These days, one of
the most common terms you used to hear is big data and master data management. Though,
among them MDM is still a bit of concern and the topic of discussion among
medium and large sized organizations. In sectors like life sciences or
pharmaceutical industry or health care or financial services, which used to be
early adopters now firms are actually going through their second or third trial
period of their MDM initiatives. With the upheaval of internet and technology and
its reach to prevailing status, other enterprises have also started deploying their
first master data management solutions.
Master data is
the key asset of most of the firms and companies worldwide. They can’t operate
and work on their day to day business operations without basic understanding
and records of products, customers, employees, suppliers, assets, locations
etc. In almost every industry possible, the volume and capacity of operational
information is increasing at an exponential rate in terms of both complexity as
well as size. On the other hand, in most of the firms, such operational data is
redundant and duplicated and distributed across multiple networks, systems and
applications. As it emerges independently, it becomes error sensitive and
susceptible and keeps decision making people from having a combined view of
operational intelligence. The scattered information prevents users from getting
the timely and precise information they require to make and think of while
buying decisions. In one or other ways, most of the transactional data is
associated in some way to master data. Thus, low quality data, missing information
and imprecise or irrelevant data lends a drastic impact on productivity, revenue,
compliance, costing, decision making and agility. And managing the master level
data proactively and efficiently as it flows within and throughout the
organization is mandatory to optimize business performance.
Multi-domain
master data management as the name suggests is a software solution that handles
and manages multiple forms of master data in a single repository. In a single
domain master data management, every single type of master data including
product information, customer data and supplier records has its own unique business
logic and data store. It’s the basic fact that that in order to create a single
version of the truth, multi domain MDM solution would definitely get you there
quicker. If you are gathering and pulling altogether related master data across
the different processes of the company, it would be comparatively less costly
and easier to store the records on products, customers, employees, suppliers,
locations, assets including people, places and master data things at a
seamlessly technology stack. Though there is a complete different process in
the evolvement of the multi domain MDM process. The foremost implementations of
MDM were popularly known as CDI (Customer Data Integration) solutions dealing
and managing effectively the customer data as well as product information
management (PIM) that manages product data.
In a decade, technology has evolved a lot and most of the
recent master data management platforms have multi domain capabilities and
potential and firms are eventually shifting in aforesaid direction. Adding
more, firms are juggling to be at the same pace of change as others in today’s
business world. Mergers and acquisitions are a constant fact of life, and new
technologies evolve to disorganize existing business models and increasing competitive
encumbrances to grow revenue and lower down costs putting senior management in
a tough situation. MDM pharma and multi domain master data management service
providers like IB Technology is helping companies worldwide to react to the
pressures to simplify, automate, eliminate and standardize the processes and
regain competitive benefits.
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