In my previous blog post I explained master data management (MDM) and its importance in the context of the consumer and the customer experience. In this post, I look ahead and shed some light on what we can expect from a technology and customer experience perspective in the near future, as the growing expectations from consumers are currently driving businesses in new directions - and with that, they are also driving MDM.Read More
Several Stibo Systems employees recently attended the Gartner Data and Analytics conference, the largest they’ve hosted, with over 4,200 people in attendance and the most vendors to date. Our booth enjoyed excellent traffic, with multiple prospect conversations across verticals, titles and business needs. We conducted several very positive analyst meetings, shared a presentation in the Gartner Showcase area and even celebrated our 225th birthday with a great cake and interview with Niels Stenfeldt! Over the three and a half days, the team and I, as well as the other attendees were bombarded by a lot of hype around emerging technologies such as artificial intelligence (AI), machine learning (ML) and Internet of Things (IoT). Some of the hype was similar from previous summits, and some was new. The one constant across the last few years is, while master data management (MDM) is not as sexy as these technologies, desired business outcomes cannot be delivered without clean, high-quality, trusted data enabled by the foundation of robust MDM.
I recently had the pleasure of being interviewed by TAG’s (Technology Association of Georgia) Julie Bryant Fisher. As someone who works in the master data management industry, it was an interesting and eye-opening reminder for me. It made me realize that most people not working directly with data management, data governance, ecommerce systems, etc., often do not know exactly what master data management (MDM) is – or even what master data is – much less what a significant impact it has on the average consumer.
With this in mind, I want to take this opportunity to explain MDM from a consumer perspective.Read More
The business of product management requires innovation. And no matter what type of change that requires, from incremental to disruptive to radical, customers today expect brands to innovate. A Nielsen study reveals that 63% of customers value it when manufacturers offer new products. Moreover, innovation isn't merely a matter of raising your R&D budget. According to the consulting firm Booz & Company (now part of PwC), brands that invest heavily in R&D aren’t more innovative than those that don’t.
If customers expect innovation, and spending on R&D isn't a simple solution, what can companies do? That's where data makes a difference. By improving how you manage, share and enrich data that fuels your many business systems and workflows, you can eliminate inefficiencies and develop processes that drive a whole new level of innovation and business value. You apply more accurate, data-driven decision-making across the enterprise.Read More
Consumer packaged goods (CPG) companies are making a digital transformation. With the ease of delivery services today, more consumers purchase grocery and CPG products online than ever before. In fact, according to the Food Marketing Institute, in the U.S. alone 49% of consumers shop primarily online for consumer packaged goods. This is big news for CPG enterprises, which represents one of the largest industries in North America, valued at approximately $2 trillion annually. While packaged goods have traditionally been sold at brick and mortar stores, customer expectations have spurred companies to reach out to consumers across digital channels. In addition, manufacturing and supply chain processes have become data-intensive.Read More
This week I, and Stibo Systems colleagues, attended NRF 2019: Retail’s Big Show in New York, where we listened to amazing sessions and spoke with various retailers – both domestic and international. These are my take-aways from one of the most significant retail events in the world.
Let me start by highlighting the one NRF topic that seemed to bind all the others together: data! Data and data management were hot topics and at the forefront of the business driven conversation. It seems there is now a better understanding of the need for high-quality data and good data management as the foundation for business success.Read More
The return on investment (ROI) of master data management is a topic that keeps captivating people – in particular, those considering investing big in MDM. And with good reason. Because as is the case with all investments, people want to know: What’s the outcome? What will we get from the money we spend? It’s business logic. But nonetheless, the answer isn’t always straightforward as it isn’t necessarily easy to quantify the value of high quality data and smooth data processes.
With this in mind, here are a few helpful steps that can help you determine the ROI of a master data management implementation.Read More
In my previous post, I discussed the next evolution of CRM, which involves using master data management (MDM) as the foundation to provide a comprehensive understanding of your target audiences. I covered data issues present in many CRMs today, including missing, antiquated and inaccurate data, and how MDM can help overcome them. In this post, I reveal the many ways complete, unified customer data improves business outcomes and delivers value to organizations and customers alike.
“The purpose of a business is to create a customer.” - Peter Drucker
Every day, businesses around the world deploy customer relationship management (CRM) in the hopes of selling faster and smarter, building engaging experiences, delivering personalized messages and more. Gartner estimated CRM software revenue reached $39.5 billion in 2017, overtaking database management systems revenue to become the largest software market globally.Read More
From apparel to appliances, and from food to furniture, electronics, machinery and everything in between, manufacturing in the U.S. and around the world continues to grow. Digital transformation and a desire to reduce supply chain complexity have resulted in many manufacturers developing capabilities for reaching customers directly. It could be the reason why by 2020, 60% of manufacturers will rely on digital platforms that will support as much as 30% of their overall revenue.Read More