MDM or master data management is the process under which an organisation is allowed to create and link all its critical data in a single file called the master file. It offers a common point of reference and access for the authorised people. Additionally, the process helps in making smarter business decisions too. Therefore, it will be only logical to delve deeper into the matter and gather more information.
Some information about us and some statistics
At Wizard Consultancy Services, a master data management company, we have been providing MDM services for a long time. Hence, we have the required experience and expertise to understand your requirements and issues and provide the perfect solutions. Since its initiation, MDM has taken the market by storm and is currently a more than $2 billion worth software market that brings an additional $3 billion – $5 billion in services revenues every year. Moreover, said market is growing about 10% every year.
Understanding the changing scenario
Yes, like every other software market, this one also has under currents has experienced certain complete changes over the years, but the fundamental logic has always remained the same. For instance, much movement can be seen regarding the latest technologies including cloud and graph database as they have replaced the so called legacy technology, but the business processes like transaction with customers and suppliers, communicating with them and bringing them onboard has remained the same. So, it can be said safely that master data management and its basics have remaine unchanged, but have become better with time and involvement.
The crucial changes to observe
Amongst the various changes happening in MDM market, certain are gaining more importance than others. For instance, very large scale master data management programs, costing $100 million or more, are not as prevalent as it used to be a few years back. This development has indeed been a big reason of worry amongst the software and service vendors and system integrators. Now, organisations are keener to choose MDM programs for solving specific problems instead of handling everything that is wrong with the business.
Employing the beneficial system
Despite all these changes and the seemingly shrinking size of the market, the benefits of master data management haven’t changed. Businesses are using the software to store, manage and use crucial data which then is used for making the right decision. So, if you are looking forward to help the business by making smarter and more beneficial decisions, then it is time to choose MDM. If you already have the system, then it is time to employ it properly and help the business further.