MDM, PIM, DAM and 7 More Data Management TLAs

What is CDI (in a data management context)? What does PDS stand for? And what about RDM?

Well, here is an under 2 minutes silent video going through what 10 common Three Letter Acronyms in the data management world is:

Read more about the Three Letter Acronyms in the post 10 Data Management TLAs You Should Know.

Learn more about some of the best solutions in this space on The Disruptive MDM / PIM / DQM List.

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.

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

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)?

First Experiences with the MDM / PIM Solution Selection Service

As announced 3 weeks ago here on the blog I have started a service for MDM / PIM solution ranking based on your context, scope and requirements.

It has been good to see that the first 2-digit number of people have requested their solution list based on their specific requirements. A few have also provided the feedback, that they actually already had made a list. In these cases, I am happy that the responses were, that the result from the automated selection process corresponded very well with their traditional and (I guess) time and money consuming selection project.

The set of requirements I have processed have been very varying and thus the solution lists have also been somewhat different encompassing a lot of solution vendors both being on The Disruptive MDM / PIM List as well as those recognized by Gartner, Forrester and Information Difference.

Anyone else who would like to jumpstart a tool selection? Start here.

Select your solution process

The People Behind the MDM / PIM Tools

Over at the sister site, The Disruptive MDM / PIM List, there are some blog posts that are interviews with some of the people behind some of the most successful Master Data Management (MDM) and Product Information Management (PIM) tools.

People behind MDM tools

CEO & Founder Upen Varanasi of Riversand Technologies provided some insights about Riversand’s vision of the future and how the bold decisions he had made several years ago led to the company’s own transformational journey and a new MDM solution. Read more in the post Cloud multi-domain MDM as the foundation for Digital Transformation.

In a recent interview FX Nicolas, VP of Products at Semarchy, tells about his MDM journey and explains how the Semarchy Intelligent Data Hub™:

  • Extends the scope of data available via the data hub beyond core master data
  • Takes an end-to-end approach for the data management initiative
  • Transparently opens the initiative to the whole enterprise

Read the full interview here.

I hope to be able to present more people behind successful solutions on The Disruptive MDM / PIM List Blog.

When Vendors Decline to Participate in Analyst Research

In the Master Data Management (MDM) and Product Information Management (PIM) space there are some analyst market reports with vendor rankings used by organizations when doing a tool selection project.

These reports are based on the analyst’s survey at their customers and perhaps other end user organizations as well as the analysts research in corporation with the solution vendor. However, sometimes the latter part does not happen.

One example was the Gartner late 2017 Magic Quadrant for MDM solutions where IBM declined to participate as reported in the post Why IBM Declined to Participate in The Gartner MDM Magic Quadrant.

Another example is the Forrester and Informatica dysfunctional relationship. In the Forrester 2019 MDM Wave it is stated that “Informatica declined to participate in our research. This was also apparent in the Forrester 2018 PIM Wave where Forrester’s placement of Informatica as a Germany-based vendor didn’t reflect movements (and perhaps achievements) since 2012 as told in the post MDM Alternative Facts.

Both Gartner and Forrester have though positioned IBM and Informatica in their plot with the note that the research did not include interaction with the vendor.

Analyst Relationship

Information Difference has taken another approach and does not include nonparticipating vendors as discussed in the post Movements in the MDM Vendor Landscape 2019.

This challenge is a bit close to me as I am running a list of MDM / PIM / DQM vendors where there now also is a ranking service based on individual context, scope and requirements. Here I have chosen to include vendor solutions on the three above analyst reports and the list itself as noted in select your solution step 4.

Longlist, Shortlist and Proof of Concept

When selecting a tool for a Master Data Management (MDM) / Product Information Management (PIM) / Data Quality Management (DQM) solution you can:

  • Select a longlist of 5 to 10 solutions that you after some research narrow down to a shortlist and after some more thorough research you will from this select a solution for a PoC / contract.
  • Select a shortlist of 3 to 5 solutions and after some research select a solution for a PoC / contract.
  • Directly select a solution for a Proof of Concept (PoC) and Business Case.

How would you – or did you – select a tool?

 

By the way: There are also some different approaches to get the work done:

Longlist shortlist PoC

MDM / PIM solution ranking based on your context, scope and requirements

Popular Master Data Management (MDM) and Product Information Management (PIM) market reports with solution vendor rankings as the Gartner MDM Magic Quadrant, the Forrester MDM / PIM wave and the Information Difference MDM Landscape are generic, meaning they are not based on the specific context, scope and requirements that every organization on the look for a solution has.

So, no organization can just pick the solution positioned in the top right corner at their favourite analyst firm, neither make a shortlist with the solutions being most top-right or even a longlist with the well positioned solutions. They will need own research or consultancy from the report makers or consultancy firms – or yours truly.

Well, until now.

At The Disruptive MDM / PIM List there is a new service that, based on information about your context, scope and requirements, will provide a solution list that is fit for you.

Your solution list

Curious? Go to select your solution here.

The Disruptive MDM, PIM and Data Quality Solution List

This blog has a sister site called The Disruptive MDM / PIM List.

The site is a list of available solutions for:

  • Master Data Management (MDM) and
  • Product Information Management (PIM)

as well as:

  • Application Data Management (ADM) – kind of NEW,
  • Customer Data Integration (CDI),
  • Customer Data Platform (CDP),
  • Data Quality Management (DQM) – NEW on the list,
  • Digital Asset Management (DAM),
  • Product Data Syndication (PDS),
  • Product experience Management (PxM) and
  • Reference Data Management (RDM) – NEW.

You can use this site as an addition to the likes of Gartner, Forrester, MDM Institute and others when selecting your new MDM, PIM and data quality solution, not at least because this site will include both larger and smaller disruptive solutions.

Vendors can register their solutions here.

Organizations on the look for a solution within these disciplines can inspect the solutions here.

 

Data Management New Wordle

Product Data in ERP, MDM and PIM

Organizations typically holds product data in three different kind of applications:

  • In an ERP application together with all other kinds of master data and transaction data.
  • In an MDM (Master Data Management) application either as a Product MDM implementation or a multidomain MDM implementation together with other master data domains.
  • In a PIM (Product Information Management) application.

Each of these applications have their pros and cons and where an organization utilizes several of these applications we often see that there is no single source of truth for all product data, but that some product attributes are controlled by one application and some other attributes are controlled by another application. Recently I wrote a post on the Pimnews think forum with a walk through of different kinds of product attributes and if they typically are controlled in PIM or ERP / MDM. The post had the title Six Product Attribute Levels.

The overwhelming part of organizations still use ERP as the place for product data – often supplemented by satellite spreadsheets with product data.

However, more and more organizations, not at least larger global ones, are implementing MDM solutions and, also midsize organisations, are implementing PIM solutions. The solution market was before split between MDM and PIM solutions, but we now do see some of the PIM solution providers also encompassing MDM capabilities. On the Disruptive MDM/PIM List there is a selection of solutions either being more MDM-ish or more PIM-ish as examined in the post MDM, PIM or Both.

MDM ish and PIM ish vendors

Top 15 MDM / PIM Requirements in RFPs

A Request for Proposal (RFP) process for a Master Data Management (MDM) and/or Product Information Management (PIM) solution has a hard fact side as well as there are The Soft Sides of MDM and PIM RFPs.

The hard fact side is the detailed requirements a potential vendor has to answer to in what in most cases is the excel sheet the buying organization has prepared – often with the extensive help from a consultancy.

Here are what I have seen as the most frequently included topics for the hard facts in such RFPs:

  • MDM and PIM: Does the solution have functionality for hierarchy management?
  • MDM and PIM: Does the solution have workflow management included?
  • MDM and PIM: Does the solution support versioning of master data / product information?
  • MDM and PIM: Does the solution allow to tailor the data model in a flexible way?
  • MDM and PIM: Does the solution handle master data / product information in multiple languages / character sets / script systems?
  • MDM and PIM: Does the solution have capabilities for (high speed) batch import / export and real-time integration (APIs)?
  • MDM and PIM: Does the solution have capabilities within data governance / data stewardship?
  • MDM and PIM: Does the solution integrate with “a specific application”? – most commonly SAP, MS CRM/ERPs, SalesForce?
  • MDM: Does the solution handle multiple domains, for example customer, vendor/supplier, employee, product and asset?
  • MDM: Does the solution provide data matching / deduplication functionality and formation of golden records?
  • MDM: Does the solution have integration with third-party data providers for example business directories (Dun & Bradstreet / National registries) and address verification services?
  • MDM: Does the solution underpin compliance rules as for example data privacy and data protection regulations as in GDPR / other regimes?
  • PIM: Does the solution support product classification and attribution standards as eClass, ETIM (or other industry specific / national standards)?
  • PIM: Does the solution support publishing to popular marketplaces (form of outgoing Product Data Syndication)?
  • PIM: Does the solution have a functionality to ease collection of product information from suppliers (incoming Product Data Syndication)?

Learn more about how I can help in the blog page about MDM / PIM Tool Selection Consultancy.

MDM PIM RFP Wordle