“One of the common challenges we observe with data management strategy and execution is a desire to get all data ‘under control.’ Reality is that in the modern digital business environment, and particularly amid current business conditions, it’s just not possible and pursuit of it can be detrimental to the organization. Rather than always striving for perfectly structured data and completely consistent data-related practices, #data and #analytics leaders can find advantages and opportunities that arise from disorder and can generate significant business value when they challenge conventional data management wisdom.”
From Ted’s statement, we can derive four forces that are impacting the lack of control:
You don’t need additional research to know and understand that the amount of data continues to grow. This growth leads to more scale, diversity, complexity – and all at a faster rate of demand to analyze, understand, and organize it every day.
While analysts and vendors often refer to the MDM (master data management) market as being all about the “golden record in one single hub,” now, the market has evolved from collect to connect. We see business need in a time of hyper-connectivity, creation, and consumption of data everywhere; data is just more distributed than ever before.
Examples: Customers create reviews of fashion and ratings of hotels from around the world on their mobile phone…instantaneously. Customers create video food reviews from around the world on their mobile phone…just as they are consuming their meal. Or 1000s of vendors and suppliers upload new products to e-commerce marketplaces…creating millions of new SKUs ready for consumer perusal and commerce.
3. Human factor:
Even as AI drives more automated decisions, we humans still play the key role. We create data, we consume data, we have our own behaviors in business roles or private. We have company policies, industry regulations, data governance rules, and more. And we make mistakes.
Examples: When writing new product copy, marketers make mistakes by adding the wrong product code or energy class of a fridge. Consumers or vendors make typos when adding on their address in written or online forms.
Cliché, yes, but the only constant is change. And the year 2020 has played with “change” like a bad joke. The pace of change will only continue to accelerate…affecting our lives, businesses, and of course the data on which we rely on personally and professionally.
Examples: When stores were forced to close due to the pandemic, most owners had less than four weeks to pivot and sell online to simply survive, including looking at new online selling channels like Instagram commerce? Or, when Covid-19 affected your supply chain, did you have to change your sourcing strategy ASAP?
Company expectations are shifting like never before in the PIM and master data space.
Here are the five new emerging criteria for businesses when selecting a data platform for their digital transformation:
- Scale to large volumes if needed: The data and computing power are now more readily available and affordable.
- Be ready to adapt to change fast in no-code style by adding a new channel, a User Interface Widget or a full add-on App for your industry. Go to where your users, whether B2B or B2C, are.
- Empower data governance and user experience: Provide the right data at the right point of need for internal and external users – all to enable better decision making and better velocity for sales. For admins and power users, this means having full control of defining data quality conditions, workflows, and rules to ensure regulatory compliance. For other users, it could be an easy way to select eligible products to publish to amazon, versus other lines for other retailers.
- Enable connectivity: Build a connector fast and directly to enterprise applications and e-commerce channels. Less manual work will provide scale and reduction in errors.
- Use automation for match, merge, better operational efficiency. Automation and AI can be a good thing. Use it for its strengths while never forgetting the human element.
Over the coming weeks and months, we’ll explore these new emerging criteria more deeply.
Ben Rund is Riversand’s General Manager in the DACH region and Vice President Business Development, Europe.