Since our last briefing over a year ago, Riversand Technologies has been very busy with a great deal of change in strategies and organizational structure to expand the Riversand offering, future direction and go-to-market approaches.
by Julie Hunt
We had high energy presentations from Susan Magi, Senior Marketing Director and Raman Parthasarathy, VP of Product Strategy. Raman’s role is relatively new for Riversand, as the company evolves how it develops and sells its MDM offering.
Performance and Growth Outlook
Susan kicked off the session with a company update and overview of Riversand’s business direction.
Growth is a key focus in terms of: the product offering; revenue and customer base; global presence; partner ecosystem; and organizational structure and capabilities. Susan reported that 2013 saw year-over-year revenue growth greater than 50%, with a comparable growth rate expected for 2014. Riversand has repeatedly been recognized as a leader in Product MDM / PIM by analyst firms such as Forrester and Gartner.
Expansion into Europe is a current initiative, as well as growing the Riversand partner ecosystem – especially since partners are a key element of winning new customers in Europe. Several new wins were made possible through partners, and Riversand expects that half of their 2014 deals will be related to partner involvement. Riversand is very open to complementing the offerings of partners and other vendors, including joint ventures and OEM opportunities.
Riversand has been self-funded since it began in 2001, and is exploring new strategies for more aggressive growth and expanded offerings. The company is currently working on organizational expansion and reconfiguring its internal structure to help meet ambitious revenue goals for the next couple of years. Riversand recently added the product strategy team to bring more power to the development of products that meet customer needs. Sales and marketing functions are also being expanded.
Riversand customers come from multiple industries such as Retail and Consumer Packaged Goods, Manufacturing and Distribution, and Energy. Customers include Bed Bath & Beyond, PC Connection, Schneider Electric, ESAB, Teva Pharmaceuticals, Sartorius, ConocoPhillips, ExxonMobil, as well as many other well-known brands.
New Directions and Strategies
Raman followed Susan with a look at the current release of the Riversand MDM solution (7.6.4) and an overview of what’s coming next. Raman’s focus on developing and implementing product strategies covers cross-industry (horizontal) solutions. Riversand has another team addressing specific vertical solutions.
While product information has been a strong direction for Riversand MDM, the company is now emphasizing multidomain MDM. As has become more and more evident, enterprise master data needs to cross multiple domains to better serve business needs with integrated information flows.
Riversand provides multiple incremental releases each year. This year, Riversand made a number of enhancements to its MDM capabilities, in areas such as data quality and match/merge. Riversand supports 11 languages and wants to continue to improve capabilities in native languages, particularly around product MDM.
Tapping into current data trends, Riversand approaches MDM utilization of big data through cloud services, and supports crowdsourcing and content services for data enrichment.
The Riversand MDM solution provides centralized master data processes, managing Create / Read / Update / Delete (CRUD) workflows from a single data repository. The solution is data agnostic, working across any domain and with any technology infrastructure.
Key areas in technology include performance, scalability, usability, and reusability. Riversand is working to improve usability in terms of better serving different roles including business users, as well as a better look and feel, and increased ease of use.
Visually guided workflows are available to assist different roles such as master data administrators (MDAs) and data stewards. The visually guided workflows orient users to where they are in a process and what steps come next. In 2015, Riversand plans to give more attention to improving business user access.
Providing What Customers Need
Raman and his team are pursuing new ideas for specific customer needs, some industry-based and others for general application. Riversand particularly wants to discover real solution ‘game changers’ that can disrupt the direction of MDM and develop business applications that have not been previously available.
The company works directly with customers and partners to gain their feedback, advice, and desires for MDM capabilities and applications. Customer conversations focus on specific use cases and the value to be delivered to the customer base. Both customer and partner conversations cover strategic business and technology needs.
Riversand has ambitious plans in mind and a lot of work ahead. Strong strategies and planning are essential for successful outcomes, but in a sense, execution is everything. This is particularly true for interactions with customers, partners, and other industry parties. In reality, most software solution spaces are commoditized, so an essential path to differentiation and success comes from how well an organization provides quality experiences – for all the people that come into contact with the company. It looks like Riversand has made a good start down this path.
(Source for all graphics: Riversand)
About the Author
Julie Hunt is the editor of Hub Designs Magazine and co-founder of the Hub Designs MDM Think Tank. Her “day job” is as an independent software industry analyst and consultant to B2B software vendors for customer, solution and go-to-market strategies.