ERP= Enterprise Resource Planning
A software that helps you to manage day-to-day business operations, allowing data to flow between activities like accounting, supply chain, project management, etc. The key word here is ‘help’: you still need the right data for it to function properly.
BPM = Business Process Management
Another data tool that covers core business actions, but this time more focused on the process side of things, as opposed to organizational. Uses lots of methods to analyze, measure and optimize business processes, coordinating both people and technology behaviors across the business.
MDM = Master Data Management
A business discipline that combines people, process and technology to ensure that master data assets are managed effectively. Note that we refer to MDM as a discipline, not just a product: MDM platforms help you with this process, but they are only part of the process.
CMDM = Customer Master Data Management
Just like MDM, but with a special focus on customer data. By combining CMDM platforms with the right business approach to data, you can get a single source of truth on every customer.
CDP = Customer Data Platform
Software that brings together data from multiple tools and touchpoints to create a centralized database, allowing you to analyze, track and manage customer interactions.
AI = Artificial Intelligence
Systems that can perform tasks that would usually require human intelligence, like natural language processing. AI is both fuelled by data, and can augment data management solutions to make them faster, cheaper and simpler.
ML = Machine Learning
An application of AI where systems learn and improve their performance without being explicitly programmed. Can be applied to a number of data management scenarios, like automated data quality improvement.
DQ = Data Quality
The characteristics that define ‘good data’ for your business – its accuracy, completeness, consistency, timeliness, validity and uniqueness – and the processes used to measure and improve them. You can buy tools to support DQ, but you need to know what good quality data looks like for your business first, and define how to get it.
DG = Data Governance
Data governance is the set of rules and processes that make sure high-quality data is available when and where you need it. It’s basically the way people and programs interact with data. It’s an ongoing process, not a one-off initiative, and is closely tied to data culture.
Enabling everyone in your organization to work with and benefit from data, regardless of their technical training or experience. Data management tools can help you to bring democratized access to data, but they can’t force people to use them. For that, you need to address your data culture.
The way that your business values and interacts with data. Data governance is a good first step toward building a data culture, but it is a long-term process that requires complete buy-in across the business to be a success.
In our latest guide, we extract the truth from data fiction, helping you to demystify data and get real commercial results from your data investments, ‘The Truth About Data‘, download it below!