Jignesh Patel, Director of Product Strategy, CMDM, Stibo Systems, speaks with Robert Lutton, VP, Sales and Marketing at Sandhill Consultants, in a video interview about his role, master data management (MDM) for operational efficiency, the role of trustworthy data in AI, how MDM improves customer experiences, and balancing financial flexibility while making strategic decisions between cloud-based and on-prem MDM solutions.

Stibo Systems is a leading enabler of trustworthy data through AI-powered MDM.

With a solid professional trajectory in sales and marketing, Patel has 15 years of experience as a product management professional. Appreciating the space’s multifaceted aspect, he values engagement with sales and services teams while driving the strategy and vision for customer—and supplier-centric offerings.

Patel states that his role focuses particularly on data management, data quality, and MDM. He is also passionate about enabling organizations to get value from their greatest asset, data.

When asked why MDM is crucial for operational efficiency, Patel mentions value drivers across the three following categories:

1. Improving the business, which is all about operational efficiency and optimizing end-to-end processes.

2. Growing and transforming the business by driving revenue growth through upselling and cross-selling, increasing wallet share, transforming customer experience, and successful digitization initiatives or AI strategies.

3. Protecting the business, which boils down to adhering to regulatory and compliance mandates and reducing risks.

Delving further, Patel states that the persistent challenge here is the age-old disparate siloed systems used to hold, manage, break, and maintain master data across the enterprise. The consequence is fragmented master data, which is inaccurate, inconsistent, and duplicated, causing a detrimental impact on organizational strategic initiatives.

Patel reiterates that trustworthy master data is the lifeblood of business processes and strategic initiatives. Additionally, it is critical to create and govern an elusive single version of truth to have trustworthy master data.

Thereafter, Patel notes that operational efficiency as a value stream is about optimizing end-to-end processes such as order to cash and procure to pay. Whether it is faster customer and supplier onboarding and service, accelerating new product information, reducing data management costs, or improving supply chain visibility, it is fundamental to fuel enterprises with trustworthy master data.

Moving forward, Patel states that AI is the next wave of digital transformation. However, across all the waves, data has played a critically constant role, he adds. High-quality, trustworthy data, along with solid data governance and MDM, form the backbone of these transformations.

Inaccurate, incomplete, or inconsistent data leads to flawed predictions and decisions by AI models, says Patel. On the other hand, trustworthy data enables AI systems to deliver accurate predictions, relevant recommendations, and efficient process automation.

Shedding light on how MDM has driven improved customer experiences, Patel remarks on how customer experience has become a top priority for organizations. He maintains that this is the age of the customer, and gone are the days when purchasing decisions were primarily driven by price or product quality.

To thrive, organizations must transform the customer experience, and that hinges on having a comprehensive understanding of the customer, says Patel. Achieving this requires aggregating data from all touchpoints in the customer journey to create a holistic, 360-degree view. He adds that this process depends on collecting and managing the right data at the right time, and this is where MDM becomes indispensable.

MDM not only plays an integral role in creating a single version of truth but also acts as a linchpin, connecting all relevant data necessary for that 360-degree view, and delivering an optimal customer experience. Patel stresses that it is a must to have a trusted data management foundation in place to transform the customer experience.

Furthermore, he discusses how organizations can balance financial flexibility while making strategic decisions between cloud-based and on-prem MDM solutions. Elaborating, he mentions the significant shift aligned with broader IT strategies, which are increasingly dominated by a move towards SaaS solutions.

Patel further states that Stibo Systems’ MDM solution is fully equipped with a SaaS technology stack to meet customer needs. He says that businesses can balance the need for financial flexibility while making strategic decisions with offerings like subscription-based pricing. This allows businesses to spread costs over time and scale expenses according to usage.

Wrapping up, Patel states that as an MDM vendor, Stibo Systems provides a de-facto expectation wherein there is no on-prem requirement to invest significant funds upfront or worry about hardware costs. This translates into a lower total cost of ownership and reduced IT burden.

On the flip side, there are also expectations of faster deployment with being a SaaS vendor. Concluding, he says, Stibo Systems is experiencing this both in terms of what customers expect and what their IT strategy and vision lead to.

CDO Magazine appreciates Jignesh Patel for sharing his insights with our global community.