TRAVERSE CITY, Mich., July 23, 2019 (GLOBE NEWSWIRE) -- Naveego, an emerging leader of cloud-first distributed data accuracy solutions, today announced strong growth for Q2, 2019 as demand for a new era of data quality and master data management solutions gain significant momentum. The company also expanded its reach across AsiaPac and achieved continued growth in Energy, Healthcare and Manufacturing industries while growing its team by 7x over the last three quarters.
The master data management market size is projected to grow from USD 9.5 billion in 2018 to USD 22.0 billion by 2023, at a CAGR of 18.3% from 2018 to 2023. The major factors driving the market include the increasing use of data quality tools for data management and the rising need for compliance. In addition to the high price of legacy systems and customization, poor data quality costs the U.S. economy $3.1 trillion a year. At $100 for each incorrect record, a company with only 50,000 incorrect records incurs a cost of $5 million to maintain them.
“Enterprises are under constant strain to manage the exponential growth and accuracy of traditional and new data assets,” said Katie Horvath, CEO, Naveego. “Inaccurate data is costing businesses millions in lost revenue and undue exposure to compliance and security risks. Unlike legacy data management offerings, Naveego’s cloud-first data accuracy platform was architected from day one to quickly solve the data accuracy dilemma.”
Naveego’s Complete Data Accuracy PlatformTM is addressing the high growth market by providing exceptional data quality solutions without the complexity and high cost of customized installation and ongoing maintenance of legacy solutions. The platform provides a 360-degree view of information assets across traditional data such as CRM and ERP systems, as well as new data from web searches, clickstreams, IoT sensor data, social media, and streaming data. By connecting all sources of data into a single view, businesses can proactively achieve global data health, in one place.
Customers Reap Rewards of Naveego Complete Data Accuracy Platform
Naveego’s customer base continued to see strong growth in the healthcare, energy and manufacturing markets. In March, the company announced that Munson Healthcare, Northern Michigan’s largest healthcare provider, selected Naveego’s data accuracy platform to proactively manage, detect and eliminate data issues while achieving significant cost savings. “In recent years, Munson has acquired many new practice groups and hospitals, exponentially increasing our need for combining data from multiple sources into a single EMR,” said Ryan Winn, CISO & System Director, Munson Healthcare. “Naveego streamlines our data integration projects, keeps data clean and consistent across our healthcare system, and helps Munson to meet data management compliance requirements.”
The move by Munson Healthcare was a proactively smart one in light of the fact that data quality has become a significant issue in many industries—including the highly regulated healthcare industry—due to the inefficiencies of manual processes and human error. A recent Harvard study revealed nearly half (47 percent) of records that are newly created suffer from one type of quality issue or another. Research has shown that when a company maintains poor data quality, it can cause dramatic financial pain.
Partner Momentum Drives Entrance into AsiaPac
Naveego’s partner network continued to grow, driving global expansion to the Asia Pacific market. In June, Naveego announced a strategic partnership with Mondelio to deliver its complete data accuracy solution for enterprise customers. The joint venture combines the power of the Naveego Complete Data Accuracy Platform with Mondelio’s leading corporate performance management and advanced analytics software and services to enable true digital transformation for customers.
“Partnering with Naveego is a key step for Mondelio, increasing our capability to provide leading edge solutions for our customers in financial services, energy, mining, and commercial and industrial IOT markets,” said Paul Orfanos, President, Mondelio. “Naveego’s data quality software combined with Mondelio’s technical and business knowledge create a powerful combination, greatly enhancing our service offering in the areas of data quality and advanced business intelligence.”
Naveego also recently became a Cloudera silver partner. Cloudera, the leading modern platform for big data, data management and analytics optimized for the cloud, enables the transformation of vast amounts of complex data into clear and actionable insights to enhance business. Cloudera’s edge-to-AI strategy aligns well with Naveego because Naveego’s technology performs auto-profiling and automated data quality starting at the edge and
produces a golden record stream of analytics-ready data. Without Naveego, data scientists typically spend 80% of their time finding and prepping data. Naveego automates this workflow so that data scientists can get straight to their analytics.
Industry Awards and Recognition
- CRN has recognized Naveego as a “Big Data 100” solutions award recipient
- CIO Review selected Naveego as “One of the Top 20 Most Promising Big Data Solutions”
- Naveego’s CEO, Katie Horvath has been appointed to the AI Advisory Board working with the MEDC and the Center for Automotive Research
- Naveego received a $400k grant for job training programs in recognition for creating and fueling new technology jobs in the State of Michigan
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About Naveego
Naveego is a leading provider of cloud-first, distributed data accuracy solutions for seamless, end-to-end data quality and self-service Master Data Management (MDM). The NaveegoTM Complete Data Accuracy Platform leverages the Apache Hadoop open source framework to enable organizations to proactively manage, detect and eliminate data accuracy issues across all enterprise data sources in real-time – regardless of its structure or schema. It seamlessly connects to each source whether in the cloud or on-premise and scales effortlessly to ingest data streaming from data lakes, IoT devices and edge services to provide a single, holistic view of all information assets to create analytics ready information and ensure global data health. The solution is easy to install and adopt, and empowers businesses to start taking control of their data in just hours. For more information, call +1 231-346-4144, visit http://www.naveego.com or connect with Naveego on LinkedIn and Twitter.
Media Contact
Sabrina Sanchez
The Ventana Group for Naveego
(925) 785-3014
ssanchez@theventanagroup.com
http://www.naveego.com