“Water, water, everywhere,
Nor any drop to drink.”
― Samuel Taylor Coleridge, The Rime of the Ancient Mariner
Let’s rephrase it in the current technical context.
“Data, data, everywhere.
No idea what to do with it.”
In today’s volatile economic landscape, one truth shines through the uncertainty: businesses recognize the imperative need to invest in their data. Data has tremendous potential, yet it poses a formidable risk—a true double-edged sword. For enterprises everywhere now, data has become the linchpin, capable of making or breaking their success. Many major conglomerates find themselves grappling with its sheer volume, fragmented nature, and frustratingly low quality. Data has transformed into a formidable challenge that haunts many organizations.
But amid this chaos and frustration, a glimmer of hope emerges in the form of “Modern Data Management”. Innovative solutions have arrived to rejuvenate the art of extracting value from information, analyzing the odds and the evens, and accelerating the entire process. The efficient features of MDM when utilized to the “T” can help companies unlock their data’s true potential, propelling their success to unprecedented heights.
The Primary Goal: Prioritize Data
Per statistics, the market of MDM is expected to grow to approximately $54 billion by 2030. These figures underscore the recognition of the need for Master Data Management (MDM). Yet, there are many market players who are yet to embark on this journey. Why, you ask?
Implementing MDM and achieving the desired results is a long-term project in its truest sense. The process is not a quick bug or patch fix; it takes years to reach a stage where data is at a self-sustainable stage and is controllable according to your specific needs.
But, before we scare you off, let’s see what MDM can do for your business –
- It gets rid of duplicate data
- It enhances data quality
- It streamlines processes
- It elevates the customer experiences
- It reduces IT costs
- It enables superior decision-making
- And much much more…
The Need to unify the data
Enterprises today source their data from various, often siloed locations—on-premises, edge devices, data lakes, data warehouses, social media, etc. Unifying this diverse data, whether on-premises or in the cloud, is the promise of modern data management, but it’s also what makes it complex and lengthy. Many MDM solutions have been a tough nut to crack due to prolonged implementation time, scoping woes, and project failures but THAT’S NOT WHAT THE DEPLOYMENT OF MDM SHOULD BE LIKE.
Accelerating the Process with Modern MDM
The time has come to revamp outdated MDM deployment practices that have been around for over two decades. Many of today’s solutions are still not cloud-native which poses a major in hindrance for them to perform to their optimal performance. Industry-specific and out-of-the-box solutions, known as modern MDM velocity packs, offer pre-built connectors, workflow automation services, embedding options, and powerful APIs. These packs efficiently handle structured data exchange and include:
- Highest focus on Data Security: A contemporary data management strategy prioritizes security as a central element. This includes not only robust infrastructure and software-level cybersecurity measures but also meticulously designed data governance frameworks. These frameworks guarantee that only authorized users with specific data requirements can access the information necessary for their roles and functions.
- Integrated data domain configurations: The cloud-native, unified, and standardized data model serves as a universal language and framework for data. This facilitates seamless aggregation of data from diverse sources featuring distinct models. The unified data can be effortlessly disseminated to downstream destinations, ensuring streamlined accessibility and utilization.
- Integration of systems: Integration of first-party and third-party data sources becomes effortless.
- Automated Unique Identifier: A unique identifier is automatically generated and assigned to each entity thus eliminating any data duplication and redundancies.
- Comprehensive data sharing: Extensive data sharing across the company or organization for better data analysis.
Custom solution or starter pack?
Compared to bespoke and customized MDM solutions, these pre-configured MDM starter packs can work wonders in terms of lowered implementation cycles, smoother data aggregation & analysis, and hence, higher customer satisfaction. Starter packs can also be made more affordable as opposed to offering a full-suite custom solution that offers everything.
Finally, why Modern Data Management?
Having siloed Data management tools (and practices) and putting it on the cloud just doesn’t cut it. Legacy Data management software has taken eons of years to turn around the desired efficiency, a factor that doesn’t quite work in the modern digital transformation era anymore.
Unified, accurate, real-time updated, and reliable data is the key to a smoother race to the top. Today, companies don’t want to stay entangled in the clutches of demonic data volumes that only distort their vision; they need simpler ways to focus on other important aspects of business. MODERN DATA MANAGEMENT SYSTEM IS ONE OF THE PIVOTS OF DIGITAL TRANSFORMATION SERVICES.
