Master
data is the consolidated, synchronized enterprise-wide business data
sheet that has information about customers, products suppliers
pertaining to the organization. Master data management (MDM)
comprises the standards, processes, policies, tools and governance
that consistently manages structures and collates the critical data
of an organization to provide a single point of reference. Master
data management has become one of the important sources for
integrating data for Business Intelligence (BI), Big Data, and
analytics solutions.
The
master
data management is segmented based on their application as
customer data, supplier data, and product data and other data (asset,
sales, employees, etc.). The master Data Management market is also
classified based on user type as SMBs (Small and Medium Business),
and large enterprises. Moreover, the master data management market is
segmented by geography as North America, Latin America, Asia Pacific,
Middle-East and Africa and Europe. The master data management
techniques have its existence since last 10 years and are currently
matured and currently the software industry is witnessing a clear
divide between MDM solutions offered as part of a broader platform,
and specialist vendors. However vendors such as IBM Corporation,
Teradata Corporation, Informatica Corporation, Oracle Corporation,
SAP AG and SAS Institute, Inc. emphasize the importance of MDM as
part of a broader solution. In addition to the master data, the MDM
system maintains data hierarchies such as bill of materials for
products, organization structure for customers.. Processes commonly
observed in master data management solutions include source
identification, data collection, data transformation, normalization
error detection and correction, data classification, data
consolidation, data storage, data distribution, item master creation,
data governance and data enrichment.
Requirement
to have centrally managed data, rising needs for compliance,
verification and escalating demands for data quality and operational
excellence are some of the factors driving the adoption of master
data management market. The need for consistent reporting and growth
of Software-as-a-Service (SaaS) and Service-Oriented Architecture
(SOA) has provoked master data management (MDM) market. The master
data management market is consolidated and has witnessed acquisitions
of Revelytix by Teradata Corporation and Concur Technologies by SAP
AG.
Some
MDM products deal with CDI (customer data integration) or PIM
(product information management), while others with multiple data
domains. Based on deployment MDM solutions vary as cloud solutions or
on-premise solutions. An emerging trend of cloud-based MDM is
propelling, with some of the established vendors such as Orchestra
Networks who have MDM cloud offering to complement their on-premise
software. Data governance is becoming increasingly recognized as
crucial element to success in MDM market. To achieve this goal,
companies such as SAP AG and IBM Corporation has set up committees of
business users who would be responsible for setting standards on
international product codes and global account structures. Data
stewards have been assigned to help organizations to identify data
issues and ensure that users adhere to the standards. Data quality is
increasingly seen as an integrated part of an MDM project.
Some
of the key vendors in master data management market include Riversand
Technologies, Inc., IBM Corporation, and SAS Institute, Inc., SAP AG,
Oracle Corporation, Informatica Corporation, Orchestra Networks,
VisionWare, plc, Stibo Systems, Kalido, Software AG among others.
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