The question “Why is Your Digital Ecosystem the Place to Begin?” was asked by Frank Diana of Tata Consultancy Services in the article Why an ecosystem strategy is where digital transformations begin.
As said by Frank Diana: “Whatever can be digitized is being digitized, and that means it’s available to be shared with other, digitally-enabled companies.”
This is true for master data as well. The role of Master Data Management (MDM) in making digital transformation a success was examined in the Disruptive MDM solution list post Digital Transformation Success Rely on MDM / PIM Success.
The concepts mentioned were:
- Providing a 360-degree view of master data entities
- Enabling happy self-service scenarios
- Underpinning the best customer experience
- Encompassing Internet of Things (IoT)
Providing a 360-degree view of master data entities through Golden Records in Multidomain MDM will be much easier by sharing master data that is already digitalised as third-party reference data and/or at business partners.
Enabling happy self-service scenarios can be done much more effectively by opening up the master data onboarding to business partners and customers them selves and by letting product data flow easily between trading partners as pondered in the post Linked Product Data Quality.
Underpinning the best customer experience will require that you utilize data from and about the whole business ecosystem where your company is a participant.
Encompassing Internet of Things (IoT) means that you must share master within the business ecosystem as touched in the post IoT and MDM.