Posts about Multidomain MDM
To make money from data requires insightful data.
Data monetization is generally understood as the “process of using data to obtain quantifiable economic benefit” (Gartner Glossary, Data Monetization). Three typical ways to achieve this, include:
- Using data to make better decisions and thus enhance your business performance
- Sharing data with business partners for mutual benefit
- Selling data as a product or service
Whichever way you choose, data monetization gets more profitable if you can provide context to the data and make it insightful. The more insight your data provides, the more valuable it is. Take as an example a person about whom you know the job title. That is basic master data. Adding to that information the insight that the person has recently changed jobs, can open new business opportunities or guide your marketing efforts to be more targeted. Perhaps the job change entails a salary increase, a change of location, new business connections, etc.
In this article, you will find some data monetization examples and use cases and learn how master data management, specifically multidomain master data management can help provide data insight.
In short, master data management (MDM) can help build insights by adding context to information and creating 360° views of customers and businesses. Multidomain MDM is characterized by common governance of different data domains, thus revealing enhanced insights at the intersections of those domains.
Manufacturing companies can benefit greatly from mastering their vendor data to capture the significant potential for better decision making and quicker time-to-market.Read More
Fuel data-driven experiences to engage the empowered digital automotive customer
The road ahead is wide open. For automotive aftermarket companies, it means a strong shift into connected commerce, search, and expanded capabilities to reach consumers in digital channels. Product data has always been important but more comprehensive support of the customer journey and customer experience is needed.Read More
Multidomain master data management (MDM) gives personalization strategies a better start in life
Customer experience starts with understanding what customers want. Multidomain master data management is a key discipline to help in the successful development of a personalization strategy. Multidomain MDM can help you build a 360° view of the customer that is needed to fuel personalization and hyper-personalization strategies with the right insights.Read More
The importance of data integrity in delivering an optimal digital experience for customers
Shopping behaviors shifted dramatically last year as consumers adopted more digital tactics across the entire shopping journey. Many consumers engaged in digital activities throughout the shopping process such as researching and purchasing products online or selecting different delivery options. These retail trends are here to stay, according to a McKinsey survey, which found that 71% of apparel shoppers and 66% of grocery shoppers who used digital shopping services for the first time during the Covid-19 crisis will continue to do so after it ends.Read More
Five steps to unlock the value of your data and achieve compliance, using approved data management principles
As your company’s connected and online business activities increase, so does the data generated by these interactions. But, how are you using this data? Are you harnessing the insights it imparts to increase sales or launch new products? If not, why not? This post gives you 5 steps on how to improve your data management efforts.Read More
Not all “multidomain” master data management (MDM) solutions are the same. Here are the differences and why you need to know.
When selecting solutions to help support your master data management and data governance ambitions, one of the many aspects you are likely to evaluate will be support for “multidomain” MDM. Your initial inclination is almost certain to be selecting a solution that can “do-it-all.” In many cases, this will be despite the fact you currently have a business use case for only one data domain; customer or product data, for example. A single solution that could do more in the future would, of course, be desirable, to make more efficient use of available resources.Read More
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.” Data lakes, predictive analytics, AI and a cacophony of other acronyms have for many people veiled the complexity of big data, which pledged to deliver the four golden eggs of data insight; 1) better decision making, 2) happier customers, 3) freedom from risk and 4) identification of new opportunities.Read More
What’s the most important thing in real estate? According to the old saying: location, location, location. But the sentiment can also be applied to enterprise master data.Read More