Five Emerging Master Data Management Trends

Joe Phillip, CIO Applications | Thursday, December 17, 2020

Many industries are predicted to adopt MDM solutions to utilize its advanced analytics and data abilities to achieve a competitive advantage in the market.

Fremont, CA: Master Data Management (MDM) enables processes to gather, handle, match, combine, integrate and disseminate business-critical data across an organization through a single source of reference to keep data consistency, quality, and accuracy.

As more businesses adopt MDM technologies, there has been an increase in many beneficial capabilities, expand the number of valuable insights and return on investments. So here are three emerging master data management trends:

MDM Integration with Workflows and Business Processes

Adopting MDM with workflows and business processes will drastically enhance the quality of data management and collaborative processes. It also makes data accessible throughout the organization.

AI and Machine Learning in MDM

Most industries have adopted artificial intelligence (AI) and machine learning (ML) technology, including the MDM market. Medium and large businesses are exploring with AI and ML in their MDM solutions.

AI and ML are significantly helping companies to carry out recurring tasks without errors and engage customers effectively to maximize their total customer satisfaction. Combining these technologies with MDM solutions helps medium and large-scale businesses recognize duplicate data, gathering important insights to ensure higher data quality.

More Industries to Adopt Master Data Management

Medium and large-scale businesses target digitalization to provide a dynamic, continuous, and improved user experience to their customers. The healthcare industry adopts MDM solutions to prevent regulatory breaches and its penalties and streamline physician spend compliance. The finance industry adopts MDM solutions to improve risk management and cross-selling and upselling opportunities that MDM offers. And, the retail sector utilizes MDM solutions to enhance customer experiences and rationalize their product information.

Many industries are predicted to adopt MDM solutions to utilize its advanced analytics and data abilities to achieve a competitive advantage in the market.