Exclusive: Precisely's glowing innovation in data integrity and customer experience

Precisely's journey of both innovation and expansion in data integrity has played a big part in solidifying its position as a key player in the industry.

With over 50 years of history, the company, which was rebranded as Precisely in 2020 following the acquisition of Pitney Bowes software by Syncsort, now serves 12,000 enterprise customers worldwide, including 99 of the Fortune 100.

"We're a leader in data integrity, which is all about producing accurate, consistent, and contextually relevant data," said Greg Van den Heuvel, Executive Vice President and General Manager of Engage Solutions at Precisely. The company offers a unique blend of software services and data, tailored to solve core business problems, particularly in regulated industries like finance, insurance, and telecommunications.

Over the past few years, Precisely has undergone significant growth, doubling in size and increasing its market value nearly threefold. Van den Heuvel attributes this success to the company's innovative solutions and a strong team dedicated to delivering value for customers daily.

Precisely's acquisition strategy has played a crucial role in this growth.

"In the last seven or eight years, we've acquired close to 17 companies," Van den Heuvel highlighted. These acquisitions have strengthened Precisely's portfolio, enabling the company to deliver comprehensive data integrity solutions. 

"The business started as a spin-out from IBM as Syncsort, and since then, we've brought together various assets to fulfil the promise of data integrity," Chief Product Officer at Precisely, Christopher Hall, added.

Precisely's Data Integrity Suite is a flagship product that was launched two and a half years ago. The suite is a series of applications designed to ensure data integrity across the board.

"It starts with data integration, then moves to verification, geocoding, and enrichment, before finally offering observability," Hall explained. The suite allows businesses to maintain high data quality and trust, essential for their operations.

Customer feedback on the Data Integrity Suite has been overwhelmingly positive. "What they love is the flexibility of integrating it into their existing business processes." The suite's ability to leave data in source systems, minimizing the risk of corruption or compromise, has been particularly well-received.

One notable case involves a Fortune 500 wealth and investment company that faced significant challenges due to a complex legacy environment. Precisely's solutions unified all core systems into a single Customer Communications Management (CCM) platform, enabling non-IT resources to make changes quickly.

As a result, the company saved over $12 million annually and achieved $45 million in savings over a four-year period by consolidating 34 million communications annually into a single service.

In addition to the Data Integrity Suite, Precisely recently introduced the Rapid CX platform, which was developed from the Cedar CX acquisition. This platform integrates data from core banking, insurance, and telco systems, using Precisely's data integrity tools to deliver highly personalized customer communications.

"It's a big evolution in the industry," Van den Heuvel said, highlighting that one major bank saved a whopping $6.3 million by reducing the time it takes to make changes to customer communications from 104 days to just two days.

Another success story involves a top five online bank that faced high costs and inefficiencies in managing customer communications. Precisely's EngageOne solution enabled the bank to automate back-office manual processes, resulting in annual savings of $6.3 million and significantly improving customer personalization and preference flexibility across the servicing journey.

Precisely's commitment to innovation extends to the integration of AI into its solutions. The company has been exploring effective AI use cases, particularly in speeding up data migration and improving data governance.

"We recently used AI to migrate 4,000 templates into Rapid CX in just an hour and a half," Van den Heuvel shared. This process, which would typically take 65 days, demonstrates the potential of AI in streamlining operations.

Despite the complexities of managing data across various industries, Precisely's customers consistently report improved customer experiences and operational efficiencies. "We enhance their customer experience through enriched data and better, more personalized interactions," Van den Heuvel said. 

Precisely's success is also driven by strong partnerships with key technology providers. In the Engage business, they work with core systems providers such as FIS, Guidewire, and Amdocs.

On the data integrity side, they collaborate with major players like Databricks, Snowflake, AWS, and Google. These partnerships ensure that Precisely's solutions are compatible with the most widely used data platforms in the industry.

The company's achievements can be attributed not only to its innovative products and services but also to its dedicated team.

"We have 2,500 very experienced, dedicated, and passionate people who love working for this company and delivering value for our customers every day," Van den Heuvel expressed.

"We've built a company that we're really proud of, and it's exciting to come to work every day," Hall added.