MDM Terms in Use in the Gartner Hype Cycle

The latest Gartner Hype Cycle for Data and Analytics Governance and Master Data Management includes some of the MDM trends that have been touched here on the blog.

If we look at the post peak side, there are these five main variant – or family of variant – terms in motion:

  • Single domain MDM represented by the two most common domains being MDM of Product Data and MDM of Customer Data.
  • Multidomain MDM.
  • Cloud MDM.
  • Data Hub Strategy which I like to coin Extended MDM.
  • Interenterprise MDM, which before was coined Multienterprise MDM by Gartner and I like to coin Ecosystem Wide MDM.

It is also worth noticing that Gartner has dropped the term Multivector MDM from the hype cycle. This term never penetrated the market lingo.

Another term that is almost only used by Gartner is Application Data Management (ADM). That term is still in there.

Analyst MDM / PIM / DQM Solution Reports Update August 2020

Analyst firms occasionally publish market reports with a generic solution overview for Master Data Management (MDM), Product Information Management (PIM) and Data Quality Management (DQM).

Here is an overview of the latest major reports:

Analyst MDM PIM DQM reports

3 ways to learn more: 

  • You can check out many of the included solutions on The Disruptive MDM / PIM / DQM List.
  • You can get a free ranking that also include the rising stars on the solution market and is based on your context, scope and requirements here.
  • You can book a free short online meeting with me for further discussion on your business case as part of my engagement at the consultancy firm Astrocytia here.

Who is in the MDM Landscape Q2 2020?

The new Information Difference MDM Landscape is out.

MDM Landscape Q2 2020

Talend is not in the landscape this year, which is natural as Talend do not promote MDM anymore. Viamedici and Veeva is not in there as they were last year. This may, as discussed under the 2019 MDM Landscape with other vendors, be because they have declined to participate.

Recurring vendors are positioned quite like last year. As the vertical axis is technology, including customer satisfaction, and the horizontal axis is market strength, there still seems to be two main groups of vendors. Best-of-breed MDM with higher customer satisfaction and mega-vendors with not so high customer satisfaction.

Stibo Systems sits between these two groups according to this report. In my current work at the consultancy firm Astrocytia we have some engagements where we assist our clients in getting much more business benefit from MDM and thereby with these cases we strive to push Stibo Systems towards the top-right corner.

Gaining customer satisfaction, not at least with larger market strength, is dependent on both the capabilities of the MDM vendor and the approach from the consultancy firm that assist with the wider MDM strategy and implement the solutions.

How to Create Great CX Using the Full Potential of MDM

Improved customer experience (CX) is a key driver for digitalization and having optimal Master Data Management (MDM) is a core prerequisite for being successful in providing customer experience.

First, MDM underpins your insights into:

  • Customer identity
  • Customer hierarchies
  • Customer locations
  • Customer transactions
  • Customer footprint on websites
  • Customer footprint in social media
  • Customer preferences
  • Customer privacy and data protection settings and rights

Next, MDM gives you the insight into how to provide a tailored product experience by managing the data supply chain from your suppliers/vendors to each of the customer touch points by:

  • Having your suppliers/vendors syndicating all the product-, service- and other information that is required by your customers
  • Transforming these data into the data structure that fits your customers
  • Consolidating all sources relevant for your customers
  • Enriching with your internal competitive information that delight and engage your customers
  • Customizing to each channel where you have a touch point with your customers
  • Personalizing utilizing rich and structured customer insight

PXM and CX

Learn more at a webinar hosted by Reltio on the 11th August 2020. Free registration here.

Data Marketplaces, Exchanges and Multienterprise MDM

In the recent Gartner Top 10 Trends in Data and Analytics for 2020 trend number 8 is about data marketplaces and exchanges. As stated by Gartner: “By 2022, 35% of large organizations will be either sellers or buyers of data via formal online data marketplaces, up from 25% in 2020.”

The topic of selling and buying data was touched here on the blog in the post Three Flavors of Data Monetization

A close topic to data marketplaces and exchanges is Multienterprise MDM.

In the 00’s the evolution of Master Data Management (MDM) started with single domain / departmental solutions dominated by Customer Data Integration (CDI) and Product Information Management (PIM) implementations. These solutions were in best cases underpinned by third party data sources as business directories as for example the Dun & Bradstreet (D&B) world base and second party product information sources as for example the GS1 Global Data Syndication Network (GDSN).

In the previous decade multidomain MDM with enterprise wide coverage became the norm. Here the solution typically encompasses customer-, vendor/supplier-, product- and asset master data. Increasingly GDSN is supplemented by other forms of Product Data Syndication (PDS). Third party and second party sources are delivered in the form of Data as a Service that comes with each MDM solution.

Data Marketplaces and Exchange

In this decade we will see the rise of multienterprise MDM where the solutions to some extend become business ecosystem wide, meaning that you will increasingly share master data and possibly the MDM solutions with your business partners – or else you will fade in the wake of the overwhelming data load you will have to handle yourself.

The data sharing will be facilitated by data marketplaces and exchanges.

On July 23rd I will, as a representative of The Disruptive MDM/PIM/DQM List, present in the webinar How to Sustain Digital Ecosystems with Multi-Enterprise MDM. The webinar is brought to you by Winshuttle / Enterworks. It is a part of their everything MDM & PIM virtual conference. Get the details and make your free registration here.

Welcome Master Data Online (MDO) from Prospecta on The Disruptive MDM / PIM / DQM List

There is yet a new featured entry on the Disruptive MDM / PIM /DQM List. Master Data Online (MDO) is the flagship product of Prospecta. The solution entered the market in 2008 with its unique ability to solve multiple problems of standardizing spare parts and has grown at a steady pace into a far more evolved and matured solution which focuses around multiple data solutioning across systems like SAP, Salesforce and other leading Enterprise Systems.

With the heritage from solving product master data issues in manufacturing MDO stands out from the crowd of MDM solutions that else have their heritage in Customer Data Integration (CDI) or Product Information Management (PIM). The coexistence with SAP that was part of the original heritage has along with the multi-domain MDM capabilities been developed to cover SalesForce and other popular applications you meet in most IT landscapes.

Besides the core MDM and coexistence with ERP and CRM applications MDO also have a Data Intelligence Workbench (DIW) and a component called MDO Fuse that is made to ease onboarding and provide workflow capabilities.

Learn more about Master Data Online (MDO) here.

Role of MDO

B2B2C in Data Management

The Business-to-Business-to-Consumer (B2B2C) scenario is increasingly important in Master Data Management (MDM), Product Information Management (PIM) and Data Quality Management (DQM).

This scenario is usually seen in manufacturing including pharmaceuticals as examined in the post Six MDMographic Stereotypes.

One challenge here is how to extend the capabilities in MDM / PIM / DQM solutions that are build for Business-to-Business (B2B) and Business-to-Consumer (B2C) use cases. Doing B2B2C requires a Multidomain MDM approach with solid PIM and DQM elements either as one solution, a suite of solutions or as a wisely assembled set of best-of-breed solutions.B2B2C MDM PIM DQMIn the MDM sphere a key challenge with B2B2C is that you probably must encompass more surrounding applications and ensure a 360-degree view of party, location and product entities as they have varying roles with varying purposes at varying times tracked by these applications. You will also need to cover a broader range of data types that goes beyond what is traditionally seen as master data.

In DQM you need data matching capabilities that can identify and compare both real-world persons, organizations and the grey zone of persons in professional roles. You need DQM of a deep hierarchy of location data and you need to profile product data completeness for both professional use cases and consumer use cases.

In PIM the content must be suitable for both the professional audience and the end consumers. The issues in achieving this stretch over having a flexible in-house PIM solution and a comprehensive outbound Product Data Syndication (PDS) setup.

As the middle B in B2B2C supply chains you must have a strategic partnership with your suppliers/vendors with a comprehensive inbound Product Data Syndication (PDS) setup and increasingly also a framework for sharing customer master data taking into account the privacy and confidentiality aspects of this.

This emerging MDM / PIM / DQM scope is also referred to as Multienterprise MDM.

Get Your Free Bespoke MDM / PIM / DQM Solution Ranking

The Disruptive MDM / PIM / DQM List has an interactive service that can help you jumpstart in your tool selection for a Master Data Management (MDM), Product Information Management (PIM) and/or Data Quality Management (DQM) solution.

MDM PIM DQM Context, Scope and RequirementsThe selection model is based on the context, scope and requirements for your solution.

The context includes the geographical reach and the industry where your organization operates.

The scope includes the number of entities as for example consumers (B2C customers), companies (B2B customers, suppliers and other business partners), products and digital assets as well as the organizational reach.

The requirements are those that differentiate the MDM / PIM / DQM solutions on the market.

MDM PIM DQM Vendor capabilitiesThe solution capabilities considered in the selection process are those of who are:

  • On this Disruptive MDM / PIM / DQM Solutions List or
  • Gartner MDM Magic Quadrant or
  • Forrester MDM Wave or Forrester PIM Wave or
  • Information Difference MDM Landscape

MDM PIM DQM AI EngineThese two sets of information are compared in a continuously supervised learning algorithm – also known in marketing as machine learning and artificial intelligence (AI).

Filling in the information usually takes less than 15 minutes. You will get your solution list within 1 to 48 hours.

MDM PIM DQM Ranking OutcomeThe outcome is:

  • The best fit solution for a Proof of Concept
  • Two more solutions to be in a shortlist
  • Four more solutions to be in a longlist
  • If fit, a couple of more solutions to be considered as alternatives or supplements

During the half year this service has been online, more than 100 end user organizations or their consultants have received their solution list.

This service is free. No information is shared with anyone unless requested. Are you ready? Start with step 1 here.

MDM / PIM / DQM Resources

Last week The Resource List went live on The Disruptive MDM / PIM / DQM List.

The rationale behind the scaling up of this site is explained in the article Preaching Beyond the Choir in the MDM / PIM / DQM Space.

These months are in general a yearly peak for conferences, written content and webinars from solution and service providers in the Master Data Management (MDM), Product Information Management (PIM) and Data Quality Management (DQM) space. With the covid-19 crises conferences are postponed and therefore the content providers are now ramping up the online channel.

As one who would like to read, listen to and/or watch relevant content, it is hard to follow the stream of content being pushed from the individual providers every day.

The Resource List on this site is a compilation of white papers, ebooks, reports, podcasts, webinars and other content from potentially all the registered tool vendors and service providers on The Solution List and coming service list. The Resource List is divided into sections of topics. Here you can get a quick overview of the content available within the themes that matters to you right now.

The list of content and topics is growing.

Check out The Resource List here.

MDM PIM DQM resourcesPS: The next feature on the site is planned to be The Case Story List. Stay tuned.

What is Multidomain MDM?

Multi-domain Master Data Management is usually perceived as the union of Customer MDM, Supplier MDM and Product MDM. It is. And it is much more than that.

Customer MDM is typically about federating the accounts receivable in the ERP system(s) and the direct and prospective accounts in the CRM system(s). Golden records are formed through deduplication of multiple representations of the same real-world entity.

Supplier (or vendor) MDM is typically about federating the accounts payable in the ERP system(s) and the existing and prospective accounts in the SRM system(s). A main focus is on the golden records and the company family tree they are in.

Product MDM has a buy-side and a sell-side.

On the buy-side MDM is taking care of trading data for products to resell, in manufacturing environments also the trading data for raw materials and in some cases also for parts to be used in Maintenance, Repair and Operation (MRO). The additional long tail of product specifications may in resell scenarios be onboarded in an embedded/supplementary Product Information Management (PIM) solution.

On the sell-side the trading data are handled for resell products and in manufacturing environments the finished products. The additional long tail of product specifications may be handled in an embedded/supplementary Product Information Management (PIM) solution.

What is multidomain MDM

Multidomain MDM does this in a single solution / suite of solutions. And much more as for example:

  • Supplier contacts can be handled in a generic party master data structure.
  • Customer contacts can be handled in a generic party master data structure
  • Besides the direct accounts in CRM the indirect accounts and contacts can in the party master data structure too. Examples of such parties are:
    • Influencers in the form of heath care professionals in life science.
    • Influencers in the form of architects and other construction professionals in building material manufacturing.
    • End consumers in many supply chain B2B2C scenarios.
  • Employee records can be handled in a generic party master data structure. The roles of sales representatives and their relation to customers, influencers, product hierarchies and location hierarchies can be handled as well as purchase responsibles and their relation to suppliers, influencers, product hierarchies and location hierarchies can be handled.
  • The relation between suppliers and product hierarchies and location hierarchies cand be handled.
  • The relation between customers and end consumers and the product hierarchies and location hierarchies can be handled.
  • Inbound product information feeds from suppliers can be organized and optimized through Product Data Syndication (PDS) solutions.
  • The relation between customer preferences and product information can be handled in Product eXperience Management (PXM).
  • Outbound product information feeds to resellers can be organized and optimized through Product Data Syndication (PDS) solutions.