One of the most influential media outlets covering innovation in payments and commerce, PYMNTS has written a compelling profile of C3, the company’s technology, and its ability to help financial services, healthcare, and manufacturing organizations exploit big data and predictive analytics to tackle fraud detection and other challenges.
Highlights from the article, C3 Sees the Fourth IT Revolution, include:
- According to Ed Abbo, president and chief technology officer of C3, fraud detection is paramount in the global power industry, which is a $30 billion–$40 billion industry.
- C3 is a leading IoT development platform that initially focused on the energy sector but is now tapping the lucrative spaces of fraud detection, healthcare and banking.
- Back in April, ZDNet predicted that C3 was scaling and would soon expand. It wasn’t wrong. On Sept. 2, 2016, the company raised $70 million in Series D equity funding.
- CEO Tom Siebel has a knack for predicting when to scale IoT deployment. Before C3, he headed Siebel Systems, a CRM startup, which he later sold to Oracle. C3 was formed when Siebel saw the potential convergence of cloud, Big Data, machine learning and mobile sensors in solving business problems.
- Has Seibel’s vision materialized in C3? According to Abbo, C3 has the only full-stack platform that has succeeded in scaling in production. C3 manages 70 million sensors and has over 20 customers who report significant ROI because of fraud protection, predictive maintenance and improved energy efficiency.
- The C3 platform was built from the ground up over the last seven years and is the only comprehensive and cohesive technology stack.
- According to Harbor Research: “C3 is clearly miles beyond its established competitors” in terms of product development, devices under management, customers and scale of deployments.
- The McKinsey Global Institute estimates the total potential impact of digitally transformed business processes to be $3.9 trillion–$11.1 trillion per year in 2025 — digitally transformed meaning those companies able to harness and apply advanced analytics and machine learning to Big Data in real time and produce results. And, according to Abbo, C3’s track record on this score is impressive.
- One customer credits C3 applications with $20 million in annual savings from smarter fraud detection. Another company reduced equipment failures between scheduled maintenance by 50 percent, lowering costs and downtime. One large enterprise lowered energy costs by 10 percent, and another reduced greenhouse gas emissions by 14 percent. A large manufacturer in the U.S. cut energy costs 16 percent across all of their plants, saving millions of dollars and achieving 230 percent return on their investment.
- The payments industry is also undergoing a digital transformation and replacing traditional rule-based systems with sophisticated Big Data and machine-learning technology. These processes detect patterns in real-time data and recognize cases of theft or fraud. According to Abbo: “Financial services organizations will increasingly apply predictive analytics to transaction data to improve fraud detection, predict customer churn, reduce customer acquisition costs and deliver next-generation product and service offerings.”
- Abbo sees a burgeoning market for connected, low-cost sensors, adaptive systems, a new generation of smart applications and a renaissance in business process reengineering. “This new generation of smart business processes and applications will ultimately replace the current enterprise software applications stack. IoT is essentially an entire replacement market in global IT.”
Read the full article here: C3 Sees the Fourth IT Revolution