This post was submitted by a TNS experts. Check out our Contributor page for details about how you can share your ideas on digital marketing, SEO, social media, growth hacking and content marketing with our audience.
Planning to invest in a data management solution? Read this blog to find out the data management solution best suited for your business.
In today’s digital era, companies have easy access to data than ever before. This data helps in making important business decisions.
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 that their employees have the right data for decision-making.
Investing in smart data management tools offers a convenient way to manage data and harvest and utilize it.
Master Data Management (MDM) tools can handle 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. In this article, we have mentioned some of the top data management solutions for 2022.
How can master data management help you?
Business owners who have never thought about data management systems before might wonder why they need to think about MDM software. The truth is a data management system can support any company in making profitable decisions.
Companies always make decisions, 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 can 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 beneficial 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 will yield increased profits.
This is precisely what MDM solutions aim to offer. Through better decision-making, businesses can take their operations in the right direction. It gives them more power to understand what their customers want.
Additionally, customers are more concerned about privacy and how their data is used than ever before, so every business should consider investing in MDM solutions.
1. IBM infosphere
IBM InfoSphere is an enterprise-level MDM solution. This platform allows you to manage every aspect of essential enterprise data to obtain 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 can also ensure 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 regarding functionality.
This multi-domain MDM platform is designed to help business owners model and manage data sets. Profisee’s platform is entirely focused on businesses. It comes with features like the 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 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 the Gartner Magic Quadrant.
3. SAS master data management
For business owners, integration is one of the biggest frustrations in implementing a new data management solution. 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 by easily integrating with existing technology. Business owners using SAS can access, integrate, and publish data to various database engines and lesser-known Impala and Hadoop.
Adding Hadoop is particularly beneficial as most top data management solutions do not provide support for this platform.
SAS guarantees high quality 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 worldwide. Customers praise SAP for the ease with which its MDM system can be integrated alongside existing programs. Master, data can be consolidated from SAP and non-SAP sources without 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 use SAP to create and maintain master data across heterogeneous systems. Most of these functions can be automated, particularly regarding workflow routing.
5. Stibo systems
The MDM solution from Stibo Systems is known as STEP. Through the Digital Business Hub, entrepreneurs can take advantage of various 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 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 make 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 can 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 requiring strong breadth and depth rapidly.
The Data Quality Edition extends the Integration Edition and is aimed at larger businesses with more complex needs. Businesses can ensure accuracy, consistency, and completeness across all data sets with the Data Quality Edition.
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 several unique features found nowhere else.
For example, it defines models in a way that provides a simple, attractive visual experience. This is because it can deploy large data sets and identify their patterns.
Dell Boomi also enables data stewarding, which alerts teams when duplicate entries appear and any incomplete data profiles that should be resolved. Clever usage of the data stewarding feature can dramatically improve the quality of a business's data, 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 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 to purchase a data management solution aimed at corporations when you only have a few hundred thousand data sets to manage.
Organizations must consider what they want 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 offer a time-limited money-back guarantee.
These seven data management solutions represent 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.
Most 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 and test them with smaller data sets to see if they meet your needs.
Have you invested in a data management solution yet?
Subscribe to weekly updates
You’ll also receive some of our best posts today