With the rise of the Internet of Things (IoT) you may regard the Master Data Management (MDM) discipline as yet a bit more complicated.
The most addressed part of MDM has traditionally been achieving a 360 degree view of customers.
Also, a 360 degree view of products within your organization has been a good old chestnut to deal with. The way we have managed products has mostly been by looking at product models, meaning things made up by the same ingredients in the same way under the same brand.
When entering the IoT era MDM now needs to take care of each physical instance of a product model: Each smartphone, each intelligent refrigerator, each big data producing drilling machine.
The theme of connecting Customer 360, Customer Experience (CX) and IoT was examined by Prash Chandramohan of Informatica in his recent post called MDM is the Foundation for Intelligent Engagement.
In here Prash states: “The IoT plays an ever-increasing role in CX across a variety of industries, and MDM delivers the context it requires to deliver value.”
I agree with that – with an important amendment: In order not to over complicate every-thing, you have to implement a MDM landscape, where you are able to collaborate closely with your business partners as exemplified in the concept of Master Data Share.