Master Data Management (MDM) Tools
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What are Master Data Management (MDM) Tools?
Master Data Management (MDM) tools are software that identify, link and synchronize the most essential data to the organization (i.e., the master data) across disparate data sources. Master data is linked via semantic reconciliation, a process which identifies unique data points as identical even when they are described differently. These disparate data points are subsequently compiled into a single master data file accessible to all of those who have a stake in the data within the organization.
Master Data Management (MDM) software has three main types of users. Data governance users understand what the intended product of the solution is. They then describe to the IT professionals (the second group of users) who implement the solution how the MDM should match data and produce quality insights. The third group of users are the data stewards, who maintain the system on a day-to-day basis. The data governance users are likewise responsible for guiding the data stewards on how to most effectively manage the system.
Master Data Management (MDM) Software Features
Master Data Management tools should have most or all of the following features:
- Data Consolidation
- Data Governance
- Data Quality Management
- Mass Processing
- Process Analytics
- File Previews
- Data Import/Export
- Proactive Monitoring
- Real-time Integration
Master Data Management (MDM) Tools Comparison
Consider these factors when comparing master data management solutions:
- Deployment Options: Master data management solutions can be implemented either on-premise, on the cloud, or both. Consider whether you need to keep master datafiles on-premise for security or compliance concerns, or if the scalability and efficiency benefits of cloud deployments are worthwhile.
- Ease of Use: Master data management software can also vary in terms of how much IT overhead is needed to keep the product running smoothly. If your organization does not have the requisite IT resources to run a more powerful and customizable solution, you may want to go with a tool that has built-in support features that can take some of this burden off your IT team. Also consider how accessible the system is to various technical and business users as necessary.
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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.