The term Data Quality 3.0 has been around on this blog for nearly 5 years and was recently aired again in the post Data Quality 3.0 Revisited.
A natural consequence of the concept of Data Quality 3.0 is something we may call Master Data Management (MDM) 3.0.
Master Data Management has in a large degree until now been about how to manage master data internally within organizations. The goal has often been to merge different data silos within the organization into one trusted source of master data. But any organization in itself manages a master data silo too. The master data kept by any organization is in a large degree a description of real world entities that also is digitalized by business partners and other third party entities.
The possibility of sharing customer, or rather party, master data as well as product and location master data was examined in the post Third Party Data and MDM.
But how do popular MDM solutions facilitate the enormous potential of looking outside the implementing organization when it comes to achieving high value master data? Very poor, in general, I’m afraid. From my experience MDM vendors stops at the point of creating more or less readymade interfaces to popular data pools and for product data some kind of supplier portals. While the professional MDM vendor have viable methodologies for internal MDM processes there is an open door to the blue sky when it comes to external collaboration.