A Data Management platform (DMP) is a tool where all your data can be collated and stored. Given the vast amounts of data we generate these days, it has become a much-needed business requirement. 

Data Management platforms collate all your marketing, audience, and competitor data so that data analysis teams always have a reference point in place. This makes it easy for different teams within the company to collaborate and understand where their data is sourced. Most data management platforms are diverse and account for online and offline data, making them impactful solutions. Moreover, such platforms have in-built features that help you categorize and analyze data for different use cases. 

One thing to note about Data Management platforms is that they are distinct from customer data platforms. While the latter is focused entirely on data generated through company-customer interactions, the former collects data from various business systems and divides them into three categories:

• First-party data: CRM, social media, mobile apps, website analytics (owned sources)
• Second-party data: Supplier’s first-party data, external survey data
• Third-party data: Analytics from TV ads, cookies from third-party websites

Other Data Management Platform Definitions Include:

• “Collects, organizes, and activates first-, second-, and third-party audience data from various online, offline, and mobile sources. It then uses that data to build detailed customer profiles that drive targeted advertising and personalization initiatives.” (Oracle)
• “A central hub that stores and analyzes all of a company’s customer, audience, and marketing data. DMPs help companies make the best use of the massive amounts of data they collect by analyzing data from multiple sources and presenting it in easily digestible ways.” (G2)
• “A platform that helps you collect, organize, and activate data from various sources and put it into a usable form. Although DMPs can ingest and manage different types of data, they’re typically used for non-personally identifiable information.” (Microsoft)

Use Cases Include:

• Corus, a mass media company, used Tubular Labs’ DMP solution to predict quarantine food trends that would best serve their audience. By analyzing available data and curating content for this topic cluster, they grew their organic following by 63% in a month. It also gave them a competitive edge, as they were the earliest creators to address these topics.
• AMD collaborated with Model N to manage its data collection channels. Model N had to understand AMD’s specific use case and develop a solution that helped them collect, normalize, validate, and deliver data depending on the product match. They created a DMP that could collect POS and inventory data from 1,400 AMD partner stores and deposit it in a single repository.
• Domino’s used Couchbase’s DMP solution when they needed their own DMP to consolidate their operational and analytical workload. Given the variety of features like text search and analytics, Domino’s has leveraged these insights for several purposes. Some of them include creating personalized ad-hoc campaigns, accessing data from a central database without ticketing, and extracting data from their e-commerce platform directly without additional tools.

Benefits of Data Management Platforms Include:

• Create a one-stop solution for the organization’s data 
• Hyperpersonalize user experience through actionable insights 
• Produce targeted ads and marketing campaigns using data-driven analytics
• Help in recognizing gaps in the audience expansion strategies and optimize as needed
• Achieve a competitive edge because of market analysis functionalities

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