ATLANTA, Oct. 22, 2013 (GLOBE NEWSWIRE) -- Starting today, local automobile dealers have a powerful new tool at their disposal; one which helps them quickly figure out where they can spend their advertising dollars most effectively, in order to target potential customers at the right time through the right media channels.
The tool, MarketScope from iAuto Analytics, is a cloud-based service that gathers a wide range of data covering an entire market from a variety of both traditional and emerging media and advertising sources, like social media sentiment. The data is analyzed against key performance indicators, using state-of-the-art statistical algorithms to assess and quantify the impact on sales and share. The algorithms forecast market sales and predict individual dealer share under different advertising scenarios.
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Based on the results, car dealers are able to direct their limited advertising budgets to maximize their effectiveness. It is a capability similar to ones that companies at the enterprise level have had access to for years, but one that is now available to dealers at a fraction of the cost.
"Consumers today have a vast choice of products and ability to research before they buy. When they do buy, it's because the cars have compelling designs, or features that best fit their requirements," says Rao Avasarala, iAuto Analytics' president. "The car market is highly competitive, with razor-thin margins. Dealers are looking for any advantage they can get. MarketScope uses data and analytics to help them optimize their spend and gain a solid return on their investment."
Avasarala and team built MarketScope using the Kognitio Cloud, a hosted analytical platform that slashed their startup and capital expenditure costs, enabling them to easily expand the capacity as more dealers take advantage of their solution. "We are like many businesses: both performance and scale are critical. We like the Kognitio Cloud, because it enables us to focus on usability, and building our company."
Avasarala also praised the Kognitio consultants who worked with him. "As a small firm, we got virtually no response from other companies we contacted. But Kognitio took the time to work with us, and that gave us confidence and comfort," he said.
Kognitio Cloud provides organizations with the opportunity to benefit from the world's fastest and most scalable analytical platform, specifically designed for data analytics, on a subscription basis. Robust analytical capability with minimal administration is readily available – at an affordable price, without the capital expense related to IT resources and systems. Whether companies want to benefit from the total flexibility of the public cloud or the uncompromising performance and security of a Kognitio-exclusive private cloud, Kognitio Cloud can match their requirements.
"Kognitio performs well, and is growing with us as we grow," Avasarala says. "The commercial part makes it feasible to start where we are right now, and scale over time. And Kognitio has worked with me cooperatively as a partner, the way I work with my clients."
"Providing an analytical platform for data-driven companies like iAuto Analytics is exactly what Kognitio Cloud was designed for, and something we love to do," said Steve Millard, president and chief executive at Kognitio. "We pride ourselves on being the flexible and agile platform for companies that need powerful software to support their own analytical information services."
For more than a generation, Kognitio has been a pioneer in software for advanced analytics, helping companies gain greater insight from large and complex volumes of data with low latency and limitless scalability for competitive business advantage. Sitting at the nexus of Big Data, in-memory analytics and cloud computing, Kognitio extends existing data and BI investments as an analytical accelerator, providing a foundation for data scientists and analytical information services. The Kognitio Analytical Platform can be used as a data science lab or to power comprehensive digital marketing analytics; it runs on industry-standard servers, as an appliance, or in Kognitio Cloud, a ready-to-use analytical Platform-as-a-Service (PaaS) in a public or private cloud environment.