After returning from the recent Gartner Data & Analytics Summit 2018 in Grapevine, Texas, our team is energized by the embrace of a data-centered culture as part of business model innovation and earnings acceleration. It’s clear that business leaders are waking up to what technologists and data experts have believed for some time: “Data-driven decisions are only as good as the data you rely on.” High-quality data is the lifeblood of companies—flowing through every action, employee, business process, and decision. But data must also be accessible, consumable, and in the context of business decisions.
Connecting with peers and analysts is a highlight of this rapidly growing event. With over 3,800 attendees this year, the popularity of the summit points to the mounting importance of building a world-class data and analytics strategy.
Thought-provoking sessions are a hallmark of the conference, and we were pleased to have EnterWorks customer Mary Kay presenting a session on how our cloud-based Master Data Management (MDM) solution delivers a single source of accurate, consistent information to their beauty consultants, consumers, and internal teams around the world.
Key Summit Themes
This year’s summit was all about helping data and analytics leaders become the “epicenter of business value.”
The conference delivered a breadth of content to help leaders and practitioners fuel digital transformations and scale the value of data analytics. Key themes included methods for developing a foundation for business trust through data quality (DQ), security, privacy, and data governance (DG); Business Intelligence (BI), creating the right organizational structure and new roles to support a data culture; and driving innovation through new technologies like AI, machine learning, virtual/augmented reality, and Internet of Things (IoT).
MDM: The Missing Piece
As our team welcomed a steady stream of visitors at the EnterWorks booth, we advanced an additional theme to the mix: how Multi-Domain Master Data Management can present a “Single View of Everything” across a company’s own data and shared data exchanged with its trading partners. The combination of data across domains provides a fertile base for contextual and analytic insights beyond those available in just one domain.
DG, BI, and MDM are, in fact, intrinsically connected. In order for business intelligence and data governance to be effective, you must have accurate data. And to create and share trusted data securely and at scale, you need MDM.
Without establishing appropriate connections and relationships across data domains, organizations actually create deeper silos of fragmented and inconsistent data.
By leveraging Multi-Domain MDM as part of a wider enterprise information management (EIM) strategy, organizations benefit from an integrated and modern approach to mastering data based on a single, seamless technology platform—with unified governance, modeling, mapping, and management of all data domains.
By creating a clear and holistic view of enterprise-wide information, MDM helps eliminate the guesswork and uncertainty that result from data gaps, inconsistencies, and complex processes within the enterprise and interactions with trading partners.
Forming the right DQ and DG teams are steps that are operationally necessary for processing large-scale data sets; however, when paired with an MDM foundation, companies have the opportunity to multiply profits by mastering complexity. Business users are made more effective when the data experts can provide reliable and accurate data that is in the context of the business decisions they are addressing. Further, as new technologies such as AR, VR, and IoT are connected to the MDM platform, it opens up their utility for leveraging these technologies at a greater scale and across the entire organization through this central sharing repository.
Data Governance, Business Intelligence, and MDM = The Ultimate Team
At the Gartner Data & Analytics Summit, our executive team shared their thoughts on helping companies innovate their business models through advanced digital and data management strategies.
When engaging executives, data experts, and partners at the Summit, we stressed the importance of understanding the key components of a Multi-Domain MDM foundation, how MDM data stewards contribute to excellence in data management, and most importantly, how MDM’s holistic, trusted view of enterprise-wide information can aid in digital transformations and accelerate the profitability of entire enterprises.
If you missed us at the conference, we invite you to download our latest White Paper, Multi-Domain MDM: Mastering Modern Data Management Challenges, which introduces the attributes and impact of Multi-Domain Master Data Management, with guidance on how to get the most from your MDM journey.
For more information about how MDM fits into your data and analytics strategy, contact our leadership team. We look forward to speaking with you or seeing you at the next event!