The accurate information that Master Data Management (MDM) can produce for an enterprise feeds their bigger objectives: helping customers fulfill their centralized customer-view needs for various types of applications and specific business purposes.
The Innovative Systems Synchronos Enterprise Master Data Management platform serves both MDM and rapid application development purposes. In June, the MDM Institute placed it on its 20 Top MDM solutions for 2016, citing among the strengths of Version 4.1 of the multi-domain product its ease of use, maintenance, and scalability, as well as its robust hierarchy and workflow management features. Implementing it also requires minimal cost, resources and risk, it said.
“We want to deliver the best business results to clients in the lowest total time and costs, with fast accuracy for best results,” says Michael Ott, senior VP at Innovative. From its start, close to 50 years ago, it worked to help centralize customer views for the banking industry – cleansing and standardizing records in a service bureau capacity to create super clean data for initiatives like combined customer statements. Innovative Systems has since derived best practice methods and created capabilities such as a knowledge-based Data Quality toolset to efficiently handle these tasks, which form the basic premise of MDM today.
That led to its creating products and building architectures to produce results in a highly automated way with extremely high accuracy, he says, as well as high-productivity cognitive review tools for dealing with exception reviews for cleansing, duplicate identification, and linking phases of MDM efforts with absolute preciseness. With these in place, reviewers can experience a six-to-eight-fold increase in productivity, he says.
Innovative’s approach to developing its systems has supported the development of something the company calls full-production analytics services. Leveraging its tools makes it possible to embark on a Master Data Management project that’s been intensively preplanned, including simulating the whole production run in an automated way and in a condensed timeframe.
This means that at the end of the day, current quality and issues to address are identified and there’s no guessing about how to achieve the future state of quality when all data sources are integrated – knowledge that’s an asset to building the business case. The end game when it comes to the MDM effort and what applications may flow from it, after all, is to enable the business – and that demands accuracy from the outset, reached with minimal time, cost and risk.
“We don’t believe and have borne it out that it shouldn’t take years to implement MDM,” he says. “It shouldn’t even take a year…It should be done in a matter of a couple of months.” That may come as a surprise to IT and line-of-business executives who’ve seen such projects drag out over time, to the detriment of plans to improve business processes or products. Better analytics for the MDM project outcome provides the surety to the business that they’ll get what they are paying for to affect the business change they desire in a specified timeframe. Ott says Innovative’s technology lets it deliver Master Data Management in about 1/3 the time and for about half the cost of competitive offerings.
As Ott explains it, Innovative’s full-production analytics services can help companies that may even plan to use different MDM software. “They can use this information to minimize the amount of time and cost, and have the MDM vendor produce a fixed-price, fixed-time bid,” he says.