McKinsey Digital recently published an article with the title How do companies create value from digital ecosystems?
In here it is said that: “The integrated network economy could represent a global revenue pool of $60 trillion in 2025 with a potential increase in total economy share from about 1 to 2 percent today to approximately 30 percent by 2025”.
This dramatic shift will in my eyes mean a change of direction in the way we see Master Data Management (MDM) as well as Product Information Management (PIM) and Data Quality Management (DQM) solutions.
360 is a magic number in the master data and data quality world. It is about having a 360-degree view of customers, suppliers, and products. This is an inside-out view. The enterprise is looking at a world revolving around the enterprise just as back then when we thought the universe revolved around the planet Earth.
By 2025 forward looking enterprises must have changed that view and directed master data, product information and data quality management into a state fit for the network economy by having a business ecosystem wide MDM (PIM and DQM) solution landscape.
Gartner, the analyst firm, coins this Multienterprise MDM.