Master, data management tools arose when there became a need for businesses to improve the consistency of their key data assets.
What is a Master Data Management Tool?
The technology, tools, and processes that ensure that master data is coordinated across the enterprise are known as a Master Data Management Tool, or MDM for short. Master data management tools, provide a unified master data service. This provides accurate, consistent, and complete master data across the enterprise and business partners. There are four types of master data. These involve transaction data, log data, master data, and reference data.
Why is Master Data Management Important
Organizations can store and manage all different types of operational and transactional data in a single place when using a multi-domain master data management tool. Companies can manage the data of their customer, employee, product, asset, reference locations, and much more. It synchronizes the information across different yet relevant systems and applications. This provides a consolidated view of the data. These tools provide reliable and authentic data that drives operational efficiency. A data management system collects, organizes, protects, and stores all the data from an organization. Master data management objectives include only organizing, centralizing, and updating master data. The management of master data should not be confused with enterprise data management, which involves inventorying and governing your business’ data.
Examples of Master Data Management Tools
One of the most simple examples of Master data management is customer information. Customer information includes names, phone numbers, and addresses. This data is less volatile but still needs to be updated if a customer moves or changes their number. For organizations with larger customers, the data can become very complex. Even small errors could result in a missed opportunity for the organization. Customer data management might not seem important, but this data is precious. The data provides a way for the organization to connect with customers and provide and deliver important insights.
Customer data, however, is not considered transactional even if it is used to describe transactions. If a customer’s data is available in multiple locations instead of a master database, employees cannot have a single source of truth for this essential data. A customer could, for example, update their contact information online in a logged-in account. This could result in the customer no longer receiving marketing material if a different system handles email distribution.
The Top 5 Master Data Management Tools
With the correct master data management platform, companies and organizations can store and manage customer data, employee data, location data, reference data, and so much more.
- Pimcore
Pimcore is equipped with robust data management capabilities. It is an advanced digital platform that allows organizations to manage their product data, customer data, employee data, asset data, vendor/supplier data, partner data, location data, and any other related information.
Pimcore is available at no licensing fee. It is an open-source platform.
Pimcore MDM allows businesses and organizations to store and manage all operational and analytical data in a single place.
The key features of Pimcore:
- Maintain data quality
- Hierarchy Management
- Workflow management
- Rich content integration
- Audit trail
- Third-Party integration
- Informatica
Informatica master data management is a modular and end-to-end solution. It connects your systems and information. Informatica provides an accurate, complete, and trusted management system for your digital transformation. The data is beneficial for organizations in omnichannel retailing, customer experience programs, supply chain optimization, sales and marketing operations, compliance initiatives, etc.
The Key features of Informatica:
- Data quality
- Data integration
- Data and security governance
- Data acquisition
- Data enrichment
- Data analysis
- Data deployment
- Profile
Profisee is a lower cost of ownership platform compared to its competitors. This full-fledged master data management platform contains all the essential components, features, and functionality of the best master data management solutions. In addition, this multi-domain master management platform allows you to virtually model and manage any reference data and master data domain.
The key features of Profisee:
- Data stewardship
- Data modeling
- Enterprise workflow
- Data governance
- Data integration
- Golden record management
- Metadata management
- Industry data models
- Ataccama
Ataccama is a data curation platform that provides data quality and governance solutions. It also provides solutions for master data management and data profiling and catalog. In addition, reference data management, multiple domains hierarchy management, and more are supported by Ataccama.
The key features of Ataccama:
- Data discovery and profiling
- Data catalog and business glossary
- Data quality management
- Master data management
- Reference data management
- Big data processing
- Data integration
- Multiple deployment options
- Collaborative data stewardship
- Data processing engine
- Stibo Systems
All the operational information about your organization can be managed by Stibo Systems. This multi-domain master data management tool manages the data of customers, employees, products, references, location, and suppliers. They have separate master data management solutions to manage customer and product data.
The key features of Stibo Systems:
- Data on-boarding
- Data sharing
- Data cleansing
- Data governance
- Data enrichment
- Multi-domain data management
Data Management
A master data management tool is beneficial for every big business or organization. It ensures the smooth process of data and relieves the workload. Although there are many different master data management tools to choose from, be sure to choose one that is best suited for the needs of your business.
