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.
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.
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.In 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.
Any implementation of a Master Data Management (MDM), Product Information Management (PIM) and/or Data Quality Management (DQM) solution will need a business case to tell if the intended solution has a positive business outcome.
Prior to the solution selection you will typically have:
- Identified the vision and mission for the intended solution
- Nailed the pain points the solution is going to solve
- Framed the scope in terms of the organizational coverage and the data domain coverage
- Gathered the high-level requirements for a possible solution
- Estimated the financial results achieved if the solution removes the pain points within the scope and adhering to the requirements
The solution selection (jump-starting with the Disruptive MDM / PIM / DQM Select Your Solution service) will then inform you about the Total Cost of Ownership (TCO) of the best fit solution(s).
From here you can, put very simple, calculate the Return of Investment (ROI) by withdrawing the TCO from the estimated financial results.
You can check out more inspiration about ROI and other business case considerations on The Disruptive MDM / PIM /DQM Resource List.
If you google for the term Product Data Syndication you will get the explanation in a post on the sister site to this blog. The Disruptive MDM / PIM / DQM list blog post is called What is Product Data Syndication (PDS).
Inbound and Outbound Scenarios
Digging further into this subject one can divide the Product Data Syndication (PDS) scenarios as seen from the individual organization within a supply chain into inbound and outbound product data syndication.
As a merchant/retailer/dealer being downstream in the supply chain you will have these main scenarios:
- Outbound product data syndication to marketplaces. This is the scenario covered by most solutions that are marketed as PDS solutions. The challenge here is that there are hundreds of marketplaces both internationally and nationally. These marketplaces have each their way of getting the product information. The advantage of such a PDS solution is that you as a merchant only need one downstream feed to (in theory) all marketplaces.
- Inbound product data syndication from suppliers either directly from the manufacturer or through distributors. There are many ways this is done today stretching exchanging spreadsheets, getting the product information in your supplier portal, fetching the product information from each of the manufacturers customer portal, through data pools and, still in the emerging stage, utilizing a collaborative PDS solution (see further down).
- Outbound product data syndication to large end users often being manufacturers utilizing MRO (Maintenance, Repair and Operation) parts.
As a manufacturer/brand owner being upstream in the supply chain you will have these main scenarios:
- Outbound product data syndication to marketplaces, which most often only covers a fraction of the revenue.
- Outbound product data syndication of product information for finished products to distributors and/or merchants. There are many ways this is done today stretching exchanging spreadsheets, putting the product information in each of the distributors/merchant’s supplier portal, exhibiting the product information in your customer portal, through data pools and, still in the emerging stage, utilizing a collaborative PDS solution (see further down).
- Inbound product data syndication of product information for raw materials and MRO (Maintenance, Repair and Operation) parts from suppliers being other manufacturers, distributors and/or merchants. There are many ways this is done today stretching exchanging spreadsheets, through data pools and, still in the emerging stage, utilizing a collaborative PDS solution (see further down).
As a distributor/wholesaler being midstream in the supply chain you share the outbound PDS scenarios at manufactures and the inbound PDS scenarios at merchants.
In some cases, a marketplace can act as a data pool too.
A Collaborative PDS Solution
In my eyes a collaborative PDS solution have these capabilities:
- Catering for a win-win scenario between trading partners by allowing one uniform way of outbound push of product information from upstream trading partners (manufacturers, distributors) and one uniform way of inbound pull of product information at downstream trading partners (distributors, merchants).
- Ability to work with all in-house Product Information Management (PIM) solutions and/or other in-house applications where product information is managed both for outbound push and inbound pull.
- Can encompass outbound push to and pull from data pools and even other PDS solutions as elements in the total product information flow embracing both market standard product information and flow of individual product information that makes the merchant stand out from the crowd.
Right now, I am working with a collaborative PDS solution. This solution welcomes other (collaboratve) PDS solutions as part of the product information flow. And of course, also every in-house Product Information Management (PIM) solution out there. This PDS solution is called Product Data Lake.
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.
The 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.
The 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
These 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.
The 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.
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.
PS: The next feature on the site is planned to be The Case Story List. Stay tuned.
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.
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.
One of the rising stars on the Master Data Management (MDM) and Product Information Management (PIM) scene is EnterWorks.
The EnterWorks solution has during the latest years, as a small crowd of other solutions on the market, grown from being a PIM solution to be a Multi-domain MDM solution. But they have not stopped there. EnterWorks is also a Multi-enterprise MDM solution and is thus covering the needs of sharing master data and product information within business ecosystems. This is, as stated by Gartner, a particularly interesting value proposition in the context of digital ecosystems.
Last year EnterWorks joined forces with WinShuttle, a major player in the data management realm.
This has led to that I, besides welcoming EnterWorks as a featured solution on the list, also is able to welcome EnterWorks to Europe. The European launch should have taken place on The Gartner Data & Analytics Summit in March. However, this event was as all other events at the moment postponed. But the launch is not. Read about the perspectives of this move in the press release on that Winshuttle Announces European Launch of EnterWorks® MDM/PIM Platform.
The Disruptive MDM / PIM / DQM List was launched in the late 2017.
Here the first innovative Master Data Management (MDM) and Product Information Management (PIM) tool vendors joined the list with a presentation page showcasing the unique capabilities offered to the market.
The blog was launched at the same time. Since then, a lot of blog posts – including guest blog posts – have been posted. The topics covered have been about the list, the analysts and their market reports as well as the capabilities that are essential in solutions and their implementation.
In 2019 the MDM and PIM tool vendors were joined by some of the forward-looking best-of-breed Data Quality Management (DQM) tool vendors.
The Select Your Solution service was launched at the same time. Here organizations – and their consultants – who are on the look for a MDM / PIM / DQM solution can jumpstart the selection process by getting a list of the best solutions based on their individual context, scope and requirements. More than 100 hundred end user organizations or their consultants have received such a list.
Going into the 20es the list is ready to be scaled up. The new sections being launched are:
- The Service List: In parallel with the solution providers it is possible for service providers – like implementation partners – to register on The Service List. This list will run besides The Solution List. For an organization on the look for an MDM / PIM / DQM solution it is equally important to select the right solution and the right implementation partner.
- The Resource List: This is a list – going live soon – with white papers, webinars and other content from potentially all the registered tool vendors and service providers divided into sections of topics. Here end user organizations can get a quick overview of the content available within the themes that matters right now.
- The Case Study List: The next planned list is a list of case studies from potentially all the registered tool vendors and service providers. The list will be divided into industry sectors. Here end user organizations can get a quick overview of studies from similar organizations.
If you have questions and/or suggestions for valuable online content on the list, make a comment or get in contact here:
Analyst firms occasionally publish market reports with solution overview for Master Data Management (MDM), Product Information Management (PIM) and Data Quality Management (DQM).
The publication schedule from the analyst firms can be unpredictable.
Information Difference is an exception. There have during the years every year been a Data Quality landscape named Q1 and published shortly after that quarter and an MDM landscape named Q2 and published shortly after that quarter. However, these reports are relying on participation from relevant vendors and not all vendors prioritize this scheme.
Forrester is quite unpredictable both with timing and which market segments (MDM, PIM, DQM) to be covered.
Gartner is a bit steadier. However, for example the MDM solution reports have been coming in varying intervals during the latest years.
Here is an overview of the latest major reports:
Stay tuned on this blog to get the latest on analyst reports and news on market movements.