Business Case, ROI and TCO for Your MDM / PIM / DQM Solution

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

Business Case ROI TCO MDM PIM DQM [2]The solution selection (utilizing the Select Your Solution service on this site) 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 Resource List.

Longlist, Shortlist and/or PoC

This site has an interactive service to help you jumpstart in your tool selection for a solution for Master Data Management (MDM), Product Information Management (PIM) and/or Data Quality Management (DQM) as described in the post The Free Bespoke MDM / PIM / DQM Solution Ranking Service.

Select Your Solution

The result of this interactive online service is a selection of the 7 best fit solutions for your MDM / PIM / DQM implementation and possibly also a few solutions that could complement your choice as a best-of-breed supplement for special features as for example data matching and product data syndication.

With the 7 best fit solutions the thought succeeding process could be one of the below 3 options:

Long Path:

Long pathYour organization, possibly assisted by a consultancy firm, makes a deeper evaluation of the longlist with the 7 best solutions typically by issuing a written Request for Proposal (RFP) to all or the most promising solutions in the selection. The response will give you a detailed understanding of the capabilities offered and a price indication including license price and model, required consultancy costs and internal resources needed.

Based on this you will make a shortlist of the typically 3 solutions with the best fit capability and total cost of ownership (TCO) ratio. You will invite the providers for a demo and engage in answering specific concerns. From there your organization can award the best fit solution provider with a contract and you can commence the implementation possibly assisted by an implementation partner.

Short Path:

Short pathYour organization, possibly assisted by a consultancy firm, can issue a Request for Proposal (RFP) to the providers of the shortlisted solutions. Based on the response, including indications for total cost of ownership (TCO), you will invite perhaps two providers for a thorough demo and engage in answering specific concerns. From there your organization can award the best fit solution provider with a contract and you can commence the implementation possibly assisted by an implementation partner.

One Step to PoC:

One Step to PoCYour organization will invite the best fit solution provider for a Proof of Concept (PoC) possibly with the assistance of a consultancy firm. If the result is successful and the total cost of ownership (TCO) match your business case, you can commence the implementation based on a contract with the solution provider and possibly also with an implementation partner.

Select Your Solution:

You can access the free selection model here.

Popular Entries on The Resource List

This site has a list of white papers, ebooks, reports and webinars from solution and service providers.

The aim is to give inspiration for organizations having the quest to implement or upgrade their Master Data Management (MDM), Product Information Management (PIM) and/or Data Quality Management (DQM) capability.

The list has now been online in a month and it is time to look at which entries that until now have been the most popular in terms of click through. These are:

ROI of MDM, PIM and DQM

Exploring The ROI of PIM and MDMHave you ever wondered how to effectively evaluate the return on investment (ROI) of a Product Information Management (PIM) and Master Data Management (MDM) implementation? Then, take a look at some real-life examples. Download the Enterworks ebook on Exploring The ROI of PIM and MDM.

MDM, PIM and DQM market overview

The State of Product Information Management 2020Get an overview of why PIM solutions are implemented in more and more organizations, which capabilities a 2020 PIM solution needs to cover, where the market is heading and who the PIM vendors in the market are and how this affect your purchase of PIM. Download the Dynamicweb PIM white paper The State of Product Information Management 2020. 

MDM, PIM and DQM implementation

virtual-conference-webcast-revConferences cancelled? Stuck working from home? Bring the conferences to you with an virtual MDM conference. Don’t miss this must see 6 week live webcast series and hear what other companies are doing in the world of MDM along with best practices and workshops by industry experts.. Register for this Enterworks webcast series at the Everything Master Data Management (MDM) Virtual Conference.

Extended MDM

Intelligent Data Hub - Taking MDM to the Next LevelMDM solutions have been instrumental in solving core data quality issues in a traditional way, focusing primarily on simple master data entities such as customer or product. Organizations now face new challenges with broader and deeper data requirements to succeed in their digital transformation. Help your organization through a successful digital transformation while taking your MDM initiative to the next level. Download the Semarchy white paper Intelligent Data Hub – Taking MDM to the Next Level.

Data Quality

4 Keys to Unlocking Data Quality with MDMBusinesses today face a rapidly growing mountain of content and data. Mastering this content can unlock a whole new level of Business Intelligence for your organization and impact a range of data analytics. It’s also crucial for operational excellence and digital transformation. Download the 1WorldSync and Enterworks ebook on 4 Keys to Unlocking Data Quality with MDM.

Next To Come

More resources from solution and service vendors are on the way. Additionally, there will also be a Case Story List with success stories from various industries. Stay tuned.

If you have comments, suggestions and/or entries to be posted (yes, there is a very modest fee), then get in touch here:

 

The Free Bespoke MDM / PIM / DQM Solution Ranking Service

This site has an interactive service to help you jumpstart in your tool selection for a solution for Master Data Management (MDM), Product Information Management (PIM) and/or Data Quality Management (DQM).

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.

An MDM / PIM / DQM Easter Egg

It is high season for painting Easter eggs now.MDM PIM DQM Easter EggThis egg is featuring:

  • Master Data Management (MDM),
  • Product Information Management (PIM) and/or
  • Data Quality Management (DQM)

as well as:

  • Application Data Management (ADM),
  • Customer Data Integration (CDI),
  • Customer Data Platform (CDP),
  • Digital Asset Management (DAM),
  • Product Data Syndication (PDS),
  • Product experience Management (PXM) and
  • Reference Data Management (RDM)

Check out the 10 data management TLAs on this list here.