Master Data Management Trends revealed
When people approach me with the question what is the real definition of Master Data Management than I am able to answer this question simply and correctly. Pulling some quotes and figures of speech from different sources together to create the bigger picture. However effectively those people are not looking for the definition of master data management but for the added value in Master Data Management and how to define this.If you look at the master data management trends around the globe you can see that added value is recognized more and more.
Master Data Management Trends
I selected 3 main trends and let see if the value appears:
Master Data Management in the cloud
The Cloud’s impact on Master Data Management is two-fold. On the one hand, it provides another environment (in addition to on-premise) with which to integrate sources from; for example, several popular CRM solutions are provisioned through the Cloud. Additionally, there are numerous vendors that offer MDM products hosted through the Cloud either as SaaS, PaaS, or Iaas offerings.
Data Quality Focus
This should be a no brainer. But is isn’t for many companies. It is the biggest challenge. However it is time to get real focus on this data quality. Master Data Management plays a big role in getting your data clean and keep the quality a high value. This is an ongoing process that never ends. Maybe the appointment of a Data Quality Officer will help. But make sure that you have the focus.
Multi Domain Master Data Management
Some of the key facets of integration that MDM is increasingly being used to account for are addressed by multi-domain MDM solutions, which can manage both customer and product data; some platforms are designed for particular industries and use cases. In certain instances, however, the tendency towards specialization limits the overall efficacy of such an option for more than one domain in addition to its utility for various functions.
All these master data management trends are not really “new” but steady for the last couple of years. Of course the technical improvements of solutions in the area of master data management are enablers of new trends. The most important conclusion is that master data management is alive and more important than ever.