Darren Cooper

Not all “multidomain” master data management (MDM) solutions are the same. Here are the differences and why you need to know.

When selecting solutions to help support your master data management and data governance ambitions, one of the many aspects you are likely to evaluate will be support for “multidomain” MDM. Your initial inclination is almost certain to be selecting a solution that can “do-it-all.” In many cases, this will be despite the fact you currently have a business use case for only one data domain; customer or product data, for example. A single solution that could do more in the future would, of course, be desirable, to make more efficient use of available resources.

Together, small data and multidomain MDM reveal new insights into your business

Over the past few years working in data governance, I have encountered many projects aiming to re-write decision making processes using ”big data.” Data lakes, predictive analytics, AI and a cacophony of other acronyms have for many people veiled the complexity of big data, which pledged to deliver the four golden eggs of data insight; 1) better decision making, 2) happier customers, 3) freedom from risk and 4) identification of new opportunities.

Trusting the data you use has never been more important in the life sciences industry

As supply chains undergo ever greater pressure to perform faster and more efficiently, business leaders need to become more data-driven in their decision making to identify areas for cost efficiency improvement, new business opportunity and transparent compliance management. However, the most business critical of data, including product, supplier and customer data, is impeding the data-driven objective. This data is lacking in quality, coherence and availability due largely to fragmented and inconsistent data management processes.

You just cannot be data-driven if you don’t trust the data you use.

Master data management (MDM) enables telecom providers and CSPs to gain control of their data and leverage it for new business opportunities.

Telecom operators, telecom equipment manufacturers and digital communications service providers (CSPs) are looking into a large untapped business potential with a 5G, edge-connected world allowing to address new types of subscribers in new ways. The telecom industry, challenged by competition and legislation, has a unique opportunity to leverage new technologies, such as AI, and develop new business models, renew their offerings and become more efficient.

Financial services institutions, such as banks and insurance companies, rely on MDM-enabled transparency of their customer master data and product master data to capitalise on a number of industry trends, including:

Master data management (MDM) plays a critical role in ensuring data transparency. MDM therefore enables you to leverage the customer and product master data – that you already have – to address and drive revenue from these current trends in the financial services industry.

Synthetic data is the test data that makes your business operations run smoothly; and if those operations are automated with AI, it's essential to use master data management (MDM) to make sure your decisions are unbiased.

Data generates data which in turn generates more data. How do we know if what is being produced is fit for purpose? What if a bot, designed to help us to make an informed investment decision or simply provide us with the best answer to our customer services question, gets it wrong?

Obviously, testing all the different corners of solution sets is important. As AI takes a more dominant role in automating decision processes, it becomes essential to make sure MLOps - enabled by MDM - is working from good data that is explainable (XAI) and free from bias.

Discover the seven business benefits of transparent product information management (PIM) in the pharmaceutical manufacturing industry

The business of pharmaceutical manufacturing is undergoing a data evolution. Business leaders need to understand how mastery of their data is essential to achieve leadership in a highly competitive market. The importance of the digital supply chain is growing. Manufacturers are building new processes that interconnect the back office with the front office and even directly to the customer’s operations. The pharmaceutical industry is becoming more digitally enabled and data intensive. Building a digital supply chain requires harvesting the raw materials that constitute it: Data.

Get the eight business benefits of transparent product information management in the medical device manufacturing industry - It's not all about compliance with medical device regulations

The business of manufacturing medical devices is undergoing a data evolution. Business leaders need to understand how mastery of their data is essential to achieve leadership in a highly competitive market.

The pertinence and prevalence of the digital supply chain is growing. Manufacturers are building new processes that interconnect the back office with the front office and even directly to the customer’s operations. The industry is becoming more digitally enabled and data intensive.

Building a digital supply chain requires harvesting the raw materials that constitute it: Data.

Unified and enriched customer information can enhance your data analytics and provide actionable customer insight for corporate and investment banks

Relationship managers need insightful customer information upon which they can take action. Sometimes a single piece of unique information can give relationship managers in corporate and investment banks the edge they need to decide how to move an opportunity forward, or indeed avoid being exposed to risk. The availability and trustworthiness of that piece of information relies on the quality and richness of the data that is being analysed.

The unique identification of a customer and the processing of complete, accurate and timely customer data are of vital importance in the corporate and investment banking service industry. However, many banks struggle to keep up with the changing demands and preferences of their corporate customers.

A recent survey found that 46% of corporate customers are less than satisfied with their banker’s ability to support new customer on-boarding with more than 60% of issues linked to accuracy, documentation and duration¹; areas in which timely access to complete, accurate and insightful information is key. Banks wishing to identify growth opportunities by industry, by segment and by product find it challenging to support their relationship managers with reconciled information from across the entire business.