The Key to Unlocking New Revenue is Your First Party Data
This year, Infinitive returned to the conference as a Snow Row Partner where our team highlighted the importance of leveraging First Party Data to gain a competitive advantage and increase revenue. At the conference, Infinitive presented a reference architecture for a First Party Data solution, and demo implementation of that architecture on the Snowflake platform. One demo observer said, “The technical architecture is interesting but the business rationale for how a company can make money with better management of First Party Data is fascinating.” Using Snowflake technology and Infinitive’s Data Transformation Methodology, our experts help organizations grow the value of their First Party Data by enhancing personalization, improving cross- and up-selling, increasing retention, and creating new revenue streams. Learn more about our Data Transformation Methodology.
During the Summit, several new product features and enhancements were announced that will be particularly interesting to our clients:
- Document AI: Snowflake’s acquisition of Applica last year has enabled them to launch a new capability for extracting value from unstructured data, such as PDF documents. Users can query this data in Snowflake using natural language and train models on small training sets, which can then be applied to query large data sets using SQL.
- Clean Rooms: Snowflake introduced multi-party clean rooms along with a user interface (UI) for creating and managing them in private preview. Clean rooms provide a secure environment for collaborating on data projects while maintaining privacy and data governance.
- Snowflake Native Application Framework: Users can now build and sell applications on the Snowflake Marketplace, expanding the ecosystem of available apps and promoting innovation within the platform. Native applications provide a way for application developers to protect their intellectual property, deploy applications easily to customer accounts, easy billing with Snowflake credits, removing a lot of friction points to monetizing applications on the Snowflake platform.
- Snowpark: Snowflake has introduced several new features to enhance Snowpark, a capability that allows the development of Snowflake applications using popular programming languages. These features include containerization, a model registry, data preparation, and model development libraries.
- Streamlit: A popular tool for building data applications, continues to gain importance within the Snowflake ecosystem. With over 2000 applications already on Snowflake, new capabilities were announced, including conversational AI and machine learning functions.
- Iceberg Tables Enhancements: Snowflake’s Iceberg tables have undergone enhancements, now performing on par with internal tables for queries.
The builder keynote at the summit focused on Snowpark, Streamlit, and Native apps, highlighting Snowflake’s goal of becoming a single platform for data science and business intelligence (BI). The aim is to remove silos, promote app development, and enable monetization.
Overall, the Snowflake Summit 2023 showcased the importance of leveraging AI, building on the Snowflake platform and driving innovation through native applications.
See you next year at Snowflake Summit 2024 in San Francisco!