Reduce TCO and Increase ROI with Open-Source Master Data Management Platform
When it comes to capitalizing on data, a lot of expensive factors go into assessing the data quality. From determining the need to acquire external data, its granularity, documentation, storage, access and security, preservation, and availability and reuse, not a lot of these expenses can be compromised on. So, justifying the costs requires a robust data management strategy that demonstrates solid ROI and minimized TCO. In today’s scenario, going for an open-source data management solution is the best bet that businesses have.
What is a Master Data Management Platform?
A master data management platform (MDM) is an underlying framework that controls all digital information that an organization banks upon. It resolves prevalent issues, such as siloed data, lack of visibility and governance, and gaps in security and compliance. By centralizing and integrating all critical data into a single location, MDM helps you eliminate redundancy and enhance efficiency.
With data acquisition and other costs mounting up, investing in an open-source MDM platform validates procurement and budgetary decisions. Open-source solutions, in addition to being low or no cost, help embrace modern software development practices owing to a lack of rigid policies. This translates to more function-rich data management capabilities that wouldn’t land a bombshell on the pocket. Let’s explore how leveraging the power of an open-source MDM can help your enterprise reduce TCO and increase ROI.
Flexible and Agile
One of the foremost things that open-source solutions can bring to your business is the elimination of vendor lock-ins. Enterprises often hesitate to go for the next big thing - be it in their industry segment or technology as a whole - as they are stuck with a horde of vendors. Open-source MDM platforms are generally built on a flexible architecture that lets you stay at the top of the game, at all times. Own only those functionalities that you actually need, so you don’t have to pay for other frills.
Open-source MDM platforms solve some of the most complex integration problems that come with proprietary solutions. Where in most cases, integration demands changes to be made to your existing software, open-source makes it a lot easier in comparison to a closed code solution stack. What’s more, if you arrive at a tricky point in your integration procedures, take advantage of the open-source community and embrace innovation while solving your integration hurdles. Integrate a wide range of on-premises, cloud, and mobile applications, CRM software, PIM platforms, and other solutions with customized, ready-to-use connectors.
Reduced Operational and Maintenance Costs
While the initial investment of an open-source MDM platform by itself is cost-effective, the added benefit is that operational and maintenance costs are nil or come at a comparatively lighter price tag. Even in the event of a team change, with the open code, your engineers can handle the transition and take care of the operational chores that your platform requires.
One of the often-misconceived notions is that an open-source lays your core coding bare, making it vulnerable to threats. On the contrary, open-source MDM platforms are equipped with communities that continuously test the code for bugs and other loopholes. You can deploy the free-of-cost talent of a highly responsive and motivated open-source community in the event of a probable security breach and avoid spilling millions of dollars in remediation. Simply put, in the case of proprietary solutions, your core is only as secure as the solution provider’s capacity; whereas, open-source makes your security stack a community effort, thus reducing your TCO.
With the lowest investments involved, your business doesn’t have to wait for significant budgetary approvals. Start small and scale your project as and when you can. Open-source MDM platforms enable you to roll out product features at your desired timeline, as there is a minimal dependency on an outsourced party. To gain a more competitive edge over your competitors, you need to foster an open innovation culture and experiment with your data management capabilities. Open-source MDM platforms allow that room to pilot test creative ideas and then scale them out to production. Such abilities have a direct impact on your ROI.
Read Gartner’s Peer Insights and Make an Informed Choice About MDM!
Gartner’s “Peer Insights: Lessons learned in MDM implementation” is a document that lists the most significant learnings after analyzing 311 Peer reviews regarding MDM execution. From evaluating business needs, creation of a robust governance framework to developing internal resiliency—it throws light on the most pertinent aspects of MDM implementation.
With data pronouncing the future of a business’s operation in its segment, it is clear that the trend to invest big in data management will not wane any time soon. Meanwhile, as businesses grasp clarity from the myth “the bigger the data, the better” and realize that data quality should take precedence over quantity, investing in an MDM platform is not often a choice. In this demanding climate, making the best out of your MDM initiatives and at the same time, keeping your ownership costs low invariably necessitates the shift to the open-source paradigm.