{"id":6053,"date":"2023-09-01T16:53:34","date_gmt":"2023-09-01T20:53:34","guid":{"rendered":"https:\/\/solutionsreview.com\/data-management\/?p=6053"},"modified":"2023-09-08T15:23:36","modified_gmt":"2023-09-08T19:23:36","slug":"rapid-data-transformation-amid-economic-and-global-uncertainty","status":"publish","type":"post","link":"https:\/\/solutionsreview.com\/data-management\/rapid-data-transformation-amid-economic-and-global-uncertainty\/","title":{"rendered":"Rapid Data Transformation Amid Economic and Global Uncertainty"},"content":{"rendered":"

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Solutions Review\u2019s <\/strong><\/i>Contributed Content Series<\/u><\/strong><\/i><\/a> is a collection of contributed articles written by thought leaders in enterprise technology. In this feature, Reltio<\/a>‘s SVP of Product Management Venki Subramanian offers commentary on data transformation amid economic and global uncertainty.<\/strong><\/i><\/span><\/p>\n

One thing remains crystal clear amid today\u2019s uncertain economic climate: enterprises recognize the undeniable need to invest in their own data. It’s a treasure trove that holds immense potential and, at the same time, poses a formidable risk\u2014the ultimate double-edged sword. Data has evolved into the make-or-break factor for countless organizations. But often, they are left grappling with its sheer volume, fragmented nature, and frustratingly low quality. Data has transformed into the unruly beast that keeps many companies up at night.<\/p>\n

Amidst this chaos and frustration, however, there is a glimmer of hope. There’s a light at the end of the data tunnel, and it comes in the form of innovative solutions that breathe fresh life into the art of extracting value from information. These cutting-edge solutions defy the odds and accelerate the entire process by leaps and bounds. With game-changing tools in their arsenal, companies can unlock the true potential of their data and harness it to drive success like never before.<\/p>\n

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Data Transformation & Uncertainty<\/strong><\/h2>\n

Putting Data First is the Goal<\/strong><\/h3>\n

The challenge, however, is for organizations that have not yet begun their modern data management journeys. Many have yet to start, as evidenced by the potential market growth ahead. In fact, according to Polaris Market Research<\/a>\u2019s \u201cMaster Data Management Market Size Global Report, 2022-2030,\u201d the market will more than triple in growth, from $17 billion in 2022 to $54 billion by 2030. The figures show that companies recognize the need for MDM. Many, however, have experienced MDM in a previous life and usually not too fondly.<\/p>\n

Implementing MDM and generating results — including eliminating duplicate data, improving data quality, streamlining processes, enhancing customer experiences, helping lower IT costs, and enabling better decision-making across an enterprise \u2013 is as it sounds: complex. It takes time. That\u2019s why MDM software is known for being a long journey rather than a short one.<\/p>\n

An organization embarking on a digital transformation must put data at the heart of its efforts. That\u2019s yet another challenge because enterprises today have so many different sources for their data. Moreover, the data is often siloed in various company locations, on edge devices, in data lakes and data warehouses, and more.<\/p>\n

Unifying so many types of data from so many locations, whether on-premises or in the cloud, is the holy grail promised by modern data management, but that\u2019s also what makes it complex and time-consuming. Much data management software has earned a lackluster reputation in many circles because of long implementation processes, scope creep, and project failures.<\/p>\n

Modern MDM Implementations Speed up the Process<\/strong><\/h3>\n

It\u2019s time to overhaul outdated data management, including MDM approaches. The technology has been around for more than two decades. Many of the solutions available today are not cloud-native and have been retrofitted for the cloud. Modernizing and looking at ways to speed implementations should be a pressing concern for all organizations that need clean, reliable data available for operational and analytical systems in real time.<\/p>\n

Implementing cloud-based SaaS MDM software can greatly accelerate the value businesses gain. By utilizing industry-specific and out-of-the-box solutions, time-to-value is expedited. These modern MDM velocity packs have pre-built connectors, prepackaged automation workflows, flexible embedding options, and powerful APIs. They efficiently handle structured data exchange between clients and external systems. When customers start using an MDM velocity pack, they immediately receive essential components:<\/p>\n