Why is MDM becoming so popular?
- Master data management
- Meta data management
- Data Preparation
- Data Advisory
- Data Integration
Master Data Management issues have an impact on the company. What would a business be without its customers, products or employees? Master data is among the most important data that an organization holds; even minor problems with master data cause key problems when they spread through an organization. MDM has become popular within organizations because it represents a competitive advantage.
Increasing complexity and globalization
Master Data Management gets straight to the point. It enables companies and organizations to take a strategic approach to information development. In fact, organizations are faced with more and more internal and external information; reducing the complexity of accessing relevant information is now essential to a successful approach for a business in its market. Globalization has led to a variety of additional problems and complications in data management:
- Multilingual and multi-character character sets
- 24 x 7 data availability needs
In addition, businesses are receiving and providing more and more information with recent developments in the Internet and voice recognition technologies.
MDM: a major opportunity for system integrators
MDM is a major complex problem and therefore represents an opportunity for product suppliers and system integrators. New MDM technologies, called MDM data centres, have been developed. While these data centres may resemble their predecessors – Operational Data Stores (ODS) – modern data centre technologies use a number of other modern technologies that are not commonly used by legacy ODS. Each information management provider has a "solution". Application-focused suppliers also see this as a major opportunity to expand their integration perimeter and scope. Organizations that have MDM issues have almost the same approach: they face a variety of challenges for their information management and MDM provides them with a means of contextualizing the problem.
Compliance initiatives add to the pressure on companies
Driven by the war on terror and corporate scandals, compliance initiatives put additional pressure on businesses. Without a solid MDM solution, companies face tough challenges in supporting changing regulatory requirements.