If you’re in business in 2017, you’re likely dependent on master data. You need to quickly and accurately locate and assess information about customer exchanges, employees, payroll, accounts payable and receivable, expenses, products, supplies, and many other important aspects of running a successful enterprise.
However, in every industry, the volume of this data is rapidly growing in both size and complexity, and most organizations’ data is dispersed across multiple systems and applications. Large enterprises today are managing an average of 37 active and unique data sources, and often many more than that.
As the data continues to accrue, it becomes redundant and error-prone. Incomplete, inaccurate and misleading data will most certainly impact decision making, productivity, and, ultimately, your bottom line.
MDM to the rescue
Master data management (MDM) is a method of connecting all of an organization’s critical data into one comprehensive file for a single point of access.
For the first few generations of MDM solutions, each major type of master data (such as customer data, product information, supplier records, etc.) had its own unique data store and business logic. Companies trying to bring order and consistency to their supply chain, for example, might have focused their effort solely on the product data domain. Others in a marketing or customer-facing role might have centered their MDM strategy on the customer data domain. These iterations of MDM are generally referred to as “single-domain” MDM.
But single-domain MDM solutions no longer address today’s data management challenges. Data is now more connected and interdependent than ever before. Where customer data may have once primarily contained simple demographic or transaction history data, other information around customer preferences and buying habits now connects back to product data. This information is valuable in guiding the product development process, which in turn connects back to supplier data, helping to create better supply chain efficiency in the development process, and so on and so forth.
Moreover, when you add newer, more complex forms of data, such as unstructured social media data, machine-generated IoT data, or location-based geospatial data, there are exponentially more connection points and correlations to be made than ever before.
A Multi-domain approach for modern data management challenges
Multi-domain MDM manages all different types of master data in one repository, applying the processes and technologies of MDM across multiple data domains with a cohesive, centralized platform. Aberdeen’s research reveals that companies deploying multi-domain MDM are driving improved accuracy and completeness in their data.
Furthermore, without having to grapple with too much inaccurate, corrupted, or incomplete data, users can connect to a broader array of data sources and find the critical piece of information they’re looking for quickly, resulting in more expedient action. Multi-domain platforms also allow customers to extend their solutions to include additional domains, users, and records, enabling organizations to expand their multi-domain platform without having to factor in additional technology costs.
For more information on how Best-in-Class companies are adopting multi-domain MDM to transform their data into actionable insights and gain competitive business advantages, check out the Aberdeen report, MDM Without Limits: Connecting Data, Crafting Insight, Mastering Results. Also learn how an industry-leading international pizza restaurant chain used multi-domain MDM to connect customer demographic data to transaction history, resulting in the identification of 43 million new households (87% increase) and 81 million fewer unidentified customers (99.8% decrease).