Master data management (MDM) as a discipline and technology is over 10 years old. Not much has changed in this time, with the 2006 Microsoft publication “The What, Why, and How of Master Data Management” still coming up tops on Google, reflecting that there are those who still want to understand the basics.
A comparison of legacy on-premises MDM solutions such as Informatica MDM (formerly Siperian), IBM InfoSphere, Oracle Customer Hub, Tibco MDM and even Talend master data management in Gartner’s latest customer and product data magic quadrants highlight that there isn’t anything new to be excited about. Even the era of hosted on- premises systems masquerading as cloud has come and gone. And even those that provide cloud MDM today are limited to a single customer domain, and mostly designed to improve the quality of data in popular SaaS CRM systems.
Traditionally MDM been only affordable for large enterprises with the resources required to take on a multi-year master data management strategy and endeavor. A lengthy initial implementation and ongoing upgrade cost of hardware, software maintenance coupled with the inability to quickly deliver relevant applications to business users has some labeling legacy master data management as a promise unfulfilled.
Companies without means have typically been left wanting, either using CRM systems for their customer master data management tool and system of record, or manually tracking and reconciling data through spreadsheets.
Implementing a complete multi-domain MDM solution, principally customer and product data has not been easy. Even though some tools claim to universally support both, they are rarely deployed within the same instance, thereby further perpetuating silos of data.
Finding skilled master data management experts who have gone through intensive master data management certification, which could take up to three weeks just to learn the basics, is also cost prohibitive.
With some original MDM systems hitting their 12 year birthday, enterprises are re-thinking their data management strategy across the board. Not just for master data, but how they need to accommodate the increasing wealth of information being provided through transactions, interactions and social channels.
Fortunately the increasing popularity of big data technologies, coupled with cloud-based data management and delivery, is improving the efficiency and affordability of master data management for organizations large and small.
Unfortunately it is still hard for companies to avoid fragmenting data sets into silos and then having to use disparate tools and technologies to stitch together a unified view of information that continues to expand and grow.
Our team at Reltio is very familiar with these issues as we were among the first to deliver some of the most popular MDM solutions over the course of 10+ years when we worked at Siperian, Informatica, Oracle and IBM. Reltio Cloud, which delivers a unique combination of both modern data management and data-driven applications, is a solution that addresses this challenge, with unique functionality designed to take advantage of new opportunities.
- Supports both structured and unstructured data at any volume and scale
- Blends and relates multi-domain master data, reference data, transaction, interaction and social data into a single unified view
- Provides data-as-a-service so you can access third party provider data sets through a single click
- Has granular data change tracking history down to attribute point-in-time level comparison for audit and compliance
- Handles complex connections, hierarchies and relationships between multiple domains using graph technology
- Forms a foundation to instantly deploy easy-to-use enterprise data-driven applications to business users
- Doesn’t require going to university to learn how to use it