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Companies rely on complete data quality solutions that support a variety of use-cases across different industries. Learn more about these data management trends for 2021 and beyond.
Data is one of the most prized assets held by any business. As the world becomes more connected, the amount of data held by the average business expands exponentially. Companies must ensure they have the right data management solutions to guarantee success.
Investing in smart data management tools offers a convenient way to not only manage data but to harvest and utilize it.
Master Data Management (MDM) tools are capable of handling both structures and unstructured data, as well as operational and analytical data types.
Support decision making within your business by purchasing the right data management tools. Here are just some of the top data management solutions for 2021.
How Can Master Data Management Help You?
Business owners who have never thought about data management systems before might be wondering why they need to think about MDM software at all. The truth is a data management system is capable of supporting any company in making profitable decisions.
Companies make decisions all the time, such as which products are most profitable, which ads are yielding the most leads, and how they should stock their brick-and-mortar locations.
Furthermore, businesses need to know how to reach their customers, which customers are most likely to buy, and which product ranges their most loyal customers are most receptive to.
These are never easy questions to answer. Getting them right is the difference between success and failure.
MDM systems are able to dig into the data and help companies determine the right direction for them. As well as that, data management solutions can comb through data and resolve errors and duplicated entries. Poor quality data may lead to business owners drawing the wrong conclusions.
MDM solutions solve these problems and more. For example, MDM solutions are especially useful for complying with local data regulations and avoiding huge fines.
But what does all this mean in terms of growing your business?
Ultimately, any business owner must be sure that their investment in a data management solution is going to yield increased profits.
This is precisely what MDM solutions aim to offer. Through better decision making, businesses will be able to take their operations in the right direction. It gives them more power to understand what their customers actually want.
Additionally, with customers being more concerned about privacy and the ways in which their data is used than ever before, every business should consider investing in MDM solutions.
1. IBM InfoSphere
IBM InfoSphere is an enterprise-level MDM solution. Through this platform, you can manage every aspect of essential enterprise data, with a view to obtaining accurate insights. This platform’s tools enable businesses to gain actionable insights from their data, thus enabling them to gain immediate value from the data they possess.
IBM InfoSphere makes it easy to ensure your data strategies are compatible with minimum compliance standards. It is also capable of ensuring you remain compliant with data and privacy laws across the globe.
It even comes with a configurable data framework with full support for hybrid cloud environments, which enhances flexibility and maneuverability.
The Profisee data management solution is an enterprise-level MDM solution that boasts a competitive offering at the lowest price. Despite the considerably lower price, there is no compromise when it comes to functionality.
This is a multi-domain MDM platform designed to help business owners model and manage data sets. Profisee’s platform is entirely focused on businesses. It comes with features like an ability to track patterns over more than 100 million separate customer records, track CRM patterns across multiple source points, and create risk member profiles to aid in decision making.
For businesses that don’t want to invest a huge amount of money in a data management solution, Profisee is an excellent solution. Additionally, Profisee was recently named by Gartner master data management as one of the best solutions on the market today by being named to the Gartner Magic Quadrant.
3. SAS Master Data Management
For business owners, one of the biggest frustrations in implementing a new data management solution is integration. SAS Master Data Management aims to enable businesses to get up and running with their new technology in a matter of months.
SAS Master Data Management limits disruption through easily integrating with existing technology. Businessowners using SAS are able to access, integrate, and publish data to a variety of database engines, as well as lesser-known Impala and Hadoop.
The addition of Hadoop is particularly beneficial as the majority of top data management solutions do not provide support for this platform.
SAS guarantees a high level of data quality throughout the standard data life cycle through its integrated profiling features. Other features organizations can take advantage of include address verification, cross-field enterprise matching, data enrichment, and more.
This software enables users to manage their master data from a single central location to guarantee consistency across the entire organization.
4. SAP Master Data Governance
SAP Master Data Governance is a German MDM that has quickly soared in popularity across the world. Customers praise SAP for the ease with which its MDM system can be integrated alongside existing programs. Master data can be consolidated from both SAP and non-SAP sources without any problems.
NetWeaver is their primary MDM solution. It comes with specialized government programs to ensure its customers are handling their data in a manner that complies with government regulations around the globe.
Businesses may also choose to use SAP to create and maintain master data across heterogeneous systems throughout their organizations. Most of these functions can be automated, particularly when it comes to workflow routing.
5. Stibo Systems
The MDM solution from Stibo Systems is known as STEP. Through the Digital Business Hub, entrepreneurs are able to take advantage of a variety of programs and add-ons that can enhance flexibility and functionality.
At the core of STEP is the ability to organize and resolve any errant pieces of data. The program can, therefore, help decision-makers within your business draw conclusions from this data. Furthermore, data can be made available through multiple environments, such as hybrid and cloud settings.
STEP performs to the highest standard when it is used within retail, consulting, and manufacturing. Stibo has also demonstrated an ability to listen to its clients over the years and making changes based on that feedback.
Finally, Stibo is known for its incredible customer support. Unlike its competitors, clients can expect fast tailor-made support.
Omni-Gen offers a single, centralized platform for generating different applications for accomplishing specific goals. Users of Omni-Gen are able to easily generate applications for data quality, data integration, and master data management quickly and efficiently.
There are three different editions of Omni-Gen available. The Integration Edition offers strong data integration and application capabilities. This edition is ideal for businesses that need to create integration architectures that require strong breadth and depth rapidly.
The Data Quality Edition is an extension of the Integration Edition and is aimed at larger businesses with more complex needs. With the Data Quality Edition, businesses are able to ensure accuracy, consistency, and completeness across all data sets.
Omni-Gen’s advanced data quality management functionality is a particular advantage this platform offers.
7. Dell Boomi
Dell Boomi’s Master Data Hub is a premium data management solution. It is primarily aimed at larger businesses with significant turnover, as its price can range from $100,000 to $300,000.
However, there is a reason why this is a big-ticket data management solution. Dell Boomi has a number of unique features found nowhere else.
For example, it defines models in a way that provides a simple, attractive visual experience. This is due to the fact it can deploy large data sets and identify the patterns within them.
Dell Boomi also enables data stewarding, which alerts teams when duplicate entries appear, as well as any incomplete data profiles that should be resolved. Clever usage of the data stewarding feature can dramatically improve the quality of the data a business holds, thus guaranteeing better decision making.
How to Choose the Right Data Management Solution for You
It is not always easy to understand which data management solution is best. At their cores, all the major providers offer similar features. The difference between them is the level of support on offer, pricing, and exclusive functionality options.
The number one priority of any business is to determine its needs. There is little need in purchasing a data management solution aimed at corporations when you only have a few hundred thousand data sets to manage.
Organizations need to consider what they are looking for from a data management solution and what they hope to accomplish. Ultimately, the investment in time and money must be justifiable.
Thankfully, many of the above providers offer the chance to take advantage of a free trial of their software, or at least offer a time-limited money back guarantee.
This is not a small investment and business owners need to take the time to analyze different MDM solutions before committing to one or the other.
These seven data management solutions represent a selection of the best the industry has to offer. Available at different price points and aimed at different business sizes, you are guaranteed to find the data management solution that’s right for you.
The majority of modern MDM platforms offer a strong level of integration, so you don’t need to hamstring your business while you get everything up and running. They run right alongside your existing systems, thus guaranteeing maximum internal fluidity.
Before you decide on the right system for you, take the time to do your research. Take advantage of any free trials offered and test them out with smaller data sets to see if they meet your needs.
Have you invested in a data management solution yet?
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