Master data management is a critical aspect of any organization's operations, and it is continually evolving to meet the changing needs of businesses. In this post, we look ahead and shed some light on some of the master data management trends that we are currently experiences and we might expect to see develop further in the near future.
5 major master data management trends in 2023-2025
Master data management trends include the increased use of cloud-based solutions, the integration of artificial intelligence and machine learning, the focus on data governance and compliance and the use of master data management as a foundation for digital transformation initiatives. Additionally, there is a growing emphasis on real-time data processing and the ability to handle large amounts of data. Other trends include the integration of master data management with other enterprise systems, such as customer relationship management (CRM) and enterprise resource planning (ERP) and the use of data analytics to gain insights from master data.
Trend 1: Cloud-based solutions
One of the biggest trends in master data management is the shift to cloud-based solutions. These solutions offer scalability, flexibility and cost-effectiveness as well as the ability to access data from anywhere with an internet connection.
Trend 2: Artificial Intelligence and Machine Learning
Another trend in master data management is the integration of AI and machine learning technologies. These technologies can help to improve data quality, automate data governance processes and enable real-time data analysis.
Trend 3: Data governance automation
Automation of data governance processes is becoming increasingly important as organizations seek to improve data quality and control data access.
Trend 4: Data fabric
Data fabric is a new approach to data management that involves connecting data from different sources, applications and systems to create a unified view of data across the organization.
Trend 5: Data privacy and security
As data privacy and security become increasingly important, organizations are looking for ways to protect their data from breaches, hacking and other threats. This is driving the adoption of data encryption, tokenization and other security measures in master data management systems.