If you’ve been planning to stand out from the crowd in 2023, consider leveraging the SaaS ecosystem for your organization. It enables you to interpret complicated data more easily. With a total estimated value of 195 billion US dollars, the growth of the SaaS market isn’t likely to slow down. In fact, it is predicted to grow to $883.34 billion by 2029. So, why not upgrade your MDM to SaaS MDM
This blog covers all important aspects revolving around SaaS MDM:
- Meaning of SaaS MDM
- How it is different from on-premises MDM
- Top benefits of SaaS MDM
- How to select the right MDM SaaS solution
Read on!
The growing popularity of SaaS
Software as a service (SaaS) is known by different names such as on-demand software, web-based software, and hosted software. It is a software licensing model that enables businesses to leverage software on a subscription basis. SaaS applications run on the cloud hosted by the service provider.
Key Statistics to note
Now, when master data management is hosted on the cloud, it is called SaaS MDM or MDM SaaS. Businesses struggling to work on accurate versions of data can leverage SaaS MDM to streamline their data management processes.
Cloud-based MDM vs on-premises MDM
- SaaS MDM offers enhanced enterprise-grade security measures. Data security lies in the hands of the vendor, and businesses can focus better on growth and expansion. On the contrary, when leveraging on-premises MDM, the security compliance responsibility falls on the organization.
- Cloud-based MDM seamlessly integrates into the already existing setup. On the other hand, on-premises MDM requires you to take care of all the system upgrades.
- SaaS MDM is easy to deploy as no on-site installation of hardware is required. In contrast, on-premises MDM is complex as it requires more IT assistance.
- SaaS MDM offers enhanced enterprise-grade security measures. Data security lies in the hands of the vendor, and businesses can focus better on growth and expansion. On the contrary, when leveraging on-premises MDM, the security compliance responsibility falls on the organization.
Advantages of SaaS MDM
1. Get architectural flexibility
The best aspect about SaaS-based MDM model is that it keeps on delivering new functionalities on a regular basis. Any technological or infrastructural update can be leveraged by the organization as soon as it is available on the cloud. SaaS MDM is usually constructed with combined continuous integration/continuous delivery (CI/CD) processes. It helps businesses benefit from the consistent innovation performed by the SaaS MDM vendor.
2. Flatten extra IT expenses
Gone are the times when you had to incur huge expenditures on hardware maintenance. Most SaaS MDM solutions will offer flexible subscription options and enable businesses to utilize technologies as per their unique requirements. They enable you to adopt an operational expenditure model. SaaS-based MDM solution focuses on cost optimization and requires you to pay only for what you leverage. Moreover, it also helps save time that goes into managing infrastructure administration. Companies can focus better on core business operations and facilitate better business reputation.
3. Ensure 100% security
A certified and compliant cloud-based MDM provider, like Informatica, will go the extra mile to protect your business data. SaaS MDM solutions encrypt all the stored and in-transit data and make sure that all the third-party libraries they use are secured and up to date. The standard offering in any cloud-native infrastructure includes SOC2 Type II, ISO 27001, GDPR, and others.
4. Facilitate higher scalability
If you’ve been struggling with handling interconnections between various data domains like products, customers, suppliers, and others – SaaS MDM has your back. Top-grade SaaS MDM solution like Informatica helps organizations connect multiple domains into an enterprise-wide, 360-degree view of the business. It scales to address huge data volumes.
Points to consider while choosing your MDM SaaS solution
Switch to SaaS MDM with LumenData
With valuable partnerships with Informatica and Reltio, our team has core expertise in implementing SaaS MDM solution for organizations across different industries such as higher education, healthcare, manufacturing, and more. LumenData takes pride in winning the Global ‘Channel Rising Star’ Partner of the Year award in the Growth Category by Informatica.
Informatica’s SaaS solution comes with all-in-one capabilities to modernize master data management. It enables you to deploy faster with pre-built domain and industry content. It comes with security certifications including ISO, SOC2, SOC3, HIPAA, and more.
If we are to look at Reltio, its cloud-native master data management helps organizations connect customer, business, and location data via ML-based data matching and data validation rules.
One of our clients – a renowned university, struggled with overlapping information on topics like students, employees, and others. LumenData designed, built, and installed Informatica Customer 360 that served as the university’s golden record for person data. We delivered, tested, trained, data cleansed, merged, and loaded over 500,000 records into Customer 360. This, further, enabled the university to embark on its Enterprise Resource Planning (ERP) modernization journey.
Make the right business move and explore the comprehensive capabilities offered by SaaS MDM solution. Get in touch to discuss your transformation in detail.
Authors:
Shalu Santvana
Content Crafter
Shadwal Srivastava
Senior Consultant
Shalu Santvana
Content Crafter
Shadwal Srivastava
Senior Consultant
