Top 8 Master Data Management (MDM) Software Tools
Informatica MDMMicrosoft MDSSAP Master Data GovernanceTIBCO EBXInformatica PIMIBM InfoSphere MDMStibo STEP MDMProfisee
New tools are coming out that will enable you to achieve 90 percent of use cases with the out-of-the-box configuration, but I would like to keep Informatica tight here. Otherwise, you need a Java user edit course and other things to do multiple things that you cannot configure out of the box. They have to go through those use cases to do something if those can also be configured rather than coded.
Enables non-technical people to directly interact with the BI system.
One of the main features I have found useful is the integration with Azure active directory.
SAP Master Data Governance integrates well.
Useful for building master data.
The data quality is very good.
The product is extremely flexible.
A great product enrichment tool.
The staging and hierarchical features are the most valuable.
There are not really many areas of the product that need improvement because the product stays up-to-date with data management needs.
The features that are most valuable are the governance, the end-profiling and the ETL which allows you to see the metadata repositories.
It's powerful and it's stable.
We really like the matching and merging features.
The product is able to utilize the SQL server toolkit and it has tight integration with the SQL server.
What is master data management?
Master data management (MDM) is the process of establishing specific dynamic rules to ensure master data is precise, accurate, and true. Master data management will look at and review every aspect of the data, from entry to maturity, and discover where any integrity issues can, have, or will occur. MDM will also identify and fix any errors, duplicates, or irregularities to the master data and set guidelines to ensure those issues are not repeated in the future. Solid MDM will bring all aspects of the business organization together and integrate all data cohesively and seamlessly to ensure the business can maintain the highest levels of functionality, productivity, and profitability.
Why is master data management important?
Today, every business relies heavily on its digital processes to get the desired, successful results needed to ensure the highest levels of transparency, productivity, and profitability. It is vital to the inherent business life cycle to guarantee every component of the process is secure, consistent, and accurate. An effective, efficient master data management solution will give you the best perspective on the full 360 life-cycle of your business process from inception, development, manufacturing, sales, distribution, customer satisfaction, and more. If there is ever any compromise in the integrity of your data, a gap in your business processes or supply chain management could occur, resulting in customer satisfaction that could be severely affected and result in a potential loss of productivity and profitability.
Imagine there was an incorrect address for a key supplier to deliver the necessary product for manufacturing. If those much-needed supplies went to the wrong location, how many days of productivity would be lost? How would such an error affect manufacturing, order fulfillment, on-time delivery, or customer satisfaction? Such an avoidable error could result in tremendous loss to an organization. This is only one example of the importance of utilizing a master data management solution for your organization.
Who uses master data management?
There are varying levels of responsibility with regard to master data management. Every organization has different titles for its pre-assigned role-players. In this process, you generally have three basic levels of responsibility: administrators, processors, and data process clerks. Below is an example of their roles and responsibilities.
Administrators: This group is the creators and governors of the solution. They will decide how the data will be managed, the duties required to manage the data solutions, how the data will be used, and who has access to the data, and be responsible for the overall process.
Processors: This group owns the process of setting up, configuring solutions, problem-solving, and ensuring those solutions meet all the criteria prescribed by the administrators. They will set and manage the rules for caring for the data throughout the 360 life-cycle process for the entire organization.
Data process clerks: This group is the first point of contact for organizing, inputting, repairing, cleansing, and maintaining the data inside the solution. These valuable key players come from many different areas of the organization. They can be from HR, accounting, marketing, shipping, or any point of service where any data would be introduced to your organization. Their roles and responsibilities are assigned per the direction of the administrators of the master data management solution.
What is a master data management tool?
A master data management tool is a hardware or software solution that provides efficient, secure, scalable options to help organizations protect and maintain the integrity of their master data. A master data management tool can be configured to meet any organization’s specific needs and objectives. It will run checks, fix errors, monitor inconsistencies, look for duplicates, and link and match data in a fast and efficient manner. Although many management data tools are available as on-premises solutions, the current trend today is a heavy migration and preference to the cloud, and therefore there are numerous effective cloud solutions to suit every organization’s needs.
Benefits of Master Data Management
Master data management has several benefits, including:
- A clear, streamlined process for data entry.
- Accountability and ownership of master data.
- Additional levels of security and safety for managing master data.
- Establishing consistent processes throughout the entire organization with regard to master data management.
- Data integrity and accuracy lead to increased productivity and maximized profitability.
Features of Master Data Management Tools
There is a master data management tool that will work best for every organization's specific needs. There are master data management tools available for every business size and every business type. Below are some of the ideal, key features to consider when choosing the best master data management tool for your organization:
- Provides options for linking and matching.
- Ability to set rules and criteria based on your unique organizational needs.
- Supports varying levels of data privacy.
- Provides the options and necessary components for data security.
- Ability to manage data across numerous locations.
- Is completely scalable.