Evolution of Master Data Management (MDM) in modern analytics era

What is Master Data Management?

Master Data management is a process that enables an organisation to link all its critical data to a common reference source helping data integration. Proper MDM can facilitate improved data quality, streamlining data sharing leading to fewer errors and reduced redundancy in business processes.
Evolution:-Master data management may have started as an IT-centric toolset for managing single data domains, but the technology has evolved. MDM provides Best-in-Class approach that centralises the management of data, but also creates more fluidity in its distribution, supports more oversight of its accessibility, and generates more business value from its usage.

Tools for Master Data Management:-

With massive quantity of data generated on daily basis, organisations need proper tools for achieving efficient data management which help them visualise the complex set of data across the organisation generate patterns and make meaning out of it. Some Essential MDM tools with examples are mentioned below:-
      1. Master Data Management tools
        • Dell Boomi
        • Profisee
        • Sap NetWeaver
      2. Reference Data Management (RDM) tools
        • Collibra
        • Magnitude
        • Informatica MDM Reference 360

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