Data-Powered Insights Fueled by the “Internet of Master Data”
Master data management (MDM) has come a long way in the past decade or so. When I was supporting my company’s customer master implementation back in 2001, my management was thrilled to simply have a customer master that brought a bit of order to the chaos sharing customer data between our CRM and ERP applications and downstream into our marketing data warehouse.
Fast forward to 2014 and mastering customer data alone is often table stakes for leadership trying to transform their business from a product- or account-centric to a customer-centric organizations.
Here at Informatica, we’ve seen over 75% of our MDM customers in the past year purchase for multidomain use cases – meaning the scope of their initiative often spans mastering data such as Customers, Suppliers and Products as part of a coordinated effort. These organizations have built compelling business cases to demonstrate that mastering multiple domains – and the relationships among those domains – is necessary. Only a true 360 degree view of relationships among any data can provide the necessary insights to deliver on the desired operational efficiencies, optimized customer experiences, and growth objectives for their companies.
The progress we’ve all made in multidomain MDM is impressive, but it’s just scratching the surface of what’s possible. What happens when MDM meets Cloud, Social, the Internet of Things and other master data enrichment sources such as D&B and Acxiom? Dennis Moore, Informatica’s GM and SVP for MDM, envisions that a new “Internet of Master Data” will be formed that can include a massive new set of sensor and social data which it leverages to infer and recommend a new class of relationship insights. For example, in addition to sentiment and relationships from social networks, location data from mobile devices and sensors can now inform customer – and product – behaviors that span beyond direct transactions and interactions within your traditional business applications.
Those of you who have invested in building a foundation of clean, consistent and connected data have a huge advantage as the value of MDM grows exponentially with the exponential growth of data. You are well-positioned to take advantage of the deeper insights and potential innovations now possible by adding Cloud, Social, and Machine data to optimizing analytics and operations.
This week at Informatica World 2014 in Las Vegas, we kicked off with our fantastic MDM Day pre-conference event with over 500 attendees. During the event, we shared some early insights into our MDM 10 release planned for later this year which integrates the Informatica Vibe engine and incorporates other elements of the just unveiled Informatica Intelligent Data Platform vision to make it easier for customers to gain a 360 degree view of their most critical business entities, including customers, suppliers, products and assets.
We continue to be inspired by our awesome MDM customers and partners, and we’re excited to see what they can do to harness the power of the Internet of Master Data!