Evolution of Master Data Management (MDM) in modern analytics era

What is Master Data Management?

Master Data management is a process that enables an organization to link all its critical data to a common reference source helping data integration. Proper MDM can facilitate improved data quality, streamlining data sharing leading to fewer errors, and reduced redundancy in business processes.

Evolution: -Master data management may have started as an IT-centric toolset for managing single data domains, but the technology has evolved. MDM provides Best-in-Class approach that centralizes the management of data, but also creates more fluidity in its distribution, supports more oversight of its accessibility, and generates more business value from its usage.

Tools for Master Data Management: -

With the massive quantity of data generated on daily basis, organizations need proper tools for achieving efficient data management which helps them visualize the complex set of data across the organization generate patterns and make meaning out of it. Some Essential MDM tools with examples are mentioned below:-

1. 1. 1. Master Data Management tools
         • Dell Boomi
         • Profisee
         • Sap NetWeaver
      2. Reference Data Management (RDM) tools
         • Collibra
         • Magnitude
         • Informatica MDM Reference 360
      3. ETL tools
         • Informatica PowerCenter
         • Stitch Data
         • Blendo
      4. Big data visualization and big data analytics tools
         • Tableau
         • Chartio
         • Looker BI

   Benefits of Master Data Management: -

   Master Data Edits: -MDM enables master data edits where changes in the master record get reflected in every single entry associated with it thus maintaining data consistency.

   Redundancy Elimination: -With every department working in silo during the traditional time data records-maintained redundancy is bound to happen. MDM’s core benefit is to reduce/eliminate redundancy as all the data is stored centrally with complete coherence and specifics.

   Multi-platform consistency: -As most of the businesses run on multiple platforms. This mandates management service to run uniformly on all the platforms. MDM helps in making the data available on various platforms like cloud, SaaS, etc.

   Increased Efficiency and back up: -As MDM provides centralized data storage taking the backup is easy which helps during disaster management, data corruption. With data being available at any point and anywhere this will increase operational and business efficiency.

   MDM helps users increase operational and customer support benefits and reduce cost overheads. Companies using MDM are more than twice as likely to be satisfied with data quality and speed of delivery.

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