Best Master Data Management (MDM) Software include:
Master Data Management (MDM) Software Overview
What is Master Data Management (MDM) Software?
Master data management (MDM) software provides a way of managing all critical data from multiple applications in the organization. It does this by linking to a universal or master data file.
The master data file is the single point of reference for all critical data flowing through the enterprise. Master data is usually concerned with the most critical entities like people (customers and employees), things (products, parts, assets), places (office locations and divisions), and concepts (warranties, contracts, licenses).
MDM Features & Capabilities
Integrations and data connectivity
Data management with match and source reviews
Data standardization (cleansing, merging)
Workflow and governance
Audit and compliance tools
Support for data-as-a-service
Problems solved by MDM
The crucial problem that MDM solves is that, in large organizations, the above entities are likely to be stored in multiple different databases. The problem then becomes that, for example, the same customer is listed with three different addresses and different phone numbers.
Without an MDM system, none of these customer records has primacy over the others.
When the MDM is being built, attention is paid to normalizing data formats, inserting missing data elements, standardizing value formats and mapping attributes. Maintenance of the MDM is an essential task and employees must be taught data formatting rules. The MDM must also be frequently updated and maintained to keep it up to date.
MDM software is enterprise-grade software typically sold by the big enterprise software vendors like SAP, Oracle, and IBM. Like all enterprise software, this can be very expensive. Traditionally, this software has been sold as on-premise software but is now usually available as a cloud offering too.
Large-scale cloud MDM pricing can range from $15,000 per month to over $50,000 per month. However, there are cheaper less fully-featured alternatives, along with some open-source solutions.