The third Modern Data Management annual summit (#DataDriven19) had great minds sharing their MDM success stories and assessing where MDM is headed.
Modern enterprises put data at the heart of every decision to stay competitive. Nice line. But that’s easier said than done. Understanding data to make it work is perhaps the biggest challenge enterprises face today. The reason is simple. With a constant onslaught of data from everywhere, in all shapes and sizes, just “managing” data is not enough. You need much more than that, to make sense out of that huge volume holding a great amount of potential business value.
But how? The picture gets clearer when you hear the top brains in MDM (Master Data Management) sharing their take on it.
Manish Sood, CEO, Reltio nails it when he labels data as the new sunshine. It’s ubiquitous, powerful, adaptable, and trusted. With the right solution, enterprises can leverage data to adapt faster, compete faster, and deliver faster. And that right solution is modern MDM that goes beyond managing the master data. A modern MDM helps businesses to continuously unlock the value of data relationships among customers, households, stores, locations, products, devices, and suppliers in an increasingly complex digital and regulatory landscape.
While sharing his outlook at the third Modern Data Management Annual Summit in 2019, Aaron Zornes, Chief Research Officer, The MDM Institute, outlined the capabilities required for the next generation MDM platform. According to him, Graph Technology provides the missing link between domains, data analytics, and IoT. He predicts that more and more reliance on Graph will evolve MDM towards “master relationship management”, where analytical upstarts from Graph world will increasingly add operational capabilities for performance and robustness.
Peter Diamandis, CEO, X-Prize Foundation once said, “Every second of every day, our senses bring in way too much data than we can possibly process in our brains.” And that is what Machine Learning offers: process scalability beyond the human capacity. Aaron Zornes believes that Machine Learning will definitely play a bigger role in the modern MDM, increasingly solving scalability, complexity, and agility issues.
For Aaron, cloud economics is compelling, and the native cloud MDM must keep advancing in the next 2-3 years to meet market expectations while delivering business value.
Michele Goetz, Principal Analyst at Forrester says the new goal of data management should be to “democratize and monetize insights,” eliminating bottlenecks like ownership or enterprise architecture. These insights can reveal valuable customer information, never perceived before. She points out that your customer is hiding in plain sight, you need to tap into all the data to get him out. The modern MDM is the right step in that direction to develop a deeper understanding of the customer. To ensure no wall between data, governance, and insight, she shares her mantras: invest intelligently, source strategically, and collaborate.
Ray ‘R’ Wang, Principal Analyst and Founder, Constellation Research has a very interesting take on data and insights. He suggests that if data is the foundation of digital business, then the future of digital business models will be built on insights. He points out that in an on-demand attention economy, you’re not competing with another company, you’re really competing for time and attention. Every touch point, every click, every digital exhaust is relevant insight, which must be leveraged to get that attention.
Digital Transformation is also on the mind of Scott Taylor, Data Whisperer & Principal Consultant, MetaMeta Consulting. For him, after unlocking value from data with modern MDM, the next logical step is to leverage the master data as the foundation of Digital Transformation and maximize the technology investment. He recognizes that digital transformation brings People, Technology, Processes, and Data together. Of these, master data is the data in-charge! He strongly believes that master data as the foundation of digital transformation provides semantic consistency, enables deeper interoperability, and drives greater value.
As a closing thought, Aaron Zornes emphasizes that all enterprises need to focus on the next-gen MDM requirements as we move from a “system of record” to add a “system of reference” and ultimately move into a “system of engagement.” He, too, believes that relationship-driven analytics will form the foundation of future MDM, and data-driven, context-driven cognitive applications will fully enable the Digital Enterprise.
These unique perspectives of the industry thought leaders piece together a holistic picture of the future digital enterprise. A future where modern MDM empowers enterprises to democratize and monetize insights, by unlocking value from data with AI-powered relationship-driven analytics.