10 Data Management TLAs You Should Know

TLA stands for Three Letter Acronym. The world is full of TLAs. The IT world is full of TLAs. The Data Management world is full of TLAs. Here are 10 TLAs from the data management world that have been mentioned a lot of times on this blog and the sister blog over at The Disruptive MDM / PIM / DQM List:

MDM = Master Data Management can be defined as a comprehensive method of enabling an enterprise to link all of its critical data to a common point of reference. When properly done, MDM improves data quality, while streamlining data sharing across personnel and departments. In addition, MDM can facilitate computing in multiple system architectures, platforms and applications. You can find the source of this definition and 3 other – somewhat similar – definitions in the post 4 MDM Definitions: Which One is the Best?

PIM = Product Information Management is a discipline that overlaps MDM. In PIM you focus on product master data and a long tail of specific product information related to each given classification of products. This data is used in omni-channel scenarios to ensure that the products you sell are presented with consistent, complete and accurate data. Learn more in the post Five Product Information Management Core Aspects.

DAM = Digital Asset Management is about handling rich media files often related to master data and especially product information. The digital assets can be photos of people and places, product images, line drawings, brochures, videos and much more. You can learn more about how these first 3 mentioned TLAs are connected in the post How MDM, PIM and DAM Stick Together.

DQM = Data Quality Management is dealing with assessing and improving the quality of data in order to make your business more competitive. It is about making data fit for the intended (multiple) purpose(s) of use which most often is best to achieved by real-world alignment. It is about people, processes and technology. When it comes to technology there are different implementations as told in the post DQM Tools In and Around MDM Tools.

RDM = Reference Data Management encompass those typically smaller lists of data records that are referenced by master data and transaction data. These lists do not change often. They tend to be externally defined but can also be internally defined within each organization. Learn more in the post What is Reference Data Management (RDM)?

10 TLA show

CDI = Customer Data Integration, which is considered as the predecessor to MDM, as the first MDMish solutions focussed on federating customer master data handled in multiple applications across the IT landscape within an enterprise. You may ask: What Happened to CDI?

CDP = Customer Data Platform is an emerging kind of solution that provides a centralized registry of all data related to parties regarded as (prospective) customers at an enterprise. Right now, we see such solutions coming both from MDM solution vendors and CRM vendors as reported in the post CDP: Is that part of CRM or MDM?

ADM = Application Data Management, which is about not just master data, but all critical data however limited to a single (suite of) application(s) at the time. ADM is an emerging term and we still do not have a well-defined market as examined in the post Who are the ADM Solution Providers?

PXM = Product eXperience Management is another emerging term that describes a trend to distance some PIM solutions from the MDM flavour and more towards digital experience / customer experience themes. Read more about it in the post What is PxM?

PDS = Product Data Syndication, which connects MDM, PIM (and other) solutions at each trading partner with each other within business ecosystems. As this is an area where we can expect future growth along with the digital transformation theme, you can get the details in the post What is Product Data Syndication (PDS)?

Three Not So Easy Steps to a 360-Degree Customer View

Getting a 360-degree view (or single view) of your customers has been a quest in data management as long as I can remember.

This has been the (unfulfilled) promise of CRM applications since they emerged 25 years ago. Data quality tools has been very much about deduplication of customer records. Customer Data Integration (CDI) and the first Master Data Management (MDM) platforms were aimed at that conundrum. Now we see the notion of a Customer Data Platform (CDP) getting traction.

There are three basic steps in getting a 360-degree view of those parties that have a customer role within your organization – and these steps are not at all easy ones:

360 Degree Customer View

  • Step 1 is identifying those customer records that typically are scattered around in the multiple systems that make up your system landscape. You can do that (endlessly) by hand, using the very different deduplication functionality that comes with ERP, CRM and other applications, using a best-of-breed data quality tool or the data matching capabilities built into MDM platforms. Doing this with adequate results takes a lot as pondered in the post Data Matching and Real-World Alignment.
  • Step 2 is finding out which data records and data elements that survives as the single source of truth. This is something a data quality tool can help with but best done within an MDM platform. The three main options for that are examined in the post Three Master Data Survivorship Approaches.
  • Step 3 is gathering all data besides the master data and relate those data to the master data entity that identifies and describes the real-world entity with a customer role. Today we see both CRM solution vendors and MDM solution vendors offering the technology to enable that as told in the post CDP: Is that part of CRM or MDM?

CDP: Is that part of CRM or MDM?

The notion of a data centred application type called a Customer Data Platform (CDP) seems to be trending these days. A CDP solution is a centralized registry of all data related to parties regarded as (prospective) customers at an enterprise.

This kind of solution comes from two solution markets:

  • Customer Relationship Management (CRM)
  • Master Data Management (MDM)

The CRM track was recently covered in a Venture Beat article telling that Salesforce announces a Customer Data Platform to unify all marketing data. In this article it is also stated that Oracle just announced a similar solution named CX Unity and Adobe announced triggered journeys based on a rich pool of centralized data.

Add to that last year´s announcement from Microsoft, Adobe and SAP on their Open Data Initiative as told in the LinkedIn article Using a Data Lake for Data Sharing.

Some MDM solution providers are also on that track. Reltio Cloud embraces all customer data and Informatica Customer 360 Insights, formerly known as Allsight, is also going there as reported in the post Extended MDM Platforms.

Will be interesting to follow how CDP solutions evolve and if it is CRM or MDM vendors who will do best in this discipline. One guess could be that MDM vendors will provide “the best” solutions but CRM vendors will sell most licenses. We will see.

CDP CRM MDM