TECHNOLOGY THAT TIME FORGOT
Master Data Management (MDM) as a discipline and technology has been used by enterprises in their quest for a single reliable, high quality 360-degree view of customer or product profiles. Most MDM providers have technology that is over 10 years old. In fact the 2006 Microsoft publication “The What, Why, and How of Master Data Management” still the top Google search result, reflects a hunger for understanding of the basics.
A comparison of legacy on-premises MDM solutions, such as Informatica MDM (formerly Siperian), IBM InfoSphere, Oracle Customer Hub, Tibco MDM and Talend master data management by a leading analyst firm highlights that there isn’t anything new to be excited about. The era of hosted on-premises MDM masquerading as cloud has come and gone, and most cloud MDM providers today are limited to a single domain (customer), and mostly focused on improving the quality of data in popular SaaS CRM systems.
NOW AFFORDABLE, MDM FOR SMALL TO MEDIUM BUSINESSES
Traditionally, Master Data Management softwares have 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.
ADDRESSING THE SKILLS GAP
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.
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.
BOLDLY GOING BEYOND MDM
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 (DaaS) 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 frontline business users
- Doesn’t require going to MDM university to learn how to use it
10 Steps to GDPR Compliance
Effective May 25, 2018, General Data Protection Regulation (GDPR) will represent the most rigorous data protection regulation ever. Complying is not optional, and the penalties are very high. As companies scurry for total compliance, it makes sense to pause, assess, and use this opportunity not only for compliance but for managing customer data efficiently and gainfully.
MACHINE LEARNING PUTS DATA FRONT AND CENTER FOR BUSINESS
Machine learning is surrounded by fascination and awe. It can drive better personalized experiences with customers, increase workforce effectiveness, and de-risk your organization from security threats and regulations. But, machine learning needs quality data, relevant data, and better context surrounding transactions, interactions, operations and decisions.
Businesses Feeling the Heat of the ‘Amazon Effect’
Over the past 10 years, Amazon’s market value has grown more than 2,000 percent. The entire retail industry is feeling the heat, and companies are investing in digital transformation initiatives to help them compete. Walmart, for example, is rapidly investing in digital capabilities and online brands (it acquired Jet.com, for example).
WHY MASTER DATA MANAGEMENT AND MACHINE LEARNING GO HAND IN HAND
Reltio’s inclusion in the The Forrester Wave™: Machine Learning Data Catalogs Q2 2018, by Michele Goetz with Gene Leganza, Elizabeth Hoberman, and Kara Hartig, Forrester Research, June 2018, sparked (pun intended) several questions. Such as why was Reltio included, how did we receive such strong marks, and why were we the only Master Data Management (MDM) vendor in the Wave?