In the world of master data management, silos are a tremendous challenge.
When enterprises try to process information from disparate systems, they too often use sub-optimal applications and initiatives laden with errors and misinformation, not to mention blown timelines and budgets. But master data management (MDM) is actually more than just the breaking down of data silos. It’s about efficiency and service, innovation and security, clarity and perspective. It’s about getting the most of your most valuable resource: your data.
Here are the five things you need to know about MDM:
For existing enterprises, one of the largest hurdles to developing an MDM system is the multiplicity of databases and applications usually involved. What’s more, Enterprise Resource Planning and Customer Relationship Management systems rely on structured data, whereas the proliferation of IoT devices has created exponential growth in unstructured data.
Take the example of Enel, which is one of the largest power utilities in Europe. Enel was struggling to provide analytics and reporting across all of its power generation plants and equipment. They see data flowing in from multiple systems, including IoT devices on power generation equipment, plant maintenance systems, scheduling applications, and other sources. Each of these data sources has its own data types. Enel was exporting data to csv files and manually aligning the data to generate reports and analytics.
Other companies in similar scenarios might invest in expensive integration bus systems to support a polyglot persistent environment.
Enel found a solution in a native multi-model database. This allowed them to bring all data into a single database. This means no more worrying about different data types or keeping the different systems in sync. The result was real-time data analysis across all sites and multiple data systems. No more month-long manual processes to manually generate reports.
All companies are now digital enterprises. Since all systems rely on data, MDM is a discipline in which all organizations need to remain competitive. Master data powers everything from financial reporting to real estate transactions to fraud protection. The ultimate results are faster and better decisions, improved customer satisfaction, enhanced operational efficiency, and a better bottom line.
Most people who’ve heard of MDM immediately link it to one of its primary objectives: the elimination of redundant data. Yes—having a central repository of data will eliminate data redundancies, as long as it’s done correctly. But the benefits of MDM extend beyond redundancy elimination. Namely: data consistency, data flexibility, data usability, and data security (from role-based access).
Mergers and acquisitions can be rough on data consistency. Reconciling several master data systems brings headaches from different data system taxonomy and structures. This usually results in two systems remaining separate and linked only through a special reconciliation process.
As more acquisitions and mergers occur, the problem compiles into a labyrinth of siloed systems and data. This brings you back the problem that spurned you to invest in MDM in the first place.
The answer lies in the database management system and vendor you choose for your master data MDM system. Make sure to choose a vendor that offers a flexible, multi-model database that allows you to easily develop a single data taxonomy.
The most powerful and effective MDM systems run on databases that fit the business model in question.
As an example, Xima Software uses networks that are like graphs. As such, for a telco, an MDM system via a multi-model graph database is the most effective MDM strategy because the database allows for easy visualization of the network since it uses the same graph model.
If there were a fifth thing you needed to know about MDM, it’s that it’s rapidly evolving to meet the needs of today’s enterprises and their customers. Retailers are using it to improve time-to-market and address their customers’ growing expectations to deliver a true omnichannel experience. The consumer packaged goods industry is using it to ensure the accuracy of nutritional information and comply with local disclosure regulations. And every industry is using it to break down data silos.
Gerard (Jerry) Grassi, P.E.
Senior Vice President – OrientDB
If you’re familiar with “the three Vs” of data (volume, variety, and velocity) then you’re also probably aware that all three Vs are increasing exponentially. There’s more data out there than ever before. There are more types of data out there than ever before. And data is moving at faster speeds than ever before.
And we shouldn’t forget the fourth V: value. Indeed, data is also more valuable than ever before. Last year, The Economist called it the new oil. With data being so valuable, you need a database capable of handling the massive volume, variety, and velocity of today’s data in order to get the most out of it. That database is a graph database, and here’s why a graph database is so important for companies to use in the current data environment:
Companies need to be able to do much more than just store their data. They need to be able to generate real-time insights from it, and when it comes to generating real-time insights, the relationships between the data points matter more than the individual points themselves. Relational databases have a tough time analyzing complex data relationships due to their rigid schemas, but graph databases were made to examine complex labyrinths of data points at scale and in real time.
Graph databases aren’t only good for storing and analyzing data—they’re also good at expanding data models and adapting quickly to changing business needs. This flexibility gives you speed and quick time-to-market. Graph databases significantly reduce modeling and development time and make it much easier for you to change the data model once the system is built.
Fraud protection is one of the most powerful use cases of a graph database. Today’s fraudsters use sophisticated “rings” comprised of stolen and synthetic identities to do their dirty work. Discovering these rings by analyzing individual points of data won’t work. You need to be able to examine complex data relationships to uncover small inconsistencies or irregularities, and that’s exactly what a graph database can do.
Insights, security, and flexibility should be reason enough to use a graph database at your company. But in reality, there’s more to the story than this, and that part involves your company’s applications.
Watch our webinar, How Multi-model Graph Databases Can Supercharge Your Enterprise Applications, to learn more.
SVP Sales and Marketing
In case you missed it, I am very proud to announce a mention of OrientDB in the amazing and very widely read business technology news website, ZDNet, in an article titled, The new era of the Multi-Model Database.
I was super excited to see at the very top of this article, prominently displayed, an OrientDB diagram showing how our multi-model graph database integrates multiple data models into a single, scalable, high-performance operational database.
The article itself delves into a little bit of the history of databases, which started as simple data stores and then, in response to the increasing data volume and variety, evolved into easily scalable, multi-model NoSQL data management platforms that can satisfy a wide range of use cases without leaving your data in silos. It then discusses a few multi-model database vendors.
The articles does really well to elucidate the clear advantages of multi-model databases over traditional relational databases and non-multi-model NoSQL databases.
An ideal “part 2” of this article would also differentiate the offerings in the multi-model space, in which OrientDB provides some unique and clear benefits:
Clearly we have entered the age of the multi-model NoSQL database. From here, the power to perform flawlessly at scale and with enterprise-grade security is what is going to separate the leaders from the laggers. OrientDB is leading, and you can learn more here.
-Luca Garulli, Founder of OrientDB
In case you missed some of the latest news and haven’t subscribed to our newsletter below, here’s a quick recap of this month’s news. Find out how OrientDB can help your startup company with our latest case study and how companies across the world are using graph technology to secure their systems. Stay up-to date with our latest stable release or test the new features in our 3.0 milestones release.
If you want to learn about how OrientDB can help your startup company, take a look at our latest case studies. Find out how New.sc uses graphs and multi-model features to power an intuitive and increasingly popular news platform.
Earlier this month we released OrientDB 2.2.20. This is our latest stable release so if you haven’t upgraded yet, go ahead and download it now. In case you missed it, last month we released our OrientDB 3.0 Milestones Edition. Though not yet suitable for production environments, if you want to test the latest features included in our upcoming 3.0 release, head over to our Labs page.
This May OrientDB announced their partnership with Chinese system integrator and fraud detection experts MiMe. Using multi-model databases, MiMe is helping companies across China move from antiquated relational systems to modern day, innovative database systems.
With the release of OrientDB Teleporter last year, OrientDB is being used around the world to synchronise relational data. In fact, we’re the first NoSQL database to enable this feature. Whether it’s data from Oracle, SQLServer, MySQL, PostgreSQL or HyperSQL, Teleporter transforms tables to graphs and allows Relational and NoSQL technologies to coexist.
Stay tuned for more news,
The OrientDB Team
We value and appreciate the hard work put in by the world-wide OrientDB community. That’s why, as a small token of appreciation, we’ve started sending out some gadgets and rewards to our community members.
A special thank you to Saeed for his dedication to OrientDB. Among the numerous and valuable contributions, some noteworthy examples include Pull Requests on OrientJS repository in which, among several improvements, he implemented the IF NOT EXIST clause when creating classes and properties, and IF EXIST clause when dropping classes and properties.
Michael is the original Author of the Apache TinkerPop 3 Graph Structure Implementation for OrientDB, which will be officially supported in upcoming major OrientDB releases!
Not only has Scott provided detailed bug reports and documents, he’s helped countless community members by shedding light on new features and helped countless others experiencing issues.
Thank you to Saeed, Michael and Scott, who as a gesture of appreciation will be receiving a Raspberry Pi 3® Starter Kit along with some OrientDB merchandise (T-shirt, stickers and that kind of stuff)**.
We’d also like to send out a special thank you to all the community members writing about OrientDB in their blogs, articles & papers. Thats why next time around we’ll be sending out some more gadgets to our top community bloggers.
So if you’re currently writing about @OrientDB, remember to use the the #OrientDB and #Multimodel tags in your posts and head back to this page regularly. You might find your name on our Top Contributors list!
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*All trademarks are the property of their respective owners.
**All OrientDB Community Award winners will be contacted individually in order to receive their prize.
Here at OrientDB, we’ve always known and been proud that many of our sales come from client or community referrals. Whenever a new client says they learned about us from user reviews or from a direct contact using OrientDB Community or Enterprise editions, we take it as reassurance that our focus on software development will help drive our sales. This is not a novel strategy but one that our CEO Luca Garulli has always believed in, as our main goal is to make innovative technologies more accessible to a wider market.
“Instead of investing huge resources in marketing and sales like our competitors are doing, we prefer to focus on the product and the community first. It’s not new, other companies like Atlassian® or slack® have proven that you can build a successful product without big investments on marketing campaigns.”
Luca Garulli, CEO @ OrientDB
That’s the reason our Community edition uses an Apache 2 license. We could restrict our open source version by not
making it available for commercial use, or as some of our competitors do, we could further restrict users by forcing them to make their applications open source in order to use OrientDB Community. From any users point of view, these are all deterrents when selecting what database to use, not only from a budgetary point of view, but simply because people generally don’t like to be forced down a path they didn’t initially contemplate.
Our strategy is working. Throughout 2016 we saw sustained growth in both OrientDB Community adoption as well as increased sales for our Enterprise, Support and Consulting services. OrientDB is not only one of the most popular graph databases in the world, this year we’ve proven that the Multi-Model database is here to stay as an innovative, affordable and powerful solution for small, medium and large enterprises.
All this brings me to our new referral program. As our community of developers grows and our client portfolio expands, the amount of referrals this year increased significantly.Obviously we also hope our initiative will help drive sales even further, but we thought it’s only be fair to extend our gratitude to all those who recommend OrientDB by giving them a portion of our sales revenue (up to 10% of a contract’s value for those who recommend 3 or more clients).
We also wanted to make this simple. To enter the program you must simply fill out a form with your referrals details and personal information. If the client you referred signs a contract with OrientDB within 90 days, one of our sales representatives will contact you so that we may process your bonus.
So if you’re using OrientDB and know of anyone looking for a powerful yet affordable NoSQL solution, take a look at our referral program.
Global Corporate Sales Director
Crowdsourced Competitive Intelligence Platform Honors 4,500 Winning Companies Out of 15 Million Profiles
London, UK – 17-11-2016 – OrientDB announced today it was named an Owler HOT in 2016 winner in London. With hundreds of contributors joining the ranks, OrientDB is experiencing tremendous growth in both Community and Enterprise adoption. The native multi-model database combines the connectedness of graphs, the agility of documents and the familiar SQL dialect.
Owler recognizes the top trending companies in cities around the world. They filtered through more than 15 million companies and picked 4,500 award winners across 600 cities worldwide. Recipients were chosen based on several different metrics, including number of followers on Owler, insights collected from our community, social media followers, and blog posts over the past year.
“We’ve sorted through database of millions of contributions from our community and landed on the top trending companies from around the world,” said Jim Fowler, CEO at Owler. “Being Hot In 2016 is an accomplishment to be proud of.”
To see OrientDB’s company profile on Owler, go to: https://www.owler.com/iaApp/4498930/orientdb-company-profile .
With downloads exceeding 70,00 per month, OrientDB is an award winning, 2nd Generation Distributed Graph Database with the flexibility of Documents in one product. It is a unique, true multi-model NoSQL DBMS equipped to tackle today’s big data challenges and offers multi-master replication, sharding as well as more flexibility for modern, complex use cases. Visit https://orientdb.com/success/ to read more about companies using OrientDB.
Owler is the crowdsourced competitive intelligence platform that business professionals use to outsmart their competition, gain competitive insights, and uncover the latest industry news and alerts. Owler is powered by an active community of 800K business professionals that contribute unique business insights such as competitors, private company revenue, and CEO ratings. From startups all the way to large enterprises (including 96% of the Fortune 500), CEOs, salespeople, marketers, product managers, and all types of business professionals use Owler daily. Launched in 2014, and funded by Norwest Venture Partners and Trinity Ventures, Owler is headquartered in San Mateo, CA with offices in Coimbatore, India.