As digital becomes the lifeline for many organizations today, Covid-19 is fast-tracking digital transformation worldwide. As the driver for digital transformation, Master Data Management (MDM) lets manufacturers create tangible business value out of their data.This article follows a first one, published previously, which you can find by clicking here.
The ability to streamline product development and to shorten the time to market are determining factors for your revenue, but require access to reliable data throughout the entire process and a data management solution. Data stored in a compartmentalised manner is frequently susceptible to errors and inconsistencies. Information obtained on the basis of this data is also less easy to use and collaboration between teams is more complicated. By collecting, improving and linking your data, Master Data Management (MDM) creates a hub that supports marketing and market launches.
From design and sampling to production and distribution, all your processes are significantly improved by the use of MDM.As manufacturers, you can also share your data with multiple vendors, distributors and retailers. Each of these partners will provide their content in line with their internal systems or ask you to adapt your content to meet their needs.In the face of this challenge, MDM can be integrated into your existing ERP, PLM, CRM, CMS, e-commerce and marketing automation solutions and, above all, can improve them thanks to a scalable and structured process for initiating, cleaning and integrating your data hosted in various environments.
It makes this single source available to your vendors, wholesalers, retailers, marketplaces and commercial partners in the form of high-quality data, simplifying the data supply chain, for increased collaboration and efficacy.
Manufacturers: deploying MDM for a post-pandemic era
Manufacturers who wish to survive in a post-pandemic economy will have to choose a flexible Master Data Management (MDM) solution that enables them to scale up when required. Ideally this is handled in the cloud, in a hyperscale / clustered environment. They will also have to consider the growing demand for access to data and therefore it will be essential to establish a data security strategy to ensure protection against cyber-attacks.
As a result, involving everyone within the organisation is fundamental to MDM.One of the key challenges you may face is dealing with systems that are not as open as they should be, making it difficult for people to access information. Integration may also be an issue, especially for enterprises, where a best-of-breed approach is taken. However, by establishing a flexible and a cloud-based approach you will be able to overcome such challenges and focus on growing your business.
According to ResearchAndMarkets.com the MDM market is forecast to grow from $11.3 Billion to $28 Billion by 2025. We expect to see an increase in Artificial Intelligence (AI), leading to more efficiency. There will also be a switch to real-time data access together with solutions for predictive analytics, context driven services via Machine Learning and cloud clustering technologies. Innovation will therefore have a key role to play in the future of MDM and for those who aim to deploy it successfully.
Published in LeMagIT