Emerging technology is disrupting the way we all interact – whether it’s B2B, B2C, or peer-to-peer. Every industry feels it, and every business is impacted. Companies small and large are looking for ways to evolve from an abstract interest in ‘the next big thing’ to actual real-life technology implementations. But how can they bridge the gap?
In many cases, it’s master data management, or MDM, that can take them there. Why? Because in our digital age, data is what connects concept to reality. EnterWorks’ CEO Rick Chavie says, “architecture is the key to innovation,” and we see this proven time and time again.
Let’s take a look at the three most prominent emerging technologies and how MDM, particularly Multi-domain MDM, is a key enabler.
Our Picks for “The Next Big Thing”
#1: Artificial Intelligence (AI)
In a recent Yahoo Finance article, billionaire investor Mark Cuban urged that AI “is going to change everything.” He explained:
“There’s nothing that AI won’t impact…I saw the impact of PCs. Then I saw the impact [of] the local area networks. Then I saw the impact of wide area networks. Then I saw the impact of the internet. Then I saw the impact of mobile. Then I saw the impact of wireless. Now I’m seeing the impact of artificial intelligence. And it dwarfs any of those things.”
AI is making waves in banking, medicine, manufacturing, air transport, and beyond. Retail and customer experience, in particular, are ripe for AI impact. Gartner says that “By 2020, 85% of customer interactions will be managed without a human,” and Business Insider estimates that AI will boost profitability in retail and wholesale by nearly 60 percent by 2035.
Artificial Intelligence and its subset of Machine Learning (ML) are – by far – the next big thing.
#2: Augmented Reality (AR)
AR isn’t new to the scene, but the transformative ways in which businesses are implementing AR gives the technology new life. Gartner recently noted that:
“Augmented reality and virtual reality (VR) have the potential to shake up the customer experience by individualizing retailers’ offers and enabling customers to visualize products in different settings. By 2020, 100 million consumers will shop in AR online and in-store.”
One of the reasons AR is so popular is because it melds the virtual and real world. Applying the digital experience through a real-life lens is something that intrigues both consumers and businesses. It’s no surprise, then, that Gartner reports the technologies behind AR/VR solutions have moved 15 to 30 percent further along the Gartner Hype Cycle over the past 12 months.
#3: Internet of Things (IoT):
IoT joins AI, ML, and AR as disruptive forces that are changing experiences and expectations. Gartner says that technology has moved beyond hype, entering a more pragmatic and operational phase that has challenged technology and business leaders to prioritize IoT opportunities and evaluate business impact.
We see this taking form in the tech’s explosive growth. It’s reported that market spend for IoT will grow to $1.29 trillion by 2020, and the install base of IoT endpoints – from fitness trackers to equipment sensors – will surge to more than 30 billion. That’s a lot of “things” collecting and transmitting data.
The bottom line is that companies need to pay very close attention to IoT. Nick Jones, Research VP at Gartner, states that “CIOs who master innovative IoT trends have the opportunity to lead digital innovation in their business.”
But First, Data
Before a business can think about widely deploying technology like AI, ML, AR, or IoT, they need to take a look within and ask, is our data structure ready?
The impact of digital technology depends strongly on an enterprise’s ability to centralize and govern its data. Just thinking about the vast implications of data privacy in IoT should be enough to get your heart racing.
‘The next big thing’ is coming, and it’s coming fast. The global digital transformation is happening now, and all of its forms will be disruptive to consumers and businesses alike. These changes will generate a huge volume and variety of data, which will need to be well-managed, safely stored, and effectively analyzed for insights.
Therefore, organizations need both a foundation for advanced MDM, as well as an open architecture capable of enabling future technology.
As Deborah Weinswig, CEO & Founder of Coresight Research, notes: “More data beats better algorithms every time.”
Why Multi-domain MDM
Essentially, Multi-domain MDM helps companies handle crucial core data disciplines, including data governance, data quality, and business process automation. Beyond these core data disciplines, Multi-domain MDM can also help companies structure the data to harness advances in other technologies – such as AR, VR, AI, ML, CSM, IoT, and e-commerce.
EnterWorks CEO Rick Chavie notes, “In technology platforms, ‘future proofing’ means that core data management hubs such as EnterWorks can provide the data to harness the advances in other technologies, and have the ability to swap them out 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.”
With a third-generation approach, EnterWorks is helping companies transition from utilizing MDM as a just back-office system to one that enables exceptional demand-side differentiation.
To learn more, download our eBook, Multi-domain Experience Management (MxM): Meeting Consumer Expectations in a Behavioral Economy.
Learn More at GS1 Connect 2019
We’re gathering together with businesses in retail, food, grocery, CPG, and more at GS1 Connect 2019. We expect AI, ML, AR, and IoT to be a big part of the conversation.
EnterWorks is presenting the following session:
- Panel – How Data Excellence Enables AI Value Creation
- Wednesday, June 19th, 3:00 pm – 4:00 pm, Tech Theater
- Summary: As you embark on AI and Machine Learning initiatives, it’s easy to underestimate the importance of the core data disciplines: governance, data quality, and business process excellence. One thing is certain – The better quality and greater precision in your data, the higher the likelihood that you can create sustainable value creation. Hear from our panelists on how good data can help your company transform its AI/ML proof of concepts into a real success story that produces a competitive advantage.
Schedule a visit and stop by to see us in EnterWorks Booth #41!