Multi-Domain Master Data Management (MDM) is about dealing with master data in several different data domains as customer (or party), product, location, asset or calendar. The typical track today is starting in one domain. There are many, even contradicting, good reasons for that.
Depending on in what industry vertical you are the main pain points that urges you to start doing MDM belongs to either of the MDM domains. Customer MDM is the most common one typically seen where you have a large number of customer records in your databases. We see starting with product MDM in organizations with many products in the databases. This is for example the case for large retailers and distributors.
It can be other domains as well. One example from a MDM conference I recall is that Royal Mail in the UK started with the calendar domain. Besides that this domain had pain points for that organization a reason to do that was to start small before taking on the big chunks.
Even though you start with one domain, you must think about the end state. One thing to consider multi-domain wise is the data governance part, as you will not come out well if you choose different approaches to data governance for each master data domain. Of course, the technology part is there too. Choosing a solution that eventually will take you all the way is appealing to many organizations looking for a MDM platform.
Another approach to multi-domain MDM can be through what I know at least one MDM tool vendor calls Evolutionary MDM™. But we can call it other things. Agile or lean MDM for example. Using that approach you do not solve everything within one domain before going on to the next one.
It is about eliminating as many pain points as possible in the shortest feasible time-frame.