It’s here! The 2019 Forrester Wave for Master Data Management (MDM) was just released. Here’s what you need to know: The tide is turning on MDM. There are only a few vendors that companies can rely on for third generation MDM – and Forrester has named EnterWorks as a Leader in the pack.
The Forrester Wave report explains that, as first-generation MDM solutions become outdated, third-generation MDM features are crucial: this includes readiness for Internet of Things (IoT), ecosystem capabilities (B2B2C), and data context.
EnterWorks’ received the highest score in the MDM third-generation capabilities criterion, as well as the second highest score in the Current Offering. We are also proud of our status as the only software vendor to be named a Leader in both of the current Forrester Wave for MDM and Forrester Wave for PIM.
Forrester’s key takeaways on MDM initiatives
The Forrester Research report’s evaluation of MDM providers identifies the 12 most significant ones. It notes “…new MDM usage scenarios support co-design and the exchange of information on customers, products, and assets within ecosystems. This is ushering in a third generation of MDM with more stakeholders involved in governing data.”
According to Forrester, today’s MDM initiatives:
- Prioritize agility over compliance. To help lines of business improve their marketing and customer experience…delivering the best value through personalization.
- Are becoming the cornerstone of digital transformation for product-focused firms. For some industries, like consumer packaged goods (CPG) or retail, MDM for products is becoming the centerpiece of flexibility. MDM within ecosystems is becoming a key success factor for such strategic MDM implementations.
The Forrester Research report states: “EnterWorks provides MDM for ecosystems in a B2B2C model. EnterWorks provides a family of products that includes product information management and digital asset management. Its MDM is a truly multidomain, cloud, on-premises, and hybrid platform that provides data modeling, mastering, and distribution. The ever-increasing demand for customers to get more information before buying makes the sharing of information in B2B2C scenarios increasingly critical in industries such as food, Consumer Product Goods, and retail. EnterWorks’ support of ecosystems is preparing it for the third generation of MDM. Its product strategy focuses on user personalization, AI, and machine learning. Customer references like the product’s ease of use, fast time-to-value, and flexibility.”
So, what exactly is MDM within Ecosystems?
Today, data has to do more than provide specifications, functions, and features. Consumers expect content that tells a story and provides a unique customer experience. As consumer habits and expectations evolve, B2B buyers are thinking and acting more like B2C buyers, with a similar desire for data that directly adds value to the end consumer, creating a B2B2C model.
To enable a B2B2C model, EnterWorks MDM delivers the necessary capabilities for end-to-end collaboration across the value chain – whether a company is a producer, value-added provider, or end seller. Our graph-like data structure simplifies inherent complexities in relationships across multiple data domains.
What does third-generation MDM look like?
In regards to technology platforms, “future proofing” investments means that core data management hubs such as EnterWorks can provide the data to harness the advances in other technologies (such as Augmented Reality, Virtual Reality, Artificial Intelligence, machine learning, CMS and e-commerce); and provide companies with the ability to swap out technology when newer, better tech emerges. Such agility enables companies to focus on business model innovation by knowing that their tech platforms can always keep pace.
EnterWorks has a passion for third-generation MDM. From our technology advancements around AI, Machine Learning, Augmented Reality, and IoT to our partnerships and collaborations, we have built from our foundation in first- and second-generation MDM to a robust, future-ready solution. We’ve moved from considering MDM as a back-office system to one that enables exceptional demand-side differentiation.
In regards to third generation MDM, EnterWorks is on the front end of our wave of innovation with our Multi-Domain Experience Management (MxM) solution that builds on the foundation of our MDM, PIM, and Digital Asset Management (DAM).
By combining these solutions under one umbrella, MxM utilizes related digital assets to amplify personal consumer experiences across physical and digital touchpoints. MxM will go beyond personalization, predicting consumer behavior in context through our machine-learning-inspired Combinatorial Intelligence™.
Get your copy of the Forrester Wave™ for Master Data Management
As companies seek to meet the demand for personalized customer experiences through the implementation of third-generation MDM, EnterWorks continues to lead the way.
To see a complete breakdown of Master Data Management solutions from Forrester, click here to download the Forrester Wave™ 2019 Q1 report.