Data strategies for enterprises have been constantly evolving. The trend that data is the new oil has been mainstreamed in enterprise workflows, with investments spiralling with the aim to reap the data advantage. Businesses across industries are shifting their dollars to leverage data management systems to strengthen their positions in the digital economy.
Burgeoning Digital Economies Cementing Business Cases for Master Data Management
Across the value chain and across business functions—ranging from product development, operations, sales, and marketing—the entire ecosystem, in essence—are witnessing the need for using data as an asset. More often than not, the path from data to analytics to insights is fraught with data silos. The drive for master data management market has stemmed from this customer proposition. Unarguably more than ever before, master data management helps overcome common as well as unique challenges for data. Master data management system enables enterprises to obtain a unified view for a single domain or across multiple domains, acting as a bridge for customers, employees, suppliers, partners, and any asset.
CIOs and marketing managers in diverse industries are recognizing the business case for master data management for increasing business agility. Almost every day, businesses are looking for new digital initiatives to enrich their customer experiences. Of note, enterprises are adopting and using unified and central data management systems for quality reporting and analysis. Fueled by expanding information systems in data-empowered businesses, the revenue possibilities in master data management market are vast. A study by TMR has projected the valuation to climb to US$ 20,485.2 Mn by the end of 2027.
Why Will Multi-Domain MDM Solutions Gather Traction Across Enterprises?
Multi-domain MDM solutions are changing the face of data management solutions, whereby they have opened innovative and improved ways of creating, managing, and interpreting data. Regardless of the data lying in any domain, multi-domain solutions are expected to attract dollars by end-use industries in the master data management market. Give the trend of growing complexity of data across various domains in an enterprise, multi-domain MDM makes for an interesting business case in the master data management market. Customers in end-use industries are reaping benefits from increasing emphasis of data management practice on expanding the capabilities of multi-domain MDM solutions.
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