Salesforce's Marc Benioff introduces Customer 360 Truth: The 'computer science holy grail'

CNBC 3 weeks ago

Salesforce founder Marc Benioff announced Tuesday on CNBC that the newest wave of computing, known as single source of truth, is now on the market.

The co-CEO said in an appearance on "Mad Money" that $22 billion worth of recent headline-grabbing acquisitions enabled the company to introduce Customer 360 Truth at Salesforce's annual Dreamforce software conference.

"Now we're entering the fourth stage of computing," Benioff explained in an interview with Jim Cramer. "It's the pursuit of single source of truth, and we've built that into our platform."

The Customer 360 Truth application, as part of the company's Customer 360 portfolio, aims to let Salesforce's clients get a deeper understanding of their customers by managing data and prior interactions in one place. Salesforce brands the new capabilities, which allows users to connect, authenticate and govern customer data and identity across the customer relationship management platform, as a way to put together a single source of information across all customer relationships.

Customer 360 Truth uses a universal Salesforce ID for access to sales, service, marketing and commerce data. The goal is to give businesses easier access to data across multiple systems and a more efficient way to serve and predict their customers' needs. It uses an open-source data model to form information that's consistent across cloud applications.

Single source of truth follows the three "waves of computing" that include systems for records, engagement and intelligence such as artificial intelligence, Benioff added.

"Now this is a computer science holy grail that we've been trying to put together for a long time," Benioff said, "but now because we acquired MuleSoft, because we acquired Tableau, we are closer to providing for our customers the single source of truth for their customer information."

MuleSoft, which provides software to integrate applications, data and devices, was acquired for $6.5 billion in 2018. Salesforce doled out $15.3 billion in an all-stock deal for interactive data visualization software company Tableau Software.

The launch of Customer 360 Truth comes as companies are depending on big data analytics to help businesses guide their decision-making.

Salesforce shares climbed 0.73% to just shy of $164 per share in Tuesday's trading day. The stock has recovered nearly all of its losses since falling more than 16% between March and mid-August, when it closed below $140 per share.

Disclosure: Cramer's charitable trust owns shares of Salesforce.com.


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