Tag Archives: Master Data Management
Beyond our wildest expectations—not to mention our original room reservations—the Third MDM Day event on February 19th was a tremendous success, a “three-peat” if you will. Expecting 100 attendees, we had nearly 500 registrations and a crowd of 350 who braved the weather, including a quarter of whom traveled from outside the tri-state area, to join us in New York City for a wall-to-wall day of MDM discussion and presentations.
I have the pleasure of boasting that Informatica was positioned as a leader on the latest Forrester Wave™ Report covering MDM Solutions. We are so pleased in fact, that we want to share the report with you – for free.
Click on the link below to receive a free copy of the full Forrester Research report, The Forrester Wave™: Master Data Management Solutions, Q1 2014.
The report used a combination of four data sources to assess the strengths and weaknesses of selected solutions:
- Hands-on lab evaluations
- Vendor surveys
- Product demos
- Customer reference calls
The vendors were chosen based on product fit, customer success and Forrester client demand. The report evaluated vendors on 65 criteria which were grouped in three high-level categories – current offering, strategy and market presence.
Informatica was noted for our strength in mastering and integrating data. The report noted that we “define the master domain across the data ecosystem.” In their interviews with customers, Forrester reported, “Customers purchasing Informatica MDM are often looking for an out-of-the-box solution to solve particularly complex business challenges impacted by master data.” They noted that Informatica’s specialization “helps customers link master data management to business outcomes.”
As a service provider, we were particularly pleased with the results of Forrester’s calls with our clients. After all, the proof of a truly superior product is in its day-to-day, real-world operation. The reports states, “Informatica continues to compete and increasingly closes sales in head-to-head reviews. Clients state its strengths are configurability, scalability, performance, and understanding of the business impact.”
But please, read it for yourself! We want to share this good news by offering a free copy of the Forrester Wave™ Report, Q1 2014. We have built a great team here at Informatica and we proudly believe that the study results support our approach and performance.
Want to see why Informatica is riding high about the results? Click here.
I love exploring new places. I’ve had exceptional experiences at the W in Hong Kong, El Dorado Royale in the Riviera Maya and Ventana Inn in Big Sur. I belong to almost every loyalty program under the sun, but not all hospitality companies are capitalizing on the potential of my customer information. Imagine if employees had access to it so they could personalize their interactions with me and send me marketing offers that appeal to my interests.
Do I have high expectations? Yes. But so do many travelers. This puts pressure on marketing and sales executives who want to compete to win. According to Deloitte’s report, “Hospitality 2015: Game changers or spectators?,” hospitality companies need to adapt to meet consumers’ increasing expectations to know their preferences and tastes and to customize packages that suit individual needs.
In this interview, Jeff Klagenberg, senior principal at Myers-Holum, explains how one of the largest, most customer-focused companies in the hospitality industry is investing in better customer, product, and asset information. Why? To personalize customer interactions, bundle appealing promotion packages and personalize marketing offers across channels.
Q: What are the company’s goals?
A: The executive team at one of the world’s leading providers of family travel and leisure experiences is focused on achieving excellence in quality and guest services. They generate revenues from the sales of room nights at hotels, food and beverages, merchandise, admissions and vacation club properties. The executive team believes their future success depends on stronger execution based on better measurement and a better understanding of customers.
Q: What role does customer, product and asset information play in achieving these goals?
A: Without the highest quality business-critical data, how can employees continually improve customer interactions? How can they bundle appealing promotional packages or personalize marketing offers? How can they accurately measure the impact of sales and marketing efforts? The team recognized the powerful role of high quality information in their pursuit of excellence.
Q: What are they doing to improve the quality of this business-critical information?
A: To get the most value out of their data and deliver the highest quality information to business and analytical applications, they knew they needed to invest in an integrated information management infrastructure to support their data governance process. Now they use the Informatica Total Customer Relationship Solution, which combines data integration, data quality, and master data management (MDM). It pulls together fragmented customer information, product information, and asset information scattered across hundreds of applications in their global operations into one central, trusted location where it can be managed and shared with analytical and operational applications on an ongoing basis.
Q: How will this impact marketing and sales?
A: With clean, consistent and connected customer information, product information, and asset information in the company’s applications, they are optimizing marketing, sales and customer service processes. They get limitless insights into who their customers are and their valuable relationships, including households, corporate hierarchies and influencer networks. They see which products and services customers have purchased in the past, their preferences and tastes. High quality information enables the marketing and sales team to personalize customer interactions across touch points, bundle appealing promotional packages, and personalize marketing offers across channels. They have a better understanding of which marketing, advertising and promotional programs work and which don’t.
Q: What is the role did the marketing and sales leaders play in this initiative?
A: The marketing leaders and sales leaders played a key role in getting this initiative off the ground. With an integrated information management infrastructure in place, they’ll benefit from better integration between business-critical master data about customers, products and assets and transaction data.
Q. How will this help them gain customer insights from “Big Data”?
A. We helped the business leaders understand that getting customer insights from “Big Data” such as weblogs, call logs, social and mobile data requires a strong backbone of integrated business-critical data. By investing in a data-centric approach, they future-proofed their business. They are ready to incorporate any type of data they will want to analyze, such as interaction data. A key realization was there is no such thing as “Small Data.” The future is about getting very bit of understanding out of every data source.
Q: What advice do you have for hospitality industry executives?
A: Ask yourself, “Which of our strategic initiatives can be achieved with inaccurate, inconsistent and disconnected information?” Most executives know that the business-critical data in their applications, used by employees across the globe, is not the highest quality. But they are shocked to learn how much this is costing the company. My advice is talk to IT about the current state of your customer, product and asset information. Find out if it is holding you back from achieving your strategic initiatives.
Also, many business executives are excited about the prospect of analyzing “Big Data” to gain revenue-generating insights about customers. But the business-critical data about customers, products and assets is often in terrible shape. To use an analogy: look at a wheat field and imagine the bread it will yield. But don’t forget if you don’t separate the grain from the chaff you’ll be disappointed with the outcome. If you are working on a Big Data initiative, don’t forget to invest in the integrated information management infrastructure required to give you the clean, consistent and connected information you need to achieve great things.
“Opportunity for the large community to share experiences, lessons learnt, and help those that are starting the MDM journey get on the right track.”
Next month, Informatica will host its third MDM Day conference. Our past two events in Las Vegas and London have been huge successes thanks to the active participation of our customers, partners, and colleagues. The conference is structured to provide opportunities for you to share your ideas, provide guidance to our product management team, and learn from other customers’ MDM and PIM journeys.
When: February 12th, 8:30 AM – 5:00 PM
Where: Westin Times Square
How: Register Here
“If you don’t like change, you’re going to like irrelevancy a lot less.” I saw this powerful Ralph Waldo Emerson quotation in an MDM Summit presentation by Dagmar Garcia, senior manager of marketing data management at Citrix. In this interview, Dagmar explains how Citrix is achieving a measurable impact on marketing results by improving the quality of customer information and prospect information.
Q: What is Citrix’s mission?
A: Citrix is a $2.6 billion company. We help people work and collaborate from anywhere by easily accessing enterprise applications and data from any device. More than 250,000 organizations around the globe use our solutions and we have over 10,000 partners in 100 countries who resell Citrix solutions.
Q: What are marketing’s goals?
A: We operate in a hyper-competitive market. It’s critical to retain and expand relationships with existing enterprise and SMB customers and attract new ones. The marketing team’s goals are to boost campaign effectiveness and lead-to-opportunity conversion rates, while improving operational efficiencies.
But, it’s difficult to create meaningful customer segments and target them with relevant cross-sell and up-sell offers if marketing lacks access to clean, consistent and connected customer information and visibility into the total customer relationship across product lines.
Q: What is your role in achieving these goals?
A: I’ve been responsible for global marketing data management at Citrix for six years. My role is to identify, implement and maintain technical and business data management processes.I work with marketing leadership, GEO-based team members, sales operations, and operational experts to understand requirements, develop solutions and communicate results. I strive to create innovative solutions to improve the quality of master data at Citrix, including the roll-out and successful adoption of data governance and stewardship practices within Marketing and across other departments.
Q: What drove the decision to tackle inaccurate, inconsistent and disconnected customer and prospect information?
A: In 2011, the quality of customer information and prospect information was identified as the #1 problem by our sales and marketing teams. Account and contact information was incomplete, inaccurate and duplicated in our CRM system.
Another challenge was fragmented and inconsistent master account information scattered across the organization’s multiple applications. It was difficult to know which source had the most accurate and up-to-date customer and prospect information.
To be successful, we needed a single source of the truth, one system of reference where data management best practices were centralized and consistent. This was a requirement to understand the total customer relationship across product lines. We asked ourselves:
- How can we improve campaign effectiveness if more than 40% of the contacts in our customer relationship management system (CRM) are inactive?
- How can we create meaningful customer segments for targeted cross-sell and up-sell offers when we don’t have visibility into all the products they already have?
- How can we improve lead to opportunity conversion rates if we have incomplete prospect data?
- How can we improve operational efficiencies if we have double the duplicate customer and prospect information than the industry standard?
- How can we maintain high data quality standards in our global operations if we lack the data quality technology and processes needed to be successful?
Q: How are you managing customer and prospect information now?
A: We built a marketing data management foundation. We centralized our data management and reduced manual, error-prone and time-consuming data quality efforts. To decrease the duplicate account and contact rate, we focused on managing the quality of our data as close to the source as possible by improving data validation at points of entry.
Q: What role does Informatica play?
A: We using master data management (MDM) to:
- pull together fragmented customer, prospect and partner information scattered across applications into one central, trusted location where it can be mastered, managed and shared on an ongoing basis,
- organize customer, prospect and partner information so we know how companies and people are related to each other, which hierarchies and networks they belong to, including their roles and organizations, and
- syndicate clean, consistent and connected customer, partner and product information to applications, such as CRM and data warehouses for analytics.
Q: Why did you choose Informatica?
A: After completing a thorough analysis of our gaps, we knew the best solution was a combination of MDM technology and a data governance process. We wanted to empower the business to manage customer information, navigate multiple hierarchies, handle exceptions and make changes with a transparent process through an easy-to-use interface.
At the same time, we did extensive industry research and learned Informatica MDM was ranked as a visionary and thought leader in the master data management solution space and could support our data governance process.
Q: Can you share some of the results you’ve achieved?
A: Now that marketing uses clean, consistent and connected customer and prospect information and an understanding of the total customer relationship, we’ve seen a positive impact on these key metrics:
↑ 20% lead-to-opportunity conversion rates
↑ 20% operational efficiency
↑ 50% quality data at point of entry
↓ 50% in prospect accounts duplication rate
↓ 50% in creation of duplicate prospect accounts and contacts
↓ 50% in junk data rate
Gartner Estimates Growth for MDM Market and Positions Informatica as a Leader in The Magic Quadrant for Customer Data Solutions
Over the last few weeks I’ve been saying that the incredible popularity of our MDM-related events is a sign that MDM is a vital and growing market. Now I consider it reassuring that analysts agree. It’s also reassuring to see Informatica positioned as a Leader in the Magic Quadrant for Master Data Management of Customer Data Solutions, a position that Informatica has held for four years in a row.
In Gartner’s October 2013 Magic Quadrant for Master Data Management of Customer Data Solutions, analysts Bill O’Kane and Saul Judah estimates that the total software revenue for packaged MDM solutions was $1.6B in 2012, an increase of 7.8% from 2011, as compared with a 4.7% rise for the overall enterprise software market. Further, O’Kane and Judah estimate that the MDM of customer data solutions market segment was worth $527M in 2012, an increase of 5.4% from 2011. The analysts go on to say that the customer MDM market is far from mature, and that just 40% of the organizations surveyed by Gartner were beginning MDM initiatives.
One of MDM’s most important benefits is a single view of the customer across company departments and siloed systems. In this Magic Quadrant report, the analysts describe some of the business drivers for obtaining this view. For the banking and life sciences sectors, the analysts include “Compliance and risk management drivers, such as ‘know your customer,’ anti-money laundering and counterparty risk management in the banking sector, and Sunshine Act compliance in the life sciences sector.” I believe that many other industries could similarly benefit from trusted customer interactions. Another set of drivers they list are “cost optimization and efficiency drivers,” and finally, “revenue and profitability growth drivers,” explaining that examples of such drivers include “initiatives to improve cross-selling, upselling, and retention.”
Finally, the analysts observed a trend which we believe supports Informatica’s view of the importance of all-encompassing MDM solutions that can manage master data across enterprise. As noted in the report, “Many organizations have now invested in creating a new central system to master their customer data, with the majority (an estimated 80%) of organizations buying packaged MDM of customer data solutions, as opposed to building the capability themselves.”
To learn more about Gartner’s October 2013 Magic Quadrant for Master Data Management of Customer Data Solutions, see our press release or download the full report. After reading the report, please share your thoughts below.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Do you know what year the first steam engine locomotive was invented? 1804. It traveled 9 miles in two hours. Now, you and I would be pretty upset of we boarded a train and it took 2 hours to go 9 miles. But, 200 years ago, this was a huge innovation and led to the invention of the modern day train and railway.
Tremendous Growth In Demand for Rail Travel Puts Pressure on Rail Infrastructure
Today, Britain is experiencing tremendous growth in demand for rail travel. One million more trains and 500 million more passengers travel by train than just 5 years ago. Over the next 30 years passenger demand for rail will more than double and freight demand is expected to go up by 140%. This puts tremendous pressure on the rail infrastructure.
Network Rail is in the modern-day rail business. Employees work day and night running, maintaining and updating Britain’s rail infrastructure, including millions of assets, such as 22,000 miles of track, 6,500 crossings, 43,000 bridges, viaducts and tunnels. Improving the rail network provides faster, more frequent and more reliable journeys between Britain’s towns and cities.
Network Rail is investing more in the rail infrastructure than in Victorian times. In the last six months, they spent about $25 million a day! In a recent news release, Patrick Bucher, group finance director said, “We continue to invest record amounts to deliver a bigger, better railway for passengers and businesses across Britain. We are also driving down the cost of running Britain’s railway to help make it more affordable in the years ahead.”
Employees Need to Trust Asset Information to Pinpoint and Fix Problems Quickly
To pinpoint and fix problems quickly, keep their operating costs low and maintain a strong safety record, Network Rail’s employees need to trust their mission-critical asset information, such as:
- What is the problem?
- Where is it?
- What equipment, tools and skills are needed to fix it?
- Who is closest to the problem that could fix it?
Difficult to Make Sense of Asset Information Scattered across Applications
Similar to many companies their size, Network Rail’s mission-critical asset information was scattered across many applications, which made it difficult for employees to make sense of asset information and the interaction between assets.
The asset information team recognized the limitations of employees depending on an application-centric view of their business. To operate more efficiently and effectively, they needed clean asset information, consistent asset information, and connected asset information.
Investing in Rail Infrastructure AND the Information Infrastructure to Support It
Network Rail now uses a combination of data integration, data quality, and master data management (MDM) to manage their mission-critical asset information in a central location on an ongoing basis, to:
- make sense of asset information,
- understand the relationships between assets, and
- track changes to asset information.
In a news release, Patrick Bossert Director of Network Rail’s Asset Information services business said, “With more accurate and reliable information about assets and their condition our team can make better business decisions, enable innovation in our asset management policy, planning and execution, and improve rail-system-wide investment decisions that benefit the rail industry as a whole.”
If you work for a company that revolves around mission-critical asset information, ask yourself these questions:
- Can our employees makes sense of our asset information?
- Can they easily see relationships between assets and how they interact?
- Can they see the history of changes to asset information over time?
Or are are they limited by an application-centric view of the business because asset information is scattered across in multiple systems?
Have a similar story about how you are managing your mission-critical asset information? Please share it in the comments below.
The Physician Payments Sunshine Act shines a spotlight on the disorganized state of physician information, which is scattered across systems, often incomplete, inaccurate and inconsistent in most pharmaceutical and medical device manufacturing companies.
According to the recent Wall Street Journal article Doctors Face New Scrutiny over Gifts, “Drug companies collectively pay hundreds of millions of dollars in fees and gifts to doctors every year. In 2012, Pfizer Inc., the biggest drug maker by sales, paid $173.2 million to U.S. health-care professionals.”
The Risks of Creating Reports with Inaccurate Physician Information
There are serious risks of filing inaccurate reports. Just imagine dealing with:
- An angry call from a physician who received a $25 meal, which was inaccurately reported as $250 or who reportedly, received a gift that actually went to someone with a similar name.
- Hefty fines and increased scrutiny from the Centers for Medicare and Medicaid Services (CMS). Fines range from $1,000 to $10,000 for each transaction with a maximum penalty of maximum $1.15 million.
- Negative media attention. Reports will be available for anyone to access on a publicly accessible website.
How prepared are manufacturers to track and report physician payment information?
One of the major obstacles is getting a complete picture of the total payments made to one physician. Manufacturers need to know if Dr. Sriram Mennon and Dr. Sri Menon are one and the same.
On top of that, they need to understand the complicated connections between Dr. Sriram Menon, sales representatives’ expense report spreadsheets (T&E), marketing and R&D expenses, event data, and accounts payable data.
3 Steps to Ensure Physician Information is Accurate
In recent years, some pharmaceutical manufacturers and medical device manufacturers were required to respond to “Sunshine Act” type laws in states like California and Massachusetts. To simplify, automate and ensure physician payment reports are filed correctly and on time, they use an Aggregate Spend Repository or Physician Spend Management solution.
They also use these solutions to proactively track and review physician payments on a regular basis to ensure mandated thresholds are met before reports are due. Aggregate Spend Repository and Physician Spend Management solutions rely on a foundation of data integration, data quality, and master data management (MDM) software to better manage physician information.
For those manufacturers who want to avoid the risk of losing valuable physician relationships, paying hefty fines, and receiving scrutiny from CMS and negative media attention, here are three steps to ensure accurate physician information:
- Bring all your scattered physician information, including identifiers, addresses and specialties into a central place to fix incorrect, missing or inconsistent information and uniquely identify each physician.
- Identify connections between physicians and the hospitals and clinics where they work to help aggregate accurate payment information for each physician.
- Standardize transaction information so it’s easy to identify the purpose of payments and related products and link transaction information to physician information.
Physicians Will Review Reports for Accuracy in January 2014
In January 2014, after physicians review the federally mandated financial disclosures, they may question the accuracy of reported payments. Within two months manufacturers will need to fix any discrepancies and file their Sunshine Act reports, which will become part of a permanent archive. Time is precious for those companies who haven’t built an Aggregate Spend Repository or Physician Spend Management solution to drive their Sunshine Act compliance reports.
If you work for one of the pharmaceutical or medical device manufacturing companies already using an Aggregate Spend Repository or Physician Spend Management solution, please share your tips and tricks with others who are behind.
Tick tock, tick tock….
Just in time for Halloween, I’m sharing a scary story. Warning: this is a true story. You may wonder:
- Could this happen to me?
- Can this situation be avoided?
- How can I prevent this from happening to me?
Last summer, the worst wildfire in Colorado history burned hundreds of acres, 360 homes, killing two people and forcing 38,000 people to evacuate the area.
Unfortunately, it was during the Colorado wildfire that a large integrated healthcare provider with hospitals, doctors, healthcare providers and employees located throughout the United States (who shall remain nameless) realized they had a problem. They couldn’t respond in real time to the disaster by mobilizing their workforce quickly. They struggled to identify, contact and communicate with doctors, healthcare providers and employees located at the disaster area to warn them not to go to the hospital or redirect them to alternative sites where they could help.
This healthcare provider’s inability to respond to this disaster in real time was an “Aha” moment. What was holding them back was a major information problem. Because their employee information was scattered across hundreds of systems, they couldn’t pull a single, comprehensive and accurate list of doctors, healthcare providers and employees in the disaster area. They didn’t know which employees needed to be evacuated or which could be sent to assist people in other locations. So, they had to email everyone in the company.
The good news is that we’re in the process of helping them create and maintain a central location called an “employee master” built on our data integration, data quality, and master data management (MDM) software. This will be their “go-to” place for an up-to-date, complete and accurate list of employees and their contact information, such as work email, phone, pager (doctors still use them), home phone and personal email as well as their location, so they know exactly who is working where and how best to contact them.
This healthcare provider will no longer be held back by an information problem. In three months, they’ll be able to respond to disasters in real time by mobilizing their workforce quickly.
An interesting side note: Immediately before our Informatica team of experts arrived to talk to this healthcare provider about how we can help them, there was a power outage in the building. They struggled to alert the employees who were impacted. So our team personally experienced the pain of this organization’s employee information problem.
When disaster strikes, will you be ready to respond in real time? Or do you have an information problem that could hold you back from mobilizing your own employees?
I want your opinion. Are you interested in more scary stories? Let me know in the comments below. I’m thinking about making this a regular series.