Master Data:
Master data is the critical business information about
products, customers, suppliers, sites, assets, and others. As the name implies
master data plays an important role in the success of the business. So it
becomes an important task for the organizations to handle the master data efficiently.
Businesses generate huge amount of data through their daily operations, and
today, the value of this generated data is becoming critical to the business’
success.
Master Data Management:
Master Data Management (MDM) is a combination of solutions and
technologies that collates, structures, and manages the master data and links
it with other business processes and analytical tools. MDM plays an important role
in improving operational efficiency, and enhances decision-making and has
become one of the important sources of dimensional data for business
intelligence and analytics solutions. MDM is integrated with the existing
architecture in order to manage the master data at all sources and is aligned
with data warehouses, business intelligence systems, and other applications in
order to bring the required information in the right form to the right person
at the right time.
Major Driving Forces of MDM:
The major driving forces of the MDM market includes the Need
to take informed business decisions, maintaining high customer retention rate,
rising competition, and increased demand of business intelligence and analytics
solutions. Adoption of MDM requires skilled workforce and so it is the reason which
restraining the adoption of MDM in small businesses.
The overall market in this report has been defined as the
spending by Small and Medium Businesses (SMBs) and large enterprises on MDM
solutions and services for managing customer, product, supplier, site, and
other master data.
North America, Asia-Pacific, and Europe have the highest
adoption rate of MDM, and regions such as Latin America along with Middle East
and Africa offer a lot of opportunities for the vendors where majority of the
countries are yet to expansively adopt MDM solutions. The report spans the
overall structure of the MDM market and provides premium insights that can help
MDM vendors to identify the needs of SMBs and large enterprises.
This report analyses global adoption trends, future growth
potential, key drivers, restraints, opportunities, challenges, and best
practices in the MDM market. The report also examines growth potential market
sizes and revenue forecasts across different regions.
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