Parsionate Listed in the 2024 Gartner® Market Guide for MDM External Services
We're delighted to be recognized as a Representative Vendor in the Gartner report, which provides insight into External Services Providers' (ESPs) role in Master Data Management. As noted in the Gartner Market Guide for MDM External Services, “Data and analytics leaders should use this Market Guide to identify characteristics of service providers best-suited to their situational needs.”
The market description included in the report states, “The MDM services market is a subset of the overarching D&A services market. The complexity in this market is that it comprises large, multifaceted, and multinational service providers as well as a long tail of regional-specific, industry-specific, or MDM-software-vendor-specific service providers. The sheer breadth of the D&A service provider market makes it challenging to navigate. This guide focuses on ESPs that have a dedicated MDM practice.
MDM ESPs provide strategic, tactical, and operational support to organizations engaging in MDM programs. Examples of expected deliverables in support of organizations engaging in MDM include:
Strategy services: Business cases, maturity assessments, overall MDM strategy, MDM frameworks, governance organization and process, total cost of ownership (TCO) exercises, regulatory assessments, and vendor selection
Implementation services: Program/project planning, roadmaps, architecture, installation and configuration of MDM software, data models, upgrades and cloud transitions, and MDM and industry-specific accelerators and toolkits to derisk and fast-track MDM project rollout from technology selection through delivery.
Managed services: Ongoing day-to-day operations (Note that this extends beyond traditional business as usual [BAU] because it mandates ongoing feeding and nurturing of data to ensure MDM responds to evolving business use-case needs.)
The right ESP will meet your specific situational needs across evaluation criteria, including regional coverage, industry and use-case expertise, cultural fit, process, cost, technology partnerships, and ecosystems.”
According to Gartner®, “Through 2025, 75% of MDM programs will fail to meet business expectations because of a failure to connect MDM value to business value.” Getting the right conditions in place is critical for Master Data Management initiatives to make a meaningful contribution and secure the competitive advantage that organizations expect from a successful MDM initiative.
MDM Is a Long-Term Commitment – Not a One-off Project
A sound strategic MDM roadmap considers technology as well as business, process, and cultural issues. The variety and number of vendors can be challenging for organizations seeking MDM service providers. It can be difficult to keep track and find the vendors whose offerings best meet the specific needs and goals of the organization.
We ensure that MDM initiatives are aligned with business objectives and deliver real value to the organization. Combining a data-centric approach with extensive business and technology expertise, we've been developing creative strategies and delivering impactful results for our clients since 2013.
From Consulting to Operational Support – Our Perspective on the Role of the External Service Provider
There is often a misconception that MDM is just an IT initiative. Without strategic advice, companies tend to focus primarily on technical aspects such as software implementation or data source integration. Our strategic approach demonstrates that MDM goes far beyond technology, encompassing process optimization, data governance, change management, and alignment with business objectives.
Effective strategic consulting ensures that the MDM project is aligned with the organization’s overall business goals and strategies. This means looking at MDM not in isolation but as part of an overall business strategy to increase efficiency, improve decision-making, and ultimately increase shareholder value.
Good strategic consulting also includes the development and implementation of data quality and data governance policies and procedures. This includes setting standards for data maintenance, defining responsibilities, and implementing processes to monitor and improve data quality continuously.
Effective MDM requires the engagement of all relevant stakeholders - from IT to business. A good consultancy will ensure that all parties are working towards common goals and that the needs and requirements of different departments and teams are considered.
They also ensure the MDM system is flexible and scalable to meet future business needs and changes. This includes selecting appropriate technologies and designing processes that enable the organization to respond to changes in the market environment or internal organization.
Comprehensive strategic guidance also includes training employees and building knowledge within the organization. This helps foster a better understanding of the importance and benefits of MDM and promotes a data-driven culture within the organization.
Finally, a strategic consultancy will provide mechanisms for measuring success and evaluating the effectiveness of MDM. This may include key performance indicators (KPIs) aligned to business objectives and regular review and adjustment of the MDM roadmap based on these metrics.
Gartner® Source & Disclaimer
Market Guide for MDM External Service Providers (Full report for Gartner clients) | Published 8 January 2024 | ID G00756020 | By Analysts: Sally Parker, Helen Grimster, Jaideep Thyagarajan, Gavin Hicks
Gartner does not endorse any vendor, product, or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner's research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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About Parsionate
Parsionate has extensive expertise and a deep understanding of the challenges and opportunities in data management. With a focus on customer-centric approaches and a commitment to delivering measurable business results, Parsionate has successfully supported numerous companies in their transformation processes.
