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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