This is the first in a series of five blog posts describing the value of the single unified platform built by Riversand.
Modern commerce is a rapidly changing ecosystem. In B2C, consumers and businesses are rapidly evolving to shift the balance of power in their favor. Customers have more tools to be better informed about products and their markets – and that power provides smarter refinement and maturity in their wants, expectations, and satisfaction in the buying experience. In turn, businesses are shifting to meet the needs of consumers, providing a more favorable customer experience to gain loyalty, and avoiding loss of market share to competitors.
Two key themes dominate all efforts being undertaken by businesses: Digital transformation and data-driven operations.
With the rise of digital commerce, businesses have realized that growing their revenue can only happen by increasing the adoption of digital technology to present their products in every way (an omnichannel way) that their customers now expect. The customer is at the heart of all digital transformation efforts. To use the words of Salesforce CEO Marc Benioff, “Every digital transformation is going to begin and end with the customer.”
Businesses have grown increasingly savvy about the power they possess in their data…if used correctly. This includes data about their stores, vendors, inventories, their products, and their customers. Strategic businesses use data to gain insights and drive more informed marketing, operations, and supply chain decisions.
For both digital transformation and being data-driven, these initiatives involve obtaining or improving upon a large and broad set of capabilities: governance to improve quality, operational effectivity, reliability and relevance of data, using the data to obtaining insights for making better business decisions, improving product experience though your product information network, and ultimately improving the buying experience for your customers as a whole.
In response to this demand, numerous data platform vendors have come up with a large number of point solutions that are capable of addressing these needs individually:
- A Party or Location Master to manage your vendors or locations.
- A Product Information Management (PIM) solution to handle product information.
- Augmented solutions like a Product Experience Management (PxM) or Product 360 tool that provide an analytical layer on top of another application. These custom solutions combine master data with transactional data, and provide a different level of analytics.
However, these point solutions result in data silos that don’t communicate with each other, resulting in an incomplete picture. Integrations are expensive for customers to undertake. Vendors that do offer integrated solutions typically obtain these capabilities through acquisitions rather than building them in-house which often results in ugly incoherent solutions, like Frankenstein’s monster, and errors can compound in these solutions if not natively built on one framework from the ground up.
What Riversand offers is a single unified Master Data Experience Management (MDxM) platform that provides all these capabilities in one solution. We envisioned and delivered a solution that provides our customers the exact solution they wanted, with the ability to build and scale on it seamlessly as they grew, without getting into expensive integrations.
This vision is made possible with a four layers architecture that offer our customers the best possible solution in one location.
- A Master Data Platform
- Governance and Stewardship
- Business Applications
Our next posts will describe these layers in greater detail. In the meantime, feel free to visit https://www.riversand.com/platform-overview/ for the Overview to our Platform Architecture vision.
Kalyan Vajapeyajula is the Product Marketing Manager at Riversand Technologies where he demonstrates the value that PIM and MDM solutions can bring to customers of different verticals and at all stages of growth.