The market for master data management of product data supports customer-facing business processes commonly found in multichannel e-commerce, supplier-facing processes related to procurement and sourcing, as well as complex product, supply chain, ERP and engineered products. The technology helps enterprises maintain a consistent, shareable and accurate single version of product or service data across their organizations. This is becoming more important to enable digital business.
Master Data Management (MDM) solutions are enterprise software products that: • Support the global identification, linking and synchronization of master data across heterogeneous data sources through semantic reconciliation of master data. • Create and manage a central, persisted system of record or index of record for master data. • Support the four MDM hub implementation styles, as defined by Gartner. • Enable generation and delivery of a trusted version of one or more subject areas to all stakeholders, in support of various business initiatives. • Support ongoing master data stewardship and governance requirements through workflow-based monitoring and corrective-action techniques. • Are agnostic to the business application landscape in which they reside • Can be implemented by end-user organizations without having to make use of required professional.