 | | Word of the Day |  | | Daily updates on the latest technology terms | November 15, 2019 | | | customer data platform | | A customer data platform (CDP) is a type of software application that provides a unified platform for customer information so it can be collected, viewed or accessed by other systems. A CDP unifies customer information in a central location so that it is accessible to marketing, sales, customer support and finance teams. It combines customer data from internal and external sources in a variety of formats, including structured and unstructured data, to create a single profile for each customer. Unlike a data warehouse that is developed and managed by an internal IT team, a CDP is packaged software or software as a service (SaaS) that is sold by a vendor. Because a CDP is commercial off-the-shelf (COTS) software, it is quicker to implement than an internally-sourced, custom development project. In addition to being able to handle queries like a regular database, CDP software can also include tools for data management and operations, along with ancillary features, such as analytics and reporting. Some CDP products include artificial intelligence (AI) and machine learning (ML) components in their feature sets. The term "customer data platform" was coined by marketing technology (martech) consultant, David Raab, in 2013. In a blog post, Raab defines customer data platform as any system that can gather customer data from multiple sources, identify when data is related to the same customer, perform predictive analytics using the database and use the results to make informative decisions surrounding marketing campaigns. | |  | "What marketers want is all their data in one place, accessible, to be shared by all their systems. Not just a shared customer ID, or a set of attributes applied to a cookie or some other identifier, but all the raw, gruesome details from all the different systems." - David Raab
| What are the differences between CRM, CDP and DMP platforms?
Sales and marketing terms are like alphabet soup, and the different acronyms can get confusing. Find out the difference between three major platforms: CRM, CDP and DMP. Microsoft CDP helps businesses unify customer data
Microsoft Dynamics 365 Customer Insights takes data from disparate sales, service and marketing systems to bring it all into one golden record of the customer. Adobe Experience Platform CDP adds marketer-friendly features
Adobe adds features for non-IT marketing users to more easily deploy the Adobe Experience Platform CDP. Photoshop-like layering tools for data sets, previewed earlier this year, go live. Small customer data platforms fend off big tech with service, features
With Microsoft, Oracle and Adobe releasing customer data platforms, to be followed by Salesforce and SAP, small CDPs defend their turf with more features, better service and pricing New tools add AI power to Teradata Vantage platform
Teradata unveiled Vantage Analyst and Customer experience, two new tools now part of the vendor's analytics platform, on Tuesday at its user conference in Denver. | For feedback about any of our definitions or to suggest a new definition, please contact us at: editor@whatIs.com | | FOLLOW US |   | About This E-Newsletter
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