Organizations oftentimes enter a situation wherein they find themselves in a dilemma on how they can serve the needs of their customers and team members. At the same time, they have difficulty in data management of the high volume of information. More often than not, the results of these instances are mismanagement of data, information, teams, etc.
To solve these problems, organizations look to industry experts for answers. IT professionals with many years of experience suggests deploying MDM solutions, and accreditation systems for complete management of complex data and information, customer experience, and digital assets. Let’s dive into details.
What is Master Data Management or MDM?
Master Data Management (MDM) tools are designed for cleansing, consolidating, and processing your critical data for actionable insights. MDM tools serve as a complete solution for managing unstructured data that is needed by every platform be it an existing system or a new one in the organizational framework.
Master Data Management (MDM) software allows business leaders to ensure accuracy, governance, and stewardship over organizational master data. Some of the key features of MDM software are:
- Workflow management
- Business process management (BPM)
- Loading of data
- Synchronization of data
- Business services integration
- Data modeling
- Improving information quality and semantics
According to MarketsandMarkets, the market size of the master data management is projected to grow at a CAGR of 18.3% and grow up from USD 9.5 billion in 2018 to USD 22.0 billion by 2023.
The region-wise breakdown of Master Data Management (MDM) Popularity:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain)
- Asia-Pacific (China, India, Japan, Southeast Asia)
- South America (Brazil, Argentina)
A master data management (MDM) solution is one of the best available options for organizations to support their team requirements for data management strategy and program. The selection and implementation of MDM software depends on a number of factors.
The primary factor in choosing the right vendor for MDM selection and implementation is based on the vendor’s technical capabilities and market reputation. To make your search a little easier, we’ve mentioned here the best Master Data Management software and solutions for marketers to use in 2020.
Top Master Data Management (MDM) Software of 2020 For Web Marketers
1. Pimcore Open Source MDM
Pimcore open source MDM is a platform that seamlessly collects and consolidates data in a single digital platform. It offers an array of data management solutions inclusive of Product Information Management (PIM), Master Data Management (MDM), Digital Asset Management (DAM), Web Content Management (WCM), and Digital Commerce Platform(eCommerce), all in a single suite.
It is one of the best MDM platforms for organizations to use in 2020, as it helps manage product information, digital assets, digital commerce, and web content from a single place and in a consolidated setup. Thus delivering a superior data management experience to your teams across multiple touch points. What makes Pimcore MDM a great option is its flexibility, API-driven approach, plus open architecture that is available at zero license cost for enterprises, developers, and agencies.
- Ensure your data quality meets your organization’s standards.
- Cleanse, match, verify, and standardize master data.
- Classify all data instances for diverse business requirements.
- Support broader functionalities such as searching and reporting of data.
- Attach your digital assets and rich content with the predefined layout.
- The platform is simple to configure and easy to extend.
- Easy to maintain different versions of your structured and unstructured data.
- Provide choices to connect with business enterprise systems (ERP, CRM, BI, ESB, etc.)
- Have a powerful workflow engine that allows internal and external stakeholders to join in your business processes quickly.
2. Informatica MDM Software
Informatics MDM solution is the best to use for enterprises who want to combine their systems and information together. The platform provides you data-driven results for digital transformation and accurate data for your marketing and sales teams.
Informatics MDM solution offers flexibility over data collection and allows you to view data from a single platform. This will add more value to your business by creating a single view of data this is critical for businesses. The platform collects data from disparate sources and also features AI and machine learning for data integration, data security, and data process management. It is a cloud-enabled MDM solution that ensures high-end functionality to enrich your master data records with data from external vendors.
- Help you create an authoritative view of your business-critical data from disparate, duplicate, and conflicting data sources.
- You can have a 360-degree view of the data relationships Over to You Now!
- within your data to locate connections between customers, products, suppliers, and more.
- The platform provides you a complete view of your linked transactions and interactions for a complete view of a customer’s behavior.
3. Tibco EBX a Purpose-Built MDM
Tibco EBX MDM software provides you everything to manage all your data assets in one solution. This is an all-in-one tool to manage your workflows, data quality, applications, etc. It’s a unified tool that has many built-in features to manage your data assets without installing multiple proprietary tools.
EBX is flexible and agile to use for marketing teams and enterprises. It works on a unique design approach of what-you-model-is-what-you-get. It actually lets you model any kind of master data without buying separate solutions. In short, this MDM software gives you a platform to manage all your data for endless business projects.
- Flexible data models to support domain and relationships between data.
- Allow data profiling, cleansing, validation, and matching data.
- Update and approve master data on collaborative workflows.
- The platform utilizes business user interfaces to view and author master data.
- Allow you to create real-time and batch interfaces for systems integration.
- Provides data quality dashboards to measure the performance of data assets.
4. Ataccama Self-Driving MDM
Ataccama MDM is a unique master data management software that offers a list of features for many use cases of data management and digital assets. The MDM solution facilitates machine learning for data processing that is further responsible for data transformations, evaluating data for business, and data matching and merging. The platform also supports a variety of integrations across platforms.
The software allows your product data to be scattered across multiple systems and make your data accurate and easy to manage from a central repository. This enables your marketing team to better your customer experience, improve risk management, predict market trends, detect any kind of fraud, and any kind of regulatory compliance for data privacy.
- The platform allows you to master your data domains.
- Consolidate multiple data views into one.
- Store all your data records in a business data management application.
- Implement an RDM solution to meet the data challenges scattered across multiple sources.
- It centralizes and maintains data quality standards across your entire enterprise in one place.
- Streaming data in real-time, batch, and hybrid modes.
- Support all integration requirements for different scenarios.
- Allow you to access a web-enabled UI to ensure the matching of golden data records, manage hierarchies, and resolve complex data-related tasks.
5. Riversand Cloud-Native MDM
Riversand offers a cloud-based master data management (MDM) tool for large enterprises. It is best for managing product information management needs. It works as a collaboration tool to manage, govern, and analyze kinds of product information.
By leveraging a best-in-class cloud MDM solution, it enables organizations to go beyond the basics of data management, reducing manual processes, and delivering exceptional customer experiences. Moreover, Riversand MDM offers a business-friendly user interface that works on the concept of self-service and ease of use.
- It is an extensible platform with superior data governance applications and tools.
- The platform offers accuracy and completeness in the information.
- Provide a holistic view of the business data that helps in smarter decision making.
- Enabled with the native cloud platform that allows for fast implementation and seamless data upgrades.
- Help you know your right customer through the right content and the right channel.
- The platform manages all your vendors’ data along with the product data and customer data.
Over to You Now!
In the end, having a good master management software (MDM) empowers teams working in the organization. There is no reason for organizations to hesitate when it comes to investing in master data management solutions or MDM tools. You can have the long-term benefits of having a perfect one for your firm that will be very helpful to the organization and its members in the long run.
Want to make your startup journey smooth? YS Education brings a comprehensive Funding and Startup Course. Learn from India's top investors and entrepreneurs. Click here to know more.