How to achieve a single view of critical business data with MDM
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This document outlines a webinar focused on achieving a single view of critical business data using Master Data Management (MDM) strategies. Key points include the importance of data integrity, the role of a flexible data model, and automated workflows to enhance data quality and governance. The webinar emphasizes that effective MDM is essential for organizations to thrive in the digital economy by delivering trusted data across multiple domains.
How to achieve a single view of critical business data with MDM
- 1. How to achieve a single view of critical business data with MDM
- 2. Housekeeping Webinar Audio • Today’s webcast audio is streamed through your computer speakers • If you need technical assistance with the web interface or audio, please reach out to us using the Q&A box Questions Welcome • Submit your questions at any time during the presentation using the Q&A box. If we don't get to your question, we will follow-up via email Recording and slides • This webinar is being recorded. You will receive an email following the webinar with a link to the recording and slides
- 3. Today’s speakers David Vega Strategy Principal, Precisely Sumit Nagpal Director of Sales, Precisely
- 4. Lorem ipsum dolor ete sit amet, consectetur To compete and thrive in today’s digital economy….
- 5. Lorem ipsum dolor ete sit amet, consectetur right, compliant, and available everywhere it’s needed—faster. your core business data must be
- 6. DIGITAL CORE Critical business data is more dispersed than ever. Customer ecosystem Product ecosystem Employee ecosystem Finance ecosystem Things ecosystem Vendor ecosystem API LAYER BI, AI, DATA ANALYTICS
- 7. 47% of newly created data records have at least one critical error 68% of organizations say disparate data negatively impacts their organization 84% of CEOs say that they are concerned about the integrity of the data they are making decisions on Data Trends Survey 2019 Forbes HBR A business imperative
- 8. A single source of truth for common business data used across systems. Master Data Management Flexible data model Support for multiple data types Open, extensible integration framework Configure not code approach Workflow & automation Data governance quality & stewardship
- 9. Sales ERP/Business Operations Marketing Operations Customer Services Sales Ops Finance & Accounting Data Steward Business Users Get trusted data to the systems that power your business
- 10. Consolidate data DATA TARGETS Systems Data lakes Reports Databases Data pools Apps DATA SOURCES Internal & external systems Spreadsheets & docs Databases Third-party data services People Ingest data from many sources and syndicate across data targets
- 11. Flexible integrations INTEGRATION OPTIONS APIs (RESTful, SOAP) Database views Files (Excel, CSV, XML, JSON) Choose how and when you share data SCHEDULING OPTIONS On demand Scheduled Event driven
- 12. Find the right MDM solution • Be extremely flexible • Configure, not code • Be open and extensible • Handle enterprise complexity without being complex • Be highly scalable and secure • Enable granular control • Ensure the highest level of data quality
- 13. People, processes, and technology Keys to MDM success Flexible data model Support for multiple data types Open, extensible integration framework Configure not code approach Workflow & automation Data governance quality & stewardship
- 14. People, processes, and technology Keys to MDM success Flexible data model Support for multiple data types Open, extensible integration framework Configure not code approach Workflow & automation Data governance quality & stewardship
- 15. A flexible data hub The foundation for success in today’s digital economy. BACK AND FRONT- OFFICE ROLES Administrators Data Stewards Business Contributors Business Viewers ORG. STRUCTURES Local Centralized Federated USES Operational Analytical DOMAINS Product Asset Customer Location Supplier Material DATA TYPES Master Data Reference Data Metadata Digital Assets STYLES Centralized Consolidation Coexistence Registry Hybrid HIGHLY FLEXIBLE DATA MODEL OPEN, EXTENSIBLE INTEGRATION FRAMEWORK Data Syndicaton & Synchronizaton Via Standard Protocols Platform Accessible To Third-party Apps via Open APIs Able To Leverage Peer Services Using APIs Data Accessible To Third-party Apps Via Sql Views DEPLOYMENT OPTIONS Cloud On-premise LICENSING OPTIONS Perpetual Subscription
- 16. MORE THAN JUST TRUSTED DATA Get cross-domain intelligence to drive better decision-making PRODUCT MANAGE Master, application, reference, and metadata across domains. AGGREGATE & VIEW Transactional, behavioral, and unstructured data. VENDOR CUSTOMER ASSET LOCATION MATERIAL
- 17. Contextual insights • See products owned by customer. • Easily navigate between domains. • See customers by product. • See detailed customer analytics within the MDM platform.
- 18. Make informed decisions PRODUCT DATA TARGETS Systems Data lakes Reports Databases Data pools Apps DATA SOURCES Internal & external systems Spreadsheets & docs Databases Third-party data services People MANAGE & VIEW Master, application, reference, and metadata across domains. AGGREGATE & VIEW Analytics on transactional, behavioral, and unstructured data. VENDOR CUSTOMER ASSET LOCATION MATERIAL Handle multiple domains on a single instance
- 19. Core multi-domain MDM capabilities Bring your data governance policies to life Data stewardship & quality Access control & ownership Audit, rollback, & lineage Golden record management Data integration & syndication Hierarchy management Process automation Relationship linking Cross-domain intelligence Role-based UI and dashboards
- 20. Right-size your MDM solution PRODUCT EnterWorks VENDOR CUSTOMER LOCATION MATERIAL ASSET Add capabilities and other domains when you’re ready Sales & services portal + Print automation + Digital asset mgmt. (DAM) + GDSN synchronization + Managed syndication templates + Vendor portal - product data + Vendor portal - vendor data + Customer domain solution + Advanced reporting + Smart Template Pro +
- 21. Match & merge Create a trusted golden record for use across the enterprise • Easily identify and manage duplicate records. • Configure rules to facilitate record matching and survivorship. • Quickly select attribute values from duplicate records to create a master record. • Maintain lineage of records used to create a master record.
- 22. Flexible, configurable data model Be more agile and reduce TCO • Create unlimited entities, data attributes, metadata fields, and business rules. • Manage the data model via a web-based UI without needing coding skills. • Get multi-lingual attribute and data support. • Create dynamic relationships between attributes, entities, and domains. • Create data models from scratch or leverage out-of-the-box domain-specific data models.
- 23. Data quality and standardization Create and maintain high-quality data • Easily see data quality issues via dashboards and reports. • Profile data and constantly perform data quality health checks. • Standardize data automatically according to your rules. • Match, merge and de-duplicate data. • Monitor and report workflow execution. • Integrate with third-party enrichment, cleansing, and verification services including Melissa Data, Dun & Bradstreet, and USPS.
- 24. Versioning, audit, rollback, & lineage Keep track of all your data • Maintain audit history down to the attribute level—know what changed, when, and by whom. • Display audit history for any record and easily compare multiple versions. • Rollback an object or attribute value to a previous version. • Maintain and trace data lineage for reconciled data.
- 25. Process automation Get trusted data where it needs to go, faster • Build new workflows quickly and easily with drag-and-drop visual designer. • Create parallel and sequential tasks, and workflow loops. • Set up task, approval, and past due, reminder, and escalation email notifications. • Get full visibility into process status via dashboard reports. • Collaborate with internal and external participants (human and system).
- 26. Sophisticated hierarchy management Handle unlimited, complex hierarchies with ease • Create unlimited, multi-level hierarchies. • Link a data object to multiple nodes and hierarchies simultaneously. • Audit and rollback changes to hierarchies. • Auto-classify items. • Visualize and easily manage hierarchies within the platform UI.
- 27. Taxonomy management Streamline and simplify product data classification • Classify and structure product data based on your specific standards or an industry- standard classification system. • Enable business users to maintain classification structure and category- specific attribute assignments via the UI. • Use inheritance to reduce time-to-market and simplify editorial processes—maintain data one time in one place. • Easily maintain taxonomy node/category ownership and responsibilities.
- 28. Drive success in the front and back office Empower business teams to drive incremental revenue. • Test and scale new business models and channels, fast • Create tailored offers and content • Use cross-domain intelligence to make better decisions • Use enriched, accurate data across domains Empower data and IT teams to drive business results through timely, trusted data. • Syndicate and synchronize trusted data across the systems that power your business • Meet your data quality and compliance goals • Configure not code and keep pace with your dynamic business • Get granular control over who can modify your data model and business rules
- 29. People, processes, and technology Keys to MDM success Flexible data model Support for multiple data types Open, extensible integration framework Configure not code approach Workflow & automation Data governance quality & stewardship
- 30. Core Components Complementing Technology Business accountability for data with ‘fit for purpose’ operating models/processes and a complementary org construct to provide a structured and repeatable process for sustained data integrity and value creation Data Harmonization to ensure that data governance actions are always based on organizational value drivers, follow a structured, repeatable and scalable governance model and deliver data ontology and architecture capabilities Data Governance Framework that ensures the availability, usability, integrity, and sustainability of your most critical data in support of analytics, operations and compliance Data Metrics Model that organizes critical data governance and quality metrics to better inform business performance and dimensionalizes them for proper analysis and action
- 31. Proven Data Harmonization Approach Why should we harmonize data? (define repeatable decisioning criteria) What data should we harmonize and prioritize? What dimensions (levels) should we harmonization our data across? What does our data harmonization need to support and how do we sustain it? Leveraging a leading practice Data Harmonization Framework ensures a value-based approach to determine the critical data and what level of harmonization delivers incremental benefits as a part of a scalable and sustainable delivery model.
- 32. Context Drives Data Harmonization Value Data Harmonization strategies that don’t consider ‘context’ always fail to deliver value and never gain meaningful followership from the organization
- 33. Change management Mobilizing cross- functional teams Operating model Alignment Outcome focused measurement Ownership & Account ability Empowerment (Rules & Tools) Mobilizing the Organization for Change
- 34. Questions
- 35. Let’s continue the conversation… Contact us Set up a 30-minute personalized demo +1-877-700-0970 “Get in touch” on www.precisely.com www.precisely.com Demos White Papers Case Studies
Editor's Notes
- #2: Hello everyone, and welcome to today’s webinar and welcome to today’s webinar Hello everyone, And thank you for joining us today.
- #3: Before we begin, I’d like to review some quick items Please note that webcast audio is streamed trough your computer speakers If you need technical assistance with the web interface or audio, please reach out to us using the Q&A box You can also submit your questions at any time during the presentation through the Q&A box. We will answer as many questions as we can at the end of the presentation If we do not get to your question, we will follow-up via email after the webinar This webinar is being recorded. You will receive an email following the webinar with a link to the recording and slides—which we encourage you to share with any colleagues who were unable to attend. [PAUSE] [PAUSE] And we encourage you to share them with your colleagues who are unable to attend today. And now I’ll turn it over to your presenter. Enjoy the webinar.
- #4: [Jason] Intro speakers and hand off to Sumit
- #5: [Sumit] Talk track Today’s digital economy runs on data. If you’re going to compete and thrive <click>
- #6: Talk track Your core business data must be right. It must be compliant, and just as important, it must be available wherever it’s needed by the business, faster than ever. We’re talking about the core master data that describes your business—your products, customers, vendor, equipment, employees and the like. So how do you improve the quality of your most important business data and ensure that it gets to all the systems and people that need it quickly? <click>
- #7: Talk track: But with today’s loosely-coupled systems landscape, digitizing processes is challenging, to say the least. The critical data that powers your core business processes and underpins your transformation efforts is more dispersed than ever before. Think about your customer data for a moment. It may reside in your ERP, CRM, marketing, eCommerce, point-of-sale systems, and so on. The effect of these data silos is not just data discrepancies between systems, but process inefficiencies as business teams wait for data from one system into another or act as the glue between systems rekeying data from one place to another. You may have dialed in your sales process to move customers through the sales cycle efficiently, but if it takes days to set up a new customer in the system where you process your orders, you’ve lost momentum and maybe even customer goodwill in the process.
- #8: And you can certainly find any number of articles and surveys in the press, or analyst reports, that dig into this issue. Here you see just a few stats from Forbes, the Harvard Business Review, and Precisely’s own Data Trends Survey. When two-thirds of organizations say siloed data negatively impacts their data initiatives and almost half of newly created data records have at least one critical error, it is no wonder that 84% of CEOs doubt the integrity of the data on which they make decisions!
- #9: 105 A data hub that provides the foundation for success in today’s digital economy. MDM platforms drive not only better data, but also better processes – and ultimately better business results. They provide key capabilities that organizations require to master, govern, and share master data across the systems that power their business. This includes the capabilities needed to handle multiple data types including master data, application data, reference data, and digital assets.
- #10: 92 But it’s not enough to just have high-quality data. You need to get that trusted data and digital assets to the systems that power your business quickly, whether those systems are in your digital core or in the increasingly complex landscape that surround your core.
- #11: 93
- #12: 94
- #13: 107 Design principles to look for in an MDM platform. All of the tools and features necessary to manage data and business complexity – without being complex.
- #14: People, processes, and technology need to come together to achieve success.
- #15: Segue into technology talk track w/ Sumit. People, processes, and technology need to come together to achieve success.
- #16: 116 This slide sets up the discussion around MDM features coming up in the following slides. The main point to get across here is the importance of an extremely flexible platform in many dimensions—enabling them to meet their needs today and long into the future. Flexibility across data domains, data types, implementation styles, licensing structure, and deployment models is critical. Our highly flexible data model enables you to easily model any business requirement and data structure using the application’s UI. extremely flexible in many dimensions.
- #17: 103 Multi-domain MDM enables cross-domain intelligence. Companies can create linked relationship between different data domains and aggregate data from other sources within the platform. This ability to enables business users to do things like see products owned by a particular customer or customer by products, so they can make better business decisions. This slide can tee up the cross-domain intelligence demo. Organizations can centralize data governance activities in a single platform, and doing everything one platform lowers TCO.
- #18: 104 The key points here are how we enable them to: Manage and view master, application, reference and metadata across any domain in a single platform. We can enable them to aggregate and view analytical data from many sources within the platform (like sales history or social sentiment data)
- #19: 111 A data hub for managing any type of data—ingest or synchronize information with any source system including your ERP and your CRM and once ingested, validate the incoming data to make sure it meets your quality requirements. Once validated, data can enter a workflow where it can be further enriched and then synchronized with any other business system. Businesses can also surface up analytics on transactional, behavioral, and unstructured data in the context of the domain people are working in. An example of this would be surfacing sales history or social sentiment data in the context of a product. Emphasize multiple domains in a single instance versus other vendors with separate loosely-coupled domain-specific platforms (like Informatica). A hub for better business, not just better data
- #20: 112 Tee up key capabilities for multi-domain MDM. Key capabilities that organizations require to master, govern, and share master data across the systems that power your business. This includes the capabilities needed to handle multiple data types including master data, application data, reference data, and digital assets.
- #21: 114 “MDM is something to grow into, not dive into out of the gate.” - Forrester An extensible MDM platform gives you options to add-on modules and domain specific functionality allows you to take a modular approach. You can right-size your solution out of the gate and grow over time. Use this slide to position that they are buying into a fully fledged multi-domain hub and that they can add both domains and additional functionality when they’re ready. Add-on modules include Digital Asset Management, Print Automation, Vendor Portal, and GDSN synchronization.
- #22: Note to sales: Use this slide to tee up the main match and merge capabilities that they’ll see in a demo.
- #23: 122 Note to sales: Use this slide to tee up the main match and merge capabilities that they’ll see in a demo.
- #24: 126 Note to sales: Use this slide to tee up the main match and merge capabilities that they’ll see in a demo.
- #25: 127 Note to sales: Use this slide to tee up the main match and merge capabilities that they’ll see in a demo.
- #26: 128 Note to sales: Use this slide to tee up the main match and merge capabilities that they’ll see in a demo.
- #27: 129 Note to sales: Use this slide to tee up the main match and merge capabilities that they’ll see in a demo.
- #28: Sumit wraps up 130 Note to sales: Use this slide to tee up the main match and merge capabilities that they’ll see in a demo.
- #29: 109 Benefits overview: MDM as a data hub designed to drive success in both the front office and the back office. Although MDM has traditionally primarily been a back-office initiative, empowering the front office is also important, either by enabling them to use the platform directly or by giving them timely access to trusted data in the business systems they use. Look for a solution that has been designed to drive success in both the front office and the back office. Enable your front-office teams to test and scale new business models and channels and enable your back-office Data and IT teams to drive business results through timely, trusted data.
- #30: Sumit hands off to David Introduce the people and processes aspect (Strategic Services) and how they come together with technology to achieve success.
- #36: And finally, I just want to thank you all again for joining us. If you go to our website you can find demos, White papers, case studies, and a lot more information about how a strategically deployed vendor portal can help streamline third-party collaboration and reduce manual processes to produce engaging omnichannel experiences, accelerate time-to-market, and execute more successful product launches. And if you think of any follow-up questions, or would like to continue the conversation, please reach out. You can contact us directly through our phone number or through the get-in-touch button on precisely.com [PAUSE] Questions? Can you also do Vendor and Customer masters too? I’m on S4 Hana will this work with my system? I have custom fields in my material master, does this work for those? We often have fields that the business is missing can you make them require even if SAP doesn’t require them? We would love to speak to you in more detail about your product data processes and how we can help you make an impact to your business , so please feel free to reach out to us.
- #37: If you go to our website you can find demos, White papers, case studies, a lot more information about how PIM can help you manage configurable products and finished goods more effectively, streamline processes, and enhance customer experiences