The moment Reltio and other providers of master data management (MDM) software have waited more than seven months for arrived last Thursday. Gartner published its 2021 edition of the Magic Quadrant for Master Data Management Solutions.
Reltio MDM MQ Highlights
Reltio has moved up on Ability to Execute, reflecting investments in Technical Support and Customer Success, and rapid growth.
Reltio advanced on Completeness of Vision. Reltio Connected Data Platform is the only cloud-native, multi-tenant, multi-domain MDM software as a service (SaaS) platform on the market.
Gartner points to Reltio’s “market momentum,” “real-time B2B and B2C,” and a “mature cloud offering” as Strengths.
A cross-functional team from almost every department within Reltio logged dozens of hours responding to a detailed request for information (RFI), scripting and shooting videos, lining up reference customers, briefing Gartner analysts, fact-checking draft documents, and then doing more briefings and inquiries to stay front and center with the analyst team. I’m sure our competitors put in the same effort. Then there is the anxious wait. Springing up in the middle of the night to check email for that notification that the report has been published.
The effort put into the process speaks to the rigor of Gartner’s process and the influence the MDM Magic Quadrant has on the market. MQs are an important expert perspective valued by many of the IT and business professionals technology companies want to sell to. Gartner is the world’s largest research and advisory firm, and their reach is tremendous. The report is used to “short-list” providers of technology products and services.
We’re pleased that Gartner acknowledged the progress Reltio has made in our Ability to Execute. Significant attention and investments were made in customer success, service and support, R&D, and other areas that enhanced how we acquire, care for, and retain customers.
Equally gratifying is our movement right on Completeness of Vision. There is no disputing that Reltio disrupted the MDM software market when we launched the first cloud-native MDM software-as-a-service (SaaS) platform nearly a decade ago.
Reltio remains the only company that provides a cloud-native multi-tenant, multi-domain MDM platform which delivers real-time data at scale. The Reltio Connected Data Platform provides agility, scale, simplicity, security, and performance unmatched by competitors. Reltio’s API-first approach eases configuration and integration with downstream applications for developers. This is true innovation.
Modern enterprises favor cloud-first or cloud-only enterprise architecture and business applications. “If you have not developed a cloud-first strategy yet, you are likely falling behind your competitors,” says Elias Khnaser, VP Analyst at Gartner, in a Smarter with Gartner article, “6 Steps for Planning a Cloud Strategy.”
Of the 15 MDM solution providers in the Magic Quadrant for Master Data Management Solutions, 2021, only Reltio can meet this preference. SaaS is the most efficient way for enterprises to adopt master data management for strategic business initiatives.
This market vector has benefited Reltio because we alone can tick all of the boxes that enterprises committed to a cloud strategy want from MDM. Our customers include global pharmaceutical and life sciences companies, market leaders in healthcare, financial services, and technology, major travel and hospitality brands, and prestigious international luxury consumer brands in fashion, retail, and personal care. Reltio had a record year ending December 31, 2020 and is on target to reach Annual Recurring Revenue (ARR) of $100M in the next 12 months.
Reltio Connected Data Platform uniquely features big data architecture to manage massive data volumes in real-time for operational, analytical and data science use cases, and an API-first SaaS business model for rapid innovation and responsive data management.
These characteristics and benefits add up to unmatched performance for Reltio customers in more than 100 countries.
Key Data Management Metrics:
- 6.3 Billion Consolidated Profiles under management
- 100+ Billion Relationships under management
- 24.8 Million Searches per day
Key API Metrics:
- 424 Million Search API Calls per month
- 824 Million Get API Calls per month
- 203 Million Save API Calls per month
- 36.6 Billion Total API Calls per year
Want more perspective on the fast-growing Master Data Management market?
As important as the Gartner MQ is, companies evaluating should consider that:
- The MQ for MDM is a snapshot in time. No developments after June 30, 2020 influence Gartner’s evaluations in the 2021 MDM MQ. A Gartner analyst openly said that the MQ is a lagging indicator. A lot may have happened over the past seven months. In our case, we launched Identity 360, the first free MDM SaaS for aggregating person (customer and employee, for example) data from all sources, matches identities, removes duplicates, and merges attributes to provide a single source of truth.
- Gartner itself characterizes the MQ and Critical Capabilities reports as “guides,” and encourages end users to engage with analysts to discuss their specific needs.
- Other analyst firms publish their own MDM market and vendor reports. The scope, weighting, and even definition of evaluation criteria can vary among firms. Ranking and assessment can also be different as a result. For example, Reltio is a Leader in the current Forrester Wave for Master Data Management and considers us to have the “Stronger current offering” among vendors included in the MDM Wave.
- Peer-to-peer (P2P) opinions should be part of the discovery process. P2P is popular with the new generation of technology professionals who grew up sharing opinions about products and services, and now carry those behaviors to the office. Gartner Peer Insights is a valuable platform for technology reviews by IT professionals with direct, hands-on experience with a given product or service. I wrote about GPI in a blog last month.
Companies assessing MDM solutions should fully understand the frameworks that underlie research they’ll use to make a purchase decision, and put more weight on those that most closely align to their situation and priorities. Supplement those with other relevant data points and anecdotes, for example, customer success stories and use cases that are readily available on the internet.
Gartner’s 2021 Magic Quadrant for Master Data Management Solutions is impressive in its scope. The core MDM analyst team has a diverse background and knows the space. Reltio is happy to make the MDM MQ available to you here for download.