Master Data Management (MDM)20Master data management (MDM) is a comprehensive method of enabling an enterprise to link all of its critical data to one file, called a master file, that provides a common point of reference. When properly done, MDM streamlines data sharing among personnel and departments. In addition, MDM can facilitate computing in multiple system architectures, platforms and applications.StarDQ1 Network2

Master Data Management (MDM) Software

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

  • Multi-domain platform

  • 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.

Pricing Information

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.

Master Data Management (MDM) Products

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StarDQ is a real time solution for cleansing, de-duping, and enriching enterprise data. By integrating StarDQ Solution, organizations can cleanse, match and unify data across multiple data sources and data domains. According to the vendor, the goal is to ensure that data is a strategic, trustwort...

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Veeva Systems headquartered in Pleasanton offers master data management (MDM) via Veeva Network, the company's life science focused MDM featuring data quality controls and reporting, fast import and export of data, powerful search and clear data visualization, and integration with Veeva CRM.