It Takes Less than 15 Million USD to be on This List

The Gartner Magic Quadrant for Master Data Management Solutions is probably the most referenced vendor ranking service in the MDM space. You can see which vendors that are included in the quadrant – and their yearly revenue as estimated by Gartner – in the post MDM Vendor Revenues According to Gartner.

The entrance ticket for vendors in the quadrant is a yearly MDM related software (license and maintenance) revenue of minimum 15 Million USD.

This list (The Disruptive MDM/PIM List) does not require any minimum revenue for vendors to register their solution. Some of the already listed solutions are also included in the Gartner MDM Magic Quadrant and some are not (yet).

For organizations on the look for an MDM and/or PIM solution this means that there is a choice of considering both larger and established disruptive solutions and considering newer and specialized solutions for a longlist and a shortlist within a tool selection activity.

These are the solutions currently on the list:

Specialized or Gartnerish

Lear more about these solutions on the list.

Digital Transformation Success Rely on MDM / PIM Success

It is hard to find an organization who do not want to be on the digital transformation wagon today. But how can you ensure that your digital transformation journey will be a success? One of the elements in making sure that this data driven process will be a success will be to have a solid foundation of Master Data Management (MDM) including Product Information Management (PIM).

The core concepts here are:

  • Providing a 360-degree view of master data entities: Engaging with your customers across a range of digital platforms is a core part of any digital transformation. Having a 360-degree view of your customer has never been more important, and that starts with well-organized and maintained customer master data. The same is true for supplier master data and other party master data. 360-degree view of locations is equally important. The same goes for products and assets as pondered in post Golden Records in Multidomain MDM.
  • Enabling happy self-service scenarios: Customer data are gathered from many sources and digital self-registration is becoming the most common used method. The self-service theme has also emerged in handling supplier master data as self-service based supplier portals have become common as the place where supplier/vendor master data is captured and maintained. Interacting with your trading partners on digital platforms and having the most complete product information in front of your customers in self-service online selling scenarios requires a solid foundation for product master data and Product experience Management (PxM).
  • Underpinning the best customer experience: Customer experience (CX) and MDM must go hand in hand. Both themes involve multiple business units and digital environments within your enterprise and in the wider business ecosystem, where your enterprise operates. Master data is the glue that brings the data you hold about your customers together as well as the glue that combines this with the data you share about your product offering.
  • Encompassing Internet of Things (IoT): Smart devices that produces big data can be used to gain much more insight about parties (in customer and other roles), products, locations and the things themselves. You can only do that effectively by relating IoT and MDM.

Digital Transformation Success

The Links Between MDM, PIM and Data Monetization

Data monetization is about harvesting direct financial results from having access to data that is stored, maintained, categorized and made accessible in an optimal manner. Traditionally data management & analytics has contributed indirectly to financial outcome by aiming at keeping data fit for purpose in the various business processes that produced value to the business. Today the best performers are using data much more directly to create new services and business models.

There are three ways of exploiting data monetization:

  • Selling data: This is something that have been known to the data management world for years. Notable examples are the likes of Dun & Bradstreet who is selling business directory data. Another example is postal services around the world selling their address directories. This is the kind of data we know as third party data.
  • Wrapping data around products: If you have a product – or a service – you can add tremendous value to these products and services and make them more sellable by wrapping data, potentially including third party data, around those products and services. These data will thus become second party at trading partners.
  • Advanced analytics and decision making: You can combine third party data, second party data and first party data (your own data) in order to make advanced analytics and fast operational decision making in order to sell more, reduce costs and mitigate risks.

Data Monetization MDM PIM

Master Data Management (MDM) is the core foundation for ensuring the multipurpose data quality of the data you sell, purchase from a third-party provider, push to trading partners, pull from trading partners and use in analytics and decision making. Product Information Management (PIM) is crucial when wrapping data around products and Product Data Syndication is essential when linking the data between trading partners.

On this site there is a list of forward-looking MDM, PIM and Product Data Syndication vendors who can enable your data monetization efforts. Find the list here.

Multidomain MDM and the Next Big MDM Thing

Mutidomain MDM has been a trend in the Master Data Mamagement world for some years as told in the post Golden Records in Multidomain MDM.

Gartner, the analyst, firm, says in the latest MDM Magic Quadrant that “Several patterns have emerged whereby “customer,” “party,” “product” or “thing” master data have become the highest priority for a large number of organizations. The MDM solution should be capable of supporting all domains that are “in scope” for an MDM program, through either client-driven or prepackaged data model styles.”

Gartner has also together with the included vendors estimated the number of multidomain licenses sold on the market as seen in the post Counting MDM Licenses.

On the Hype Cycle for Information Management Gartner sees Multidomain MDM as sliding into the through of disillusionment while the customer and product single domains are at the slope of enlightenment.

Multidomain MDM Hype

Multiple domains are in the Gartner world one of several vectors of MDM. Other vectors are industries, usage scenarios (operational vs analytical), organizational structures (central vs local) and implementation styles (registry, consolidation, coexistence and centralized).

Another MDM theme that is trailing multidomain is multienterprise MDM – aka business ecosystem wide MDM.

Forrester, the other analyst firm, puts it this way in their latest MDM Wave: “As first-generation MDM technologies become outdated and less effective, improved second generation and third-generation features will dictate which providers lead the pack. Vendors that can provide internet-of-things (IoT) capabilities, ecosystem capabilities, and data context position themselves to successfully deliver added business value to their customers.”

What do you think: Will multidomain MDM prevail? Either way, what will be the next big thing(s)?

MDM, PIM, DAM within Data Management

Master Data Management (MDM), Product Information Management (PIM) and Digital Asset Management (DAM) are some interrelated disciplines that again is interrelated with other disciplines in the data management space.

MDM PIM DAM and Data Management

The core disciplines are:

  • MDM has some sub disciplines, most notable:
    • Multidomain MDM which is when the MDM effort encompasses not only a single master data domain as for example customer, supplier, employee (all being party master data) or product master data but all master data domains relevant for a given organization.
    • Multienterprise MDM which is an emerging discipline where the scope of sharing master data goes from doing that within a given organization to embracing the business ecosystem(s) where the organization operates.
  • PIM can be seen as an extension to product master data management which takes care of the product information in marketing and sales scenarios. In addition:
    • PIM has some overlapping acronyms as PCM, PDM, PLM and PxM as discussed in the post Product Something Management.
    • Product Data Syndication is the multienterprise (business ecosystem wide) scenario related to PIM, where product information is shared between trading partners (or between disconnected entities belonging to the same organization).
  • DAM is most commonly related to PIM and the requirement for handling digital assets as images, textual documents, videos and more related to products, but the digital assets can also relate to other master data entities.

Reference Data Management (RDM) is closely related to these disciplines as told in the post RDM: A Small but Important Extension to MDM.

Data Governance can be seen as an overarching discipline for data management and should also go hand in hand with MDM, PIM and DAM. A core result from MDM, PIM and DAM activities is to provide sustainable data quality so that data cleansing and data matching does not have to be done over and again.

MDM and RDM underpins data reporting activities, Test Data Management (TDM) and data security and MDM, PIM and DAM is an essential aspect of data architecture, data modelling and data integration.

If you are considering solutions for MDM, PIM and DAM, our list features some of the best solutions from the most forward-looking vendors on the market. Check it out here.