by Angela Guess
According to a recent press release out of the company, “Tamr Inc., the innovator in data unification, today announced that GE Ventures has made a strategic equity investment in the company. The investment follows GE’s experience as a customer of Tamr’s for more than two years. During that time, its data unification software has been used across multiple GE business units to unify hundreds of data sources, resulting in cost savings and new insights worth hundreds of millions of dollars. Lisa Coca, Managing Director at GE Ventures, joins Tamr’s Board of Directors as an Observer as part of the investment, which will be used to accelerate product development and go-to-market initiatives.”
Ms. Coca noted, “GE Ventures aspires to be the innovation partner of choice for entrepreneurs who want to change the world… We’ve seen firsthand the transformative results that Tamr’s technology has on an enterprise of GE’s scale. When the cost and complexity of bringing together enterprise datasets is massively reduced, the resulting analytic breakthroughs create opportunities that were previously inaccessible. We believe that Tamr will power a new wave of innovation and efficiency for major companies across the globe, and we’re delighted to partner with them to accelerate that mission.”
The release continues, “Tamr initially began working with GE in 2014 to deliver a new class of analytics to optimize spending. Like virtually all large conglomerates with a long operating track record, several business units, and an extensive history of mergers and acquisitions, GE has hundreds of ERP systems. GE’s goal was to unify the data from more than 270 separate systems to create a complete and accurate picture of the company’s direct spending. Traditional methods of data integration proved too complex and costly, so GE turned to Tamr’s machine learning-driven, human-guided data unification system as a solution. Today, Tamr processes 20 million transactions representing $60B in direct spend, and delivers unified, clean supplier data directly into the hands of people on the front lines at GE. As a result of working with Tamr, GE has identified hundreds of millions in savings opportunities over the past two years.”
Read more at Tamr.com.
Photo credit: Tamr