Gartner highlights importance of master data management
Gartner’s 2018 Magic Quadrant for Master Data Management Solutions1 suggests that the always-complex MDM market is showing a share shift from larger vendors to smaller vendors that are introducing innovative approaches to MDM.
That’s good news for those who are always looking for the competitive edge, particularly when it comes to Master Data Management (MDM).
According to the report, “financial services and healthcare were the early adopters from the outset, fueled largely due to regulatory compliance requirements.”
Organisations are increasingly coming to recognize the need for a consistent, shareable and accurate trusted version of master data across their organisations — and across more data domains. As digitalisation increases at a rapid pace, MDM providers are working with customers to help them recognise this need.
“This requirement is recognised as a necessary foundation in the building of advanced data and analytics capabilities upon a core of trusted data. And it is with these capabilities that organisations are seeking to establish competitive differentiation in their respective markets,” Gartner says.
As a result, MDM is not just a second thought for businesses – it’s now indispensable.
According to the report, “their mode of delivery spans both on-premises and cloud-based models. An MDM strategy potentially encompasses the management of multiple master data domains, such as customer, citizen, product, “thing,” asset, person or party, supplier, and others."
What makes certain MDM solutions stand out from the rest is the idea of a trusted ‘golden record’ for master data.
“A golden record refers to that within a system of record and to which all other systems of reference (copies) revert for final validation, even if those systems of reference provide local validation for remote business applications,” Gartner continues.
Capabilities should include data modelling, hierarchy management, data stewardship, multidomain support, and workflow/ BPM, and many others.
TIBCO was named as a Leader in the Magic Quadrant, and it’s not hard to see why. MDM solutions require holistic approaches with multidomain and multivector capabilities – and TIBCO EBX ticks all of those boxes.
Gartner analyses MDM vendors on a number of criteria, including (but not limited to) their ability to execute and the overall completeness of vision of the MDM vendor.
TIBCO EBX is a pioneering, single solution to manage, govern, and consume shared master data asset across the broadest set of industries.
This should be an MDM solution of choice to gain accurate views of the business across functions, generate insights that can be trusted, and mitigate risk.
To read your complimentary copy of the 2018 Gartner Magic Quadrant for Master Data Management Solutions, click here.
*Listed as Orchestra Networks in the report. TIBCO announced acquisition of the company in December 2018.
1Gartner Magic Quadrant for Master Data Management Solutions, Michael Moran, Bill O’Kane, Simon Walker, Sally Parker, Alan Dayley, 12 December 2018
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