To summarize the various points made by these industry pundits:
Digital contactless payment technologies, remote working, teleconferencing, and online business platforms – this is the newly embraced system for most businesses right now. Most industries reconstructed their formerly accepted company blueprints to continue operations amid COVID19.
A sudden blow struck people, and it exempted no one. We populated the streets, filled tens of stories of buildings, congested restaurants, and loaded the malls. Now, we are doing the opposite. From an individual to the biggest of businesses, we had to make a shift. An ironic time, indeed. We even express our concern by distancing ourselves from the people we value. COVID19 is a world-changer.
Yet, the change is irreversible. For corporations, adapting to survive is the new mantra.
According to Jill Schlesinger, CBS News Business Analyst, various industries are going to be impacted by the pandemic in three (3) distinct phases, which she called the ‘T3’. It stands for triage, transition, and transformation.
- Triage is when companies learned how to operate in new ways as they implement work-from-home schemes. Workers experimented on different online meeting platforms such as google meet, zoom, slack, and more. ALL messages now had to pass through online channels. One online meeting platform also alarmed users as security issues came out recently, causing companies to have concerns and question the reliability of the method. Left with no choice, they just had to find a better platform.
- Transition is where corporations take a conservative approach that eyes on creating a reconfigured working condition that provides a safety net to their employees. Among which are coming up with alternatives for initially planned events like seminars or forums, and business travels. Most companies are at this phase. It is gradually accepting the possible stretch of the status quo. Therefore, calibrating the business to prepare it for any contingencies, assuring its continuity at the same time securing the livelihood of its employees.
- Transformation is the final phase wherein businesses, regardless of their size, are devoting much thought and analysis on how they will emerge and transform from the pandemic. It will try to address post-pandemic concerns such as:
- Performing employee functions remotely permanently
- Implementing technologies to improve deliverability even with the new measures
- Office set-up or configuring the physical workspace to prevent direct contacts
- What put human workers at risk
- Use of technologies in place of formerly human-performed activities
To get back on track, industries have to make it through these three. Among these phases, transformation is the hardest to achieve, but it is no time to decline it. Enterprises have to deliver as fast or faster than before while complying with safety measures. Others have to turn their backs from their traditional systems and find another way to sell their products or services. To make up for these compromises, expect the integration of technology in every strand of any business.
Most businesses have envisioned becoming technology-driven. However, it never occurred that it will be this soon, and with much urgency.
The virus accelerated the pace of the business technology journey. Corporations have to implement digital transformation now not because they want to be the trendiest but because they have to survive.
No one knows when will this end and how the world will look like after the pandemic. But for a certain, it will permanently change the tone of every industry.
Reshape to the new normal.
Remodel your business. For now, that is the better way.
In the world of heavy metal, Metallica is considered, arguably, as the G.O.A.T. Some may contest this claim and cite the forefathers, like Black Sabbath or Led Zeppelin, but the prevailing sentiment is that the ‘Tallica boys are at the top of the heap.
One of the key achievements of this band is that they put out the highest-grossing metal album of all time. Released in 1986, Master of Puppets is Metallica’s best-selling album (surpassing every other metal band in the world in terms of raw sales).
If Master of Puppets is Metallica’s magnum opus, then Master Data Management’s masterpiece is no other than TIBCO EBX.
But first…what is Master Data Management?
Master data management (MDM) is the initiative of an enterprise that is keen on having data work for them to create a single repository of all master data, reference data, and metadata in order to minimize, if not totally eliminate, data errors and redundancy in business processes.
An MDM solution would typically be an interplay of Data Quality, Data Integration, and Data Governance practices.
What’s in it for me with Master Data Management?
The provision of a single point of reference for business-critical information eliminates the costliness of data redundancies that occur when organizations rely on multiple versions of data that reside in departmental silos.
For example, MDM can ensure that when customer information changes, the Sales & Marketing Department will not reach out to unreachable or different entities, but will consistently have a single, latest, and accurate view of the customer upon which to target their efforts.
What are the Basic Steps to Master Data Management?
- Discover the relevant and pertinent data sources to be mastered in your enterprise.
- Acquire the data (Data Integration proper, ETL, streaming, etc.).
- Cleanse the data (Data Quality proper).
- Enrich the data with data from other data sources that are external to your enterprise but are useful (e.g. social media, websites, etc.).
- Match the data with other data and look/flag for duplication.
- Merge the data and select the most up-to-date version of the data.
- Relate the mastered data with other relatable data in the enterprise.
- Secure the mastered data (masking, user roles & privileges, etc.).
- Deliver the mastered data to the appropriate and intended consumers and stakeholders.
- Govern the mastered data and ensure that master data management becomes a secure, repeatable, sustainable, and value-generating key framework in the enterprise.
Why rock with TIBCO EBX?
First, a history lesson. TIBCO EBX was the result of the acquisition of Orchestra Networks, a leader in MDM, by TIBCO Software last 2018. This assimilation proved monumental as evidenced by TIBCO EBX’s rankings in Gartner’s evaluations:
As you can see, TIBCO EBX is among the Top 2 leaders in the Leader quadrant, alongside the very expensive Informatica.
In actual MDM use cases, however, TIBCO EBX ranked highest in 5 of 6:
The latest 2020 Gartner report on the MDM space pretty much tells the same story:
Again…why rock with TIBCO EBX?
ONE PLATFORM FOR ALL YOUR DATA MANAGEMENT NEEDS
With EBX software, you only need one platform to do the job of multiple products, including MDM, reference data management, product master data management, party master data management, data governance, and hierarchy management.
SUPPORT FOR ALL TYPES OF BUSINESS FUNCTIONS
Operational and analytical processes may be different, but they have one thing in common: data powers them all. Instead of managing these assets in multiple, separate applications, the EBX platform provides a single resource to govern and manage them, providing consistency and cohesion to processes across your organization.
SUPPORT FOR ALL LEVELS OF USERS
- Business Users: Delivers an intuitive, self-service experience for your business teams. Users view, search, author, edit, and approve changes in a workflow-driven, collaborative interface.
- Data Stewards: Helps data stewards easily discern the quality of their data and take action using powerful data governance, matching, profiling, cleansing, workflow monitoring, quality analytics, and audit trail capabilities.
- Developers/Analysts: Supports building and adapting applications quickly, without long and costly development projects. Project teams have full control over data models, workflow models, business rules, UI configuration, and data services.
FLEXIBILITY AND AGILITY
Custom applications and purpose-built MDM solutions are hard to change, but EBX software is flexible and agile. It uses a unique what-you-model-is-what-you-get design approach, with fully configurable applications generated on-the-fly. Long, costly development projects are eliminated. And EBX software includes all the enterprise class capabilities you need to create data management applications including user interfaces for authoring and data stewardship, workflow, hierarchy management, and data integration tools.1
Is that all?
TIBCO EBX’s best-of-breed capabilities include:
What you model is what you get. The flexible data model supports any master domain and relationships as well as complex and simple forms of data.
Collaborate with everyone who touches your data. Manage updates, oversee change requests, and provide approvals through a customizable workflow.
Support any type of hierarchy and create alternate hierarchies without duplication. Now it’s easy to visualize and maintain complex relationships.
Manage and connect every version of data—past, present, and future.
Integrate with multiple platforms on-premises or in the cloud. Works with a wide range of interfaces, application servers, databases, and infrastructures.
INSIGHT WITH DASHBOARDS AND KPIS
Track, analyze, and measure data quality and performance through EBX dashboards.2
How can I buy tickets to the next concert?
If you want to learn more about MDM and how TIBCO EBX can help your organization eliminate bad data, data silos, and poor data visibility, contact EXIST Software Labs today!
1 TIBCO EBX Datasheet