience’, Tourism Management, 64, pp. 55-63.
Cozzolino, A., Verona, G. and Rothaermel, F. (2018) ‘Unpacking the disruption process: New technology, business models, and incumbent adaptation’, Journal of Management Studies, 55(7), pp. 1166-1202.
Hajli, N., Tajvidi, M., Gbadamosi, A. and Nadeem, W. (2020) ‘Understanding market agility for new product success with big data analytics’, Industrial Marketing Management, 86, pp. 135-143.
Lai, I., Liu, Y. and Lu, D., 2021. ‘The effects of tourists’ destination culinary experience on electronic word-of-mouth generation intention: the experience economy theory’, Asia Pacific Journal of Tourism Research, 26(3), pp. 231-244.
Dieck, M., Jung, T. and Rauschnabel, P. (2018) ‘Determining visitor engagement through augmented reality at science festivals: An experience economy perspective’, Computers in Human Behavior, 82, pp. 44-53.
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