As big data becomes even more accessible, CTO of business optimisation platform Domo Daren Thayne believes businesses have become complacent and need to readjust expectations when it comes to collecting, storing, and gaining insights into its data.
According to Thayne, demanding access to real-time data is not unreasonable and should be considered a must-have -- and not just for marketing departments and retailers.
"If you want to be able to make decisions about your business, if you have a campaign that you're running on your website, and your inventory is reaching a low level, you want to be able to respond to that in real-time and modify your campaign," Thayne told ZDNet.
"Really, real-time decision-making mode that some companies are in, having access to the data makes a difference."
Thayne said that in his experience, as soon as a business gets access to real-time data, it figures out pretty quickly how crucial instant information is.
Domo was born out of a problem the company's CEO Josh James had when he was CEO of web analytics company Omniture -- which he sold to Adobe in 2009 for a cost of $1.8 billion -- where he struggled with getting access to the data that he wanted in real-time.
After James sold Omniture, he decided he was going to create another company to go beyond marketing to really cover analytics by connecting people with data, so they can explore deeper and in near real-time, Thayne explained.
With some of the largest retailers in the world as customers, Thayne said that every single transactional detail from within a store is pushed into the Domo platform with a 15-minute delay.
"One of our customers started using Domo on a small platform and they described to me -- I think they have 800 people in their intelligence analytics department -- and they said, 'We have everything: We have Teradata, we have Hadoop, we have Tableau, we have SAS, we have everything'," he explained.
"Until they had Domo, they were not able to have transactional level detail -- which is almost 100 billion records of data. [Domo is] able to have that size of data and present it to end users in a way that they can drill down in real time."
Recently, the Utah-based company signed a deal with Express Locations, a retailer for T-Mobile USA, that has the organisation using the Domo Business Cloud and its integrated chat feature Buzz in a bid to improve sales performance across the company.
Similarly, Domo signed with Philadelphia-based Jefferson Health last year, which enabled the healthcare provider to improve the time it took for a patient to schedule an appointment. Since implementing Domo, Jefferson Health said it was able to take action to decrease the average time it took to get patients into chemotherapy from 22 days down to an average of three-and-a-half days.
"We see it much more than just artificial intelligence or business intelligence in the cloud -- it's a platform for connecting people and your data," Thayne said. "I'd use the analogy that having legacy business intelligence is like having four tyres whereas having Domo is a whole car."
Last month, Domo expanded into the Australian market, announcing it had gone live with Amazon Web Services (AWS) to allow local customers to store data within the country's borders.
"We are confident that with AWS, we will continue to meet the enterprise security, compliance, and privacy requirements of all Domo customers while maintaining the tremendous momentum in the region," Thayne concluded.