Master Data Management (MDM) is a bit more than 10 years old as told in the post from last year called Happy 10 Years Birthday MDM Solutions. MDM has developed from the two disciplines called Customer Data Integration (CDI) and Product Information Management (PIM). For example, the MDM Institute was originally called the The Customer Data Integration Institute and still have this website:http://www.tcdii.com/.
Today Multi-Domain MDM is about managing customer, or rather party, master data together with product master data and other master data domains as visualized in the post A Master Data Mind Map.
You may argue that PIM (Product Information Management) is not the same as Product MDM. This question was examined in the post PIM, Product MDM and Multi-Domain MDM. In my eyes the benefits of keeping PIM as part of Multi-Domain MDM are bigger than the benefits of separating PIM and MDM. It is about expanding MDM across the sell-side and the buy-side of the business eventually by enabling wide use of customer self-service and supplier self-service.
The external self-service theme will in my eyes be at the centre of where MDM is going in the future. In going down that path there will be consequences for how we see data governance as discussed in the post Data Governance in the Self-Service Age. Another aspect of how MDM is going to be seen from the outside and in is the increased use of third party reference data and the link between big data and MDM as touched in the post Adding 180 Degrees to MDM.
Besides Multi-Domain MDM and the links between MDM and big data a much mentioned future trend in MDM is doing MDM in the cloud. The latter is in my eyes a natural consequence of the external self-service themes and increased use of third party reference data.
If you happen to be around Copenhagen in the late January I can offer you the full story at a late afternoon event taking place in the trendy meatpacking district and arranged by the local IT frontrunner company ChangeGroup. The event is called Master Data Management: Before, now and in the future.