Press Release (ePRNews.com) - SAN FRANCISCO - May 05, 2020 - The software startup Syncari has pioneered a “third way” to manage enterprise data. It circumvents the shortcomings of previous technologies to allow businesses one pane of glass with which to enforce data quality throughout the enterprise, without moving it. In response to customer interest, they’ve hired a new CRO and Head of Customer Success.
The problem Syncari is solving is so big and so endemic that most people’s first reaction to the idea is “I don’t believe that’s possible.” This is a problem that robs companies across the United States of 15-20% of their revenue — $3.1 trillion dollars — according to Gartner. It’s threaded into the operations of every part of every business and left unabated, can wreak havoc in a dozen different ways.
Founded by CEO Nick Bonfiglio (formerly CEO and Founder of Aptrinsic, formerly EVP of Product at Marketo) and CTO Neelesh Shastry (former Principal Scientist at Marketo/Adobe), the team is proud to announce that they’re bringing the Marketo band back together. They’ve hired a CRO, Scott Edmonds (formerly SVP Global Sales at FollowAnalytics, formerly of Marketo), and a Head of Customer Success, Reade Triolo (former COO at Qotient, formerly of Marketo). The company is gearing up to help even more customers.
“I’m thrilled to join the founding team. We’re tackling a fundamental problem at exactly the right time and I’m excited to help more businesses benefit from the boost you get from having accurate and available data,” says Scott.
“It’s encouraging that Syncari has attracted so many customers with so many use cases,” says Reade. “It tells you how deep the problem they’re solving is.”
The fundamental difference between what Syncari offers and what’s come before (iPaaS, CDP, MDM) is that a company doesn’t have to move its data to manage it. That’s because the Syncari system thinks about data ecosystems completely differently: Rather than seeing it as a tangle of unidirectional, often incompatible “connectors,” the system monitors all systems at once and optimizes for data quality and governance. If one system is deemed the owner of a piece of data, it’s considered the source of truth. If that data appears in multiple systems, all systems are updated to match it.
Among the systems Syncari works with are those most critical to a business: CRMs like Salesforce, marketing automation platforms like Marketo, ERPs like Netsuite, HCMs like Workday, customer support and success platforms like Zendesk, and more. One customer, which had inherited six Salesforce instances through acquisitions, and found them all set up differently, was able to connect and reconcile them in an afternoon.
The thinking behind Syncari is entirely novel because it was founded in 2019 and its architecture lacks the organizational baggage of its legacy competitors. “Only a startup could have dreamt up an answer to the multidirectional data sync problem,” says Neelesh. “Companies have a DNA, and if they were founded in the early 1990s through 2015, they have a hard time thinking differently. All the platforms we’ve seen to date like CDP and MDM move and keep the data in a central location. That’s inefficient, makes it unavailable for other systems, and often makes matters worse.”
To develop Syncari, Nick, Neelesh, and the team reframed the data question: What if instead of wondering whether systems were simply connected, they instead asked, what if clean, relevant and accurate data was made available in all systems, all the time?
This thinking led to their “third” way: While customer data platforms (CDPs) and master data management systems (MDMs) are impractical because they both require companies to move all their data to a central location and keep it there, Syncari excels in making this data available inside each connected system. Companies simply need to sync their systems with Syncari, and Syncari gives them a birds-eye view of data, executes data quality and governance policies, and ensures that relevant, correct data is available in all the systems, all the time.
“We had been working to normalize data between our Netsuite and Hubspot instances for about a year. Syncari was able to 1-click integrate with both systems and give me an end-to-end picture of my customer data without writing a single line of code,” says Nick Talbert, Director of Digital Marketing and Operations at Certent.
More about the data quality problem: According to Gartner, bad data is responsible for sapping 15-20% of an average company’s revenue. That occurs in myriad and compounding ways:
- Marketing teams spend 800 hours each year building and cleaning lists
- Salespeople each waste 543 hours annually as a result of incorrect contact data
- Customer success teams can’t detect issues and can’t prevent churn
- Product teams build products and features that underperform
- Financial teams can’t accurately forecast
- Business and analyst teams lack the sort of insight necessary to guide the business
“It’s a whole-company problem,” says Nick. “That’s part of the challenge here: The issue is so deeply rooted in how businesses today operate that it’s not always clear to people how big the impact can be. But we’ve solved it, the platform is available today, and I’m excited for the stories of what some of our customers are experiencing to start coming out.”