As the economy slows and markets continue to wobble, it is not surprising that many organizations are taking a closer look at spending. IT budgets often undergo close scrutiny during challenging times like these, as decision-makers sometimes consider technology discretionary spending. In my recent article, "Why Now is the Time to Invest in Your Data," published by Forbes, I looked at why this time might be different.
There are many reasons why companies should continue to invest in technology. First is the potential to improve organizational efficiency while achieving cost savings through investing in a modern, cloud-based Master Data Management (MDM) solution. Moving apps to the cloud creates efficiencies, better customer experience and saves money. Despite the recent economic slowdown, the major cloud providers have continued to invest billions of dollars in their infrastructure, making their innovations available to everyone. Treating core data about customers, products and suppliers, among others, helps accelerate growth, reduce costs and improve efficiency for the business while reducing operational costs and improving productivity. Only a cloud-based, modern MDM solution can get an organization there.
Secondly, reducing organizational risk and enhancing compliance in an era when both are considerably rising in importance for all organizations. Centralizing sensitive individual and B2B organizational data and minimizing the need to store multiple copies throughout enterprise systems improves risk and fraud monitoring processes. Organizations also need to simplify compliance with domestic and global privacy and consent regulations by centralizing customer information and managing consent. All of these efforts are becoming more important as data privacy and compliance issues remain crucial in markets around the world.
The largest U.S. companies continued to increase capital expenditures this year despite rising inflation and a contracting economy. At Reltio, we see our customers continue to invest in cloud and digital transformation as they seek to adapt and modernize in a digital world. A good data foundation that treats core data as a product made possible by modern master data management (MDM)—is critical to enabling these transformational business initiatives. Now is an opportune time to make these investments.