MDM provides a single version of the truth with consolidated, consistent and accurate views of business critical master data and governance processes to manage it.
In information and process driven business environments, the ability to standardize core enterprise information is of strategic importance. In most organizations, core information remains in data prisons, preventing a single, integrated enterprise-wide view of data across applications.
When competition is fierce, and every little piece of data counts, businesses cannot put up with the inefficiencies of distributed, non-cohesive information, where it is nearly impossible to answer questions like:
- What are the system of records for Customer, Product and Vendor masters?
- How can I access a single view of my customer records and use it to enrich my customer interactions?
- How do we measure product and service profitability, when my product definitions are not consistent?
- How do I ensure that replicated sources are consistent with the systems of records?
- I have multiple implementations of the same application plus custom applications with their own data models; how do I exchange data between different applications?
- Why do we re-invent the wheel for product and customer data when we develop a new application?
This challenge is only growing further as we move into the realms of social media, with the influx of huge volumes of structured, semi-structured and unstructured information flowing in.