Tag: SaaS

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Is the forecast for your Customer Master Data cloudy?

boat under white clouds

Cloud technologies for master data management have revolutionized the way that most companies function, with almost every business employing master data management vendors to work with them, towards achieving better results with their master data hub.

Data management is a hot-button topic on so many levels that it has now become a core necessity in every sphere, with customer MDM solutions being placed at the center of IT functions where, in the past, the ERP or CRM may have held the pole position.

As the art of data management is a constantly evolving process, the CMDM market will keep growing and developing to a stage, where newer and better processes will soon take over the older ones, providing better features and functionality along the way. We only have to bear witness to the acute interest in AI, ML, and LLM and their potential for data transformation, to recognize that some technologies quickly eclipse others in importance.

Most data experts believe that the future is already upon us and that the future is in deploying CMDM initiatives in the cloud for security and availability. As many analysts predicted, more than a decade ago, cloud-based systems and in particular, cloud-based master data management are hugely impactful. The impact is felt not just among the CMDM market vendors but also among customers and many in both camps will most likely switch to solutions that operate on exclusively cloud.

Solutions like data quality management are often implemented on the business premises itself which immediately presents a challenge when the data itself is in the cloud. Most companies are afraid to risk their master data by sharing information on other digital platforms, which do not operate on similar tried-and-tested lines however the data quality tooling often comes from a different vendor anyway.

Organizations are often against the idea of having an outsider dealing with their data, for the sake of compliance and confidentiality, yet there is enough evidence that data data loss often stems from poor business partner and employee controls and monitors. As organizations slowly open up to the idea that cloud-based data services alongside SaaS applications work towards achieving organizational success, initiatives like Master Data Governance (MDG), Single Customer View (SCV) and Know Your Customer (KYC), become more likely to succeed.

SaaS CMDM drives toward better returns on investment, increased flexibility, enhanced organizational accessibility, scalability, and overall productivity. Being unaware of its availability is the first step in the journey for many, only because there are relatively few master data management vendors with cloud-native offerings to reinvent the CMDM practice. Bigger traditional master data management vendors have certain products that can work in cloud environments, but their complete potential is unlocked only in well-composed and definite areas. Understandably, these vendors do not wish to divert their target audience towards cloud MDM software tools, as the issues involved are far too many, their cloud offerings are often deficient in capabilities more prevalent in their on-premise offerings. A comparison and contrast exercise with competitors also risks them losing their franchise in the process. With the increasing industry compliance regulations and growing rumors of data breaches nowadays, businesses are afraid to introduce cloud-based MDM solutions into their reliable MDM software applications and introduce further risks if they don’t have solutions to address the articulated risks.

The continuing evolution of cloud technologies has catalyzed a shift of focus in master data management, prompting a widespread adoption among businesses seeking enhanced efficiency and performance. As data management assumes a pivotal role across all sectors, cloud-based solutions, particularly in customer MDM, are emerging as the new standard, displacing erstwhile ERP or CRM-centric approaches. The relentless march of technology, exemplified by AI, ML, and LLM, underscores the imperative for continual innovation in CMDM, ensuring that newer, more robust processes supplant outdated ones.

Despite lingering concerns over security and confidentiality, the inexorable trend towards cloud-based CMDM is irresistible, it is driven by compelling advantages in scalability, accessibility, and productivity.

Traditional vendors may resist the transition, but the competitive landscape demands adaptation to the evolving needs of the market. Embracing cloud-native CMDM not only promises superior returns on investment but also positions organizations for success in an increasingly digitized and regulated environment. The allure of SaaS CMDM solutions grows ever stronger, offering a pathway to heightened operational efficiency and resilience in the face of evolving threats. As such, the future of master data management lies in the cloud, where innovation and opportunity converge to chart a course toward sustainable growth and competitive advantage.

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The minimum expectations of a Customer MDM

Many businesses today rely heavily on robust software as a service (SaaS) based systems to establish a stable and consistent system of record for various business activities.

Customer Master Data Management (CMDM) are a critical component in the data supply chain for many businesses either through manual data management practices or more systematically with various technologies; concerns about data integrity and security have often held businesses back from pushing their customer data to the cloud due to the opaqueness of the understanding of just how exactly the data is secured.

Establishing a Centralized Data Repository

At the core of an effective CMDM system lies a centralized data repository. This repository acts as a comprehensive storehouse of business-wide customer data, ensuring accessibility and reliability across various functions. Whether it’s customer account planning, customer engagement order scheduling or simply informing the business about the customer relationship. Having a single source of truth facilitates better-informed decision-making. A robust CMDM system integrates diverse customer data sets, allowing the business to more easily discern patterns, make predictions, and optimize customer relationships, and process events more seamlessly.

Validation Protocols and Data Accuracy

A key expectation from a SaaS-based CMDM system is the implementation of stringent user, access, and content validation protocols. The data must align with business rules to guarantee accuracy and consistency. By employing machine logic and cross-referencing techniques, discrepancies and redundancies in operational files can be identified and rectified. Users need to have the right levels of access to data and the data needs to be adequately available and accessible to meet business objectives. This validation ensures that everything the business does, operates on appropriate and reliable data, maximizing the potential of the information at hand to meet the business needs.

Data Standardization, Consolidation, and Cleansing

Another crucial aspect is the implementation of a multi-pronged strategy involving data standardization, consolidation, cleansing, and de-duplication. This strategy ensures that data across internal and external systems is not only accurate but also uniform. By promoting data accountability and establishing clear governance rules, businesses create a culture of data integrity. Standardized data sets facilitate efficient communication, enabling different departments to collaborate seamlessly. A CMDM system that actively promotes these practices ensures that businesses have a reliable foundation upon which to build their operations.

Establishing a Culture of Visibility and Transparency

Transparency and visibility are the cornerstones of effective customer data management. A robust CMDM system fosters a culture of transparency by providing quick and easy access to quality data while also informing the data owners and providers of the various characteristics of the data. Zero-party data, for example, data provided by actual customers, holds a higher value than data acquired from third parties. The ability of customers to provide their consent to the use of their data for specific purposes further reinforces the seriousness with which the business respects consumer privacy and data security and integrity.

Data accessibility supports rapid decision-making, enabling the business to respond promptly to risks and opportunities. Cross-functional collaboration through data provisioning facilitates a thriving data culture in an environment where the data is transparent and readily available as appropriate. Plans and decisions, when based on accurate and consistent data, are made with better coordination, leading to enhanced efficiency across the organization.

The Path to Data Intelligence

SaaS-based CMDM systems like the Pretectum CMDM go beyond being a mere data repository. They are a dynamic tool that empowers businesses with accurate, standardized, and transparent customer data.

The minimum expectations for such a system include establishing a centralized data repository, stringent validation protocols, data standardization, consolidation, and cleansing.

They foster a culture of visibility and transparency, which is essential. By meeting these expectations, you business can pave the way for improved data intelligence, ensuring that your decisions are well-informed, agile, and aligned with your strategic objectives.

In such a data-centric landscape, a high-quality CMDM system is not just an asset; it is a necessity, propelling any customer centred business towards unprecedented heights of efficiency and competitiveness in the global market.

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Your customer data in the cloud

The security of customer data in the cloud depends on several factors, including the security measures implemented by the cloud service provider, the security controls in place for the specific data and the configurations set by the customer.

When customer data is stored in the cloud, it is typically protected by a number of security measures, including: network, physical, encryption, access control, monitoring and auditing. When considering how you manage your customer master data, consider how all these aspects are being handled.

Cloud solutions like the Pretectum CMDM applications are housed in data centers that are secured with access controls, surveillance, and other physical security measures; we make use of the some of the best in class implement network security measures, such as firewalls and data encryption to protect your customer data as it is transmitted over the internet. This data is encrypted both at rest and in transit, to protect it from unauthorized access.

Access to your tenancy and actual data is strictly controlled through role based access controls (RBAC) to ensure that only authorized users can access customer data. In addition, we monitor and audit our systems for security incidents and the potential of attemp[ts to gain unauthorized access to customer data.

Pretectum believe that customer data stored in the cloud is often more secure than data you house in your own systems due to the investment that we make in security infrastructure and personnel, and the implementation of security controls and processes that are designed to protect customer data.

It’s nonetheless important for you to carefully evaluate the security measures we use, and implement additional security controls as needed according to your specific requirements.

Adoption of SaaS based CMDM like the Pretectum CMDM has a number of advantages over on-premise or even private-cloud MDM.

SaaS MDM is typically more affordable as it operates on a subscription-based model and eliminates the need for expensive or dedicated hardware and IT infrastructure The intent with SaaS MDM is to also easily scale up or down to meet changing business needs, making it an ideal solution for organizations that are growing or experiencing changes in the volume of their data.

This approach is also easier to implement and typically require minimal setup and configuration, allowing your organization to quickly realize the benefits of a centralized data management solution. We also continuously update and improve the solution, meaning that our customers always have access to the latest features and security enhancements.

The Pretectum CMDM is also accessible from anywhere with an internet connection, making it easy for employees to access and manage data from different locations and reference the centralized repository for customer master data, improving the quality and accuracy of data across the organization.

To learn more about how you can take advantage of the Pretectum CMDM, contact us to take advantage of a free trial evaluation.