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Data Modernization – Leveraging a Future-proof MDM to Unlock Decisioning

This blog describes the second wave of Master Data Management and touches upon the types of adopters it has. It also talks about its road ahead.

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Data Modernization – Leveraging a Future-proof MDM to Unlock Decisioning

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  1. skip to main content Blog Resources Events Careers Contact Us  I N TEL L I G EN C E I N DUSTRI ES WHAT WE O F F ER ABO UT US Home » Blogs » DataManagement Choose Category Data Management (51) SUBSCRIBE Data Science (22) Data Engineering (11) Intelligence (10) Cloud Services (4) Customer Experience (3) Corporate (1) featured (1) POPULAR READS DATAMANAGEMENT | July23,2019 How to use Informatica Power Center as a RESTful Web Service Client? Data Modernization – Leveraging a Future-proof MDM to Unlock Decisioning DATAMANAGEMENT | July23,2019 ByKelvinLooi | March23,2023 How to integrate Informatica Data Quality (IDQ) with Informatica MDM DataModernizationhasbecomecrucialintoday'sfast-pacedbusinesslandscapeas DATAMANAGEMENT | July25,2019 organizationsfacemountingpressuretomakeinformeddecisionsquickly.Theabilityto Deterministic Matching versus Probabilistic Matching effectivelymanageandutilizedatahasbecomeasignificantcompetitiveadvantage.Tothis end,MasterDataManagement (MDM) playsaninstrumentalroleinDataModernizationefforts byensuringthatdataisaccurate,consistent,andup-to-dateacrossanorganization's DATAMANAGEMENT | July25,2019 entireecosystem.AmodernMDMenablesorganizationstomanagetheirdataassets Informatica MDM MDE Batch Process in a nutshell efficiently,leadingtobetterdecision-makingcapabilities,improvedcustomerexperiences, andincreasedoperationalefficiencies. Overtheyears,therehavebeenmanysuccessesbutplentyofbigdatafailuresaswell,dueto thelackofskills,unstableteams,andanimproperunderstandingandpositioningofMDM solutionsversusothersystems.Yet,amidstthefailures,companiesarespeedinguptheir digitalizationeffortstobecomedata-drivenenterprisessincetheneedformoredirectand real-timedataaccesstocustomersandpartnershasbecomeinevitable. Pastpracticestocoverupdataqualityissuesthroughinternalintermediariessuchascall centerassociatesandsalesagentsarenolongersustainable.Thedataimpactedtypically representedthemostvaluablecustomersorpartners,themostpopularproducts,orthe mostusedlocations.Thesedatavaluesaredirectlyproportionaltotheiroccurrencein multiplesystems,theessenceofwhatMDMissolving.Thesedataerrorsnegativelyimpact customerservice,operationalcost,sales,riskmitigation,andtheenterprise'sabilityto complywithregulations. ThemodernMDMadoptersareofthreetypes:new,returning (thosethatfailedbefore),and earlyadopters (thoselookingfortechnologyreplacements).WithMDMgainingcenter stageaftertheglobalhealthcrisis,herearesomebestpracticesthatmodernMDM adoptersmustpayattentionto. Wemodernizedalegacydatastore injust18months! KnowMore Best Practices of Data Modernization with MDM

  2. AgoodstrategicapproachisessentialtoimplementMDMsuccessfully.ThegoodthingforAgoodstrategicapproachisessentialtoimplementMDMsuccessfully.Thegoodthingfor thenewandreturningadoptersisthattheycanlearnfromthefirstwave – bothfromthe successandfailures.Hereareafewoftheimportantlessons: 1.MDMprojectsneedtobetiedtobusinessoutcomes.MDMisabusinessprojectthatIT helpstoimplement.ITcannotimplementMDMandhopethatthebusinesswillcomeon boardlater.Tobesuccessful,tieallyourMDMprojectstosolvebusinessproblems, andhaveclearbusinessownership,involvement,anddefinedoutcomesfromthevery beginning.Bytheway,ifyouhaven'tchangedanybusinessprocessasaresultof implementingMDM,that'sasignalyouarenotleveragingMDMforbusinessbenefits. 2.MDMprojectsmustbeexecutedinmultipleshortphases.Nowadays,abusinesscannot waittoolongbeforeseeingvalue.Tobesuccessful,havemulti-phasedMDMprojects. Everyphaseshouldbeshort,3-4monthseach,andshoulddelivermeasurablebusiness outcomes.ItwouldbegoodifyoucouldadopttheagileapproachtoMDMprojectsso thattheydeliverbusinessvaluesevenfaster. SUBSCRIBE 3.Understandwhatmasterdataisbeforeyoustart.Sometimes,enterprisesputother datathatisnotconsideredmasterdata (e.g.,transactiondata) intoMDMtoachievea 360-degreeview.Itendsupinbatchmodeonly,andthedataisout-of-date.Itcannot bethetrustedmaster,thatitwasmeanttobe.Whenimplementedcorrectly,MDMisan operationalsystem,deliveringgood,trusted,qualitydataondemandandinreal-time.It isnottheonesinglesystemtodeliverallthedatayouneedfora360-degreeview,but itwillbeakeycontributorinlinkingupwithdatafromothersystemstoaccomplish that. 4.DataGovernanceiscriticalwhileimplementingamodernMDM.MDMisgoingtoflush outtheduplicates,andnotallofthemwillbeautomaticallyresolved.So,youneedto figureoutwho,where,andwhentoresolvethem,anditmightnotbetheIT department. Forthereturningadopters,youfailedthefirsttimearoundandtriedgoingbacktooneof yourfront-officesystems (CRM,Web,Sales,Marketing,etc.),back-officesystems (billing, admin,ERP,PLM,EHR,etc.),oryourdatawarehousetogetyoursingletrustedview.You nowrealizetheseoptionswerenotthepanaceaandreplacementstoMDM.Theycan't matchandmergewell,areinflexible,difficulttointegratewithallsystems,aretoo expensivetoscale,andthelistgoeson.TheyarejustnotMDMandarenotgivingyouthe singleversionofthetruth.ThegoodnewsisthatthereareadditionalMDMsolutionsinthe marketplacetochoosefrom. Fortheearlyadopters,Congratulations,youhavereapedtherewardsofMDMformany years.Nowyouarelookingatnewertechnologiesbecauseofincreasedusagethatmay resultinhighermaintenancecostsorsupportissuesforyourexistingMDMsolution. Paths to Take your MDM Modernization up a Notch HerearesomesolutionstotakeyourMDMupanotchandmodernizeitwithbetter technologies. 1.Moveyourcurrenton-premiseMDMsolutiontoacloudplatform.Thisisespecially applicableifyourvolumeandusageareincreasing – extendusagetocoverfamily membersandprospects;increaseusageofimagesforyourproducts;M&A,etc. 2.InfusemachinelearningwithyourMDMtoachievethenextlevelofautomationand reduceexpensiveprocesses.Concentrateontheareastillrequiringhigh-levelmanual intervention,suchasdatastewardcapabilities. 3.LetanexperiencedITpartnermanagetheMDM.Youwanttoprotectyourexisting investmentandconcentrateonusageratherthanmaintenance. Aswemarchontothenewwaveofinterest,therearemoreMDMsolutionsinthe marketplace,butnotallMDMsolutionsarethesame.Ifyouarerelyingontheanalysts' reportstodeterminewhoarethetopcontenders,pleasereadthefinelineonwhatdata domainsandindustrieseachofthesesolutionsaregoodat.Thesecriteriaarevery importantandmaynotbethemostobviousonanypositioninggraphs. WehaveseenhospitalspickingMDMthatnativelydoesn'tsupporttheHL7standard,banks whochoseanMDMthatworkswellonbatchbutcan'tscaleforreal-timedemand,and retailerschoosingMDMthatcan'tsupportmultipleproducthierarchies.Sometookthe cheaperlicensecostapproachbutsufferedpayingmoreduetotheamountofserviceeffort required. TakingupanMDMmodernizationinitiativedemandsfactoringintheentirevaluechainof data,rightfromdataidentificationandingestionthroughdatamanagementtodata activation.Onlythencanyourenterprisereapthefullbreadthofbenefitsfromthe modernizationactivity.

  3. Kick-startDataModernizationin6 weekswithour9% attritionteam Modernizeyourdatawithastable,andcost-efficient team I'mInterested SUBSCRIBE Whilethestrategicorientationiscritical,theexpertsthatexecuteyourMDMmodernization projectmustbehighlyskilled,stable,agileandensuretimelydeliverywithout compromisingefficiency.AtMastech,wehavewitnessedattritionratesaslowas9%,enabling ustohaveastableteamthatdeliversfastandontimewithoutleavingourcustomershigh anddry.We'vehelpedover300+ customersovertheyearswithourstrongteamofdata experts.Speakwithustolearnmore. ChiefCustomerOfficer HehasextensiveexpertiseinMDMandData Governancewithnearly36yearsofexperienceinthe technologyspace KelvinLooi Followme: MORE READS The Retail Industry and IT Data Management: A Match Made in Heaven (Or at Least in the Cloud) Data Governance and BCBS 239: How our Service Pods can help Next-Generation MDM - Architecting Intelligence for the Future ByJohnHarrington | February16,2023 ByJohnHarrington | January31,2023 ByJeffPohlmann | May5,2022 Stay Updated On The Trending Topics On Data And Analytics. S U B S C R I B E WH O WE ARE C ARE E RS E V E N T S RE S OURC E S BLOG C ON TAC T US      MastechInfoTrellis,INC. © 2023 Sitemap TermsofUse PrivacyPolicy MastechInfoTrellisisthewholly-ownedsubsidiaryofMastechDigital

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