blog.stibosystems.com

Together, small data and multidomain MDM reveal new insights into your business Over the past few years working in data governance, I have encountered many projects aiming to re-write decision making processes using ”big data. When it comes to data-driven decision making, multidomain MDM is the ideal home to create insight and value from small data. governed master data Trustworthy decisions need accurate, transparent data, along with the necessary governance to make them informed and auditable Small data describing the context of what is happening now, coupled with its corresponding master data, forms the basis for making better, data-driven decisions The resulting combination of master data and contextually small data can be fed back into big data repositories, resulting in improved trend analysis Correlated data must be accurate and unbiased to support cause detection MDM provides the governance mechanism for the required transparency of both master data and the accompanying small data Decisions supported by small data often find themselves at the intersection of multiple domains; for example, the customer (master data), their location (small data), the product (master data), their current basket contents (small and master) and the weather (small).

According to authors Thomas H. Davenport and Jeanne G. Harris of the classic, Competing on Analytics, there are seven data characteristics that can be improved to enhance the value of data, and all of the characteristics emphasize data quality over data quantity.1 Seven characteristics to increase the value of data With MDM, companies can increase data value (and therefore its trustworthiness), enabling them to better understand their business and improve their performance. By establishing a trusted digital business hub, companies can further increase data value by providing internal teams and systems with visibility and access to the data through better data workflows and governance. With a vision and plan to increase your companies’ data value, being mindful of the seven characteristics will enable you to set a foundation of better data and get greater results from your analytics.

The pandemic accelerated the pace, fueled by critical trends including: This will likely continue for the next 12 months as consumers use new apps, sites and social commerce to research and purchase CPG products online. To deliver it, brands need a centralized master data management (MDM) foundation to provide accurate, trustworthy data to retail partners and consumers, while maintaining a strict system for data privacy and governance. To capitalize on them, CPG leaders need to firmly embrace data transparency, along with innovative ways to manage and deliver value from their data across the entire business value chain. Among many innovations is the data catalog, which streamlines and expedites the process, enabling manufacturers to share their full catalog with retailers, giving them the ability to pull the product data and rich, accurate content they need exactly when they need it.

More on that later in this blog, or click here if you can't wait. of companies who have not responded to the COVID-19 crisis, are significantly more at risk What is true is that customers who represent the other 30% of companies who have not responded to the COVID-19 crisis, are significantly more at risk. Fortunately, our customers reflect the bigger trend as any successful digital transformation initiative will require the structured data that our cloud-native multidomain MDM solution provides. Given the results our clients are achieving and the growth we have experienced over the last year, flying in the face of the COVID pandemic, you may not be surprised to hear that Stibo Systems has been positioned as a Challenger in the latest Gartner Magic Quadrant for Master Data Management Solutions. This upward trend of moving MDM to the cloud is reflected in a similar transition for existing customers, many of whom are building upon single domain contracts with additional data domains based in the cloud.