What is MDM?

MDM software (short for “Master Data Management”) manages the data shared across a specific field or domain. For example, a CRM system (Customer Relationship Management) is, in fact, MDM software for the field of customer data; while a PIM system (Product Information Management) is MDM software for product data..
 

The Difference between Multi-Domain and Single-Domain MDM

 
When talking about MDM systems nowadays, one is usually referring to a so-called “Multi-Domain Master Data Management”. In contrast to the single-domain MDM systems introduced above, multi-domain MDM systems manage the data of most, if not all relevant divisions of a company. For example, such an MDM system may gather and store data on customers, customer groups, company branches, tasks, employees, products, and suppliers. The aim here, however, is not to replace all of the company’s other software systems for all business processes. No, MDM systems primarily serve the purpose of data storage and do usually not encompass any features exclusive to a specific domain or company division. For example, it may not automatically generate a bill on the basis of a product offer, or classify data on the basis of industry standards such as eCl@ss. Tasks like these are still carried out with the help of specific software — which draws from the data or at least a set of data of the MDM system.
 


What is the Benefit of a Multi-Domain MDM System?

 
Without an MDM system, all domain-specific data may be scattered across various software systems, or it may, for example, be gathered in a simple MS Excel table. Gaining a holistic overview of customers or products is, consequently, only possible given a lot of effort — if not impossible at all. The main goal of a Multi-Domain MDM system is to connect to these otherwise isolated data silos, unify them with one another, and establish meaningful relations. On the basis of this interconnection, the user is provided with a kind of 360° view on relevant topics such as customers or products. This can then be utilized to make well-thought-out business decisions.

Examples for the Use of MDM
The following list provides you with some typical examples for what objects can be imported into an MDM system and what relations to product data can be established:

  • Customers or customer groups and what products may suit them in this-or-that manner, generating individualized product information as necessary.
  • Company branches and references for the allocation of products to determine what products are sold when and where.
  • Storage places and inventory data of products.
  • Components, recipes, or stock lists of products.
  • Suppliers and their relations to products, including help for creating so-called golden records.
  • Tasks and, consequently, the profitability of products.
  • Web shops and product evaluations, as well as SEO statistics of products.

On the basis of such data, a 360° product view can be generated which allows any employee (and not just trained data scientists) to evaluate a product and formulate well-thought-out decisions related to it. A similar example would be a 360° customer or supplier view, which also allows you to draw robust inferences on the respective business object.

Some benefits at a glance:
  • 360° product and customer view
  • Sophisticated business decisions
  • Reducing redundant data management on the basis of the cross-system analysis carried out by the MDM system
  • Save time: Cut management resources and reduce time-to-market
  • Enhance data quality by centralizing the company-wide Data Government
  • Quicker response times to market trend shifts
  • Department-overarching synchronization of all master data
 
 

Multi-Domain Master Data Management with eggheads

 
We help you in designing your product presence. This way, you can achieve the maximum amount of success when it comes to the sales of your products. With our know-how and our software solution, eggheads Suite, we support you in the implementation of your PIM/PXM and MDM projects. Thanks to its generic data model, our standard software allows you to not only connect and manage products — but also any other type of business object. Built-in functions from data acquisition, enrichment, and distribution (including an on-board print system) make eggheads Suite an all-encompassing system solution: Achieve sustainable growth in Customer Experience for your clients.
 
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