That’s not to say that they aren’t useful. They are. But as we’ve said before, these data solutions are tools, not a magic wand that will solve everything. Every acronym is part of a data puzzle as opposed to the full picture: they need to be pieced together with the right services and initiatives if you want to get real results.
Unfortunately, thanks to the sheer number of acronyms flying around the data market at the moment, it’s becoming increasingly difficult for businesses to identify what pieces they need to complete that picture and where they should sit in their overall data strategy. For instance, do you need PIM or PMDM, or both? Is DQ or DG better to make sure that you have high quality data? Why would I need CMDM if I already have MDM?
Acronyms are supposed to make data management simpler, but in reality, they are making it a lot more complicated. Firstly, by unintentionally leading organisations to believe they have a ‘fix all’ solution. Secondly, by presenting so many variations on data management solutions that are fundamentally very similar. And thirdly, by glossing over the fact that no matter what tool you choose, you will still need to address data practices and attitudes in your business to make it work.
So, how do you make sure you’re choosing the perfect solutions for your data goals, and not walking into a sugar-coated data nightmare?
- Learn about data’s acronym economy, or at least the core products and services that are on offer and the differences between them.
- Engage a third party who can support you through the tech selection process and evaluate what you need from your software (both Gartner and technology vendors recommend this partner-led approach: they want you to get good results from their platforms too).
- Understand your data quality and your data culture: both will have an impact on your technology’s success, and both can be fixed with the right processes and business-wide buy-in.
While Amplifi can help you with steps two and three, step one is a little harder, as acronyms are appearing left, right and centre and writing a comprehensive list feels futile. However, we can list some of the core services and solutions and explain what they mean.