Master Data Management supports the global identification, linking, and synchronization of all data elements that help to fully explain products, customers, and other key categories of data. An MDM serves as a central system of record and improves the quality of the information lifecycle across data creation, augmentation, use, and retirement.
MDM Solutions Become More Holistic
“Part of the recent success in MDM comes from a newer, more holistic way of looking at master data issues,” according to Steve Banker, Service Director at ARC Advisory Group. “Historically, there were different flavors of a point solution known as PIM, or product information management, required. One version of PIM helped you synchronize your data with customers. Another version helped you pull product data from diverse sources into a catalogue and then publish it through different channels (on-line, print, CDs, etc.), while yet another form helped you do more accurate procurement analytics. These and other point products have had fairly narrow benefits.”
MDM solutions aimed at master product data have an increased ability to tackle all of these issues using just one solution. Even more, some MDM software providers will increasingly emphasize that they are moving towards a complete MDM suite that includes master data solutions for vendors, employees, assets, etc.
When a customer begins with a small MDM project to solve a specific pain point, they should also consider their larger vision of eventually solving the MDM problem across all classes of master data. If the overall goal of a larger MDM initiative is different than the fairly narrow objectives of a first implementation, they will need a broader planning, training, and process change perspective.
