Since the emerge of Master Data Management (MDM) back in 00’s this discipline has taken on more and more parts of the also evolving data management space.
It started with Customer Data Integration (CDI) being addressing the common problem among many enterprises of having multiple data stores for customer master data leading to providing an inconsistent face to the customer and lack of oversight of customer interactions and insights.
In parallel a similar topic for product master data was addressed by Product Information Management (PIM). Along with the pains of having multiple data stores for product data the rise of ecommerce lead to a demand for handling much more detailed product data in structural way than before.
While PIM still exist as an adjacent discipline to MDM, CDI mutated into customer MDM covering more aspects than the pure integration and consolidation of customer master data as for example data enrichment, data stewardship and workflows. PIM has thrived either within, besides – or without – product MDM while supplier MDM also emerged as the third main master data domain.
Today many organizations – and the solution providers – either grow their MDM capabilities into a multidomain MDM concept or start the MDM journey with a multidomain MDM approach. Multidomain Master Data Management is usually perceived as the union of Customer MDM, Supplier MDM and Product MDM. It is. And it is much more than that as explained in the post What is Multidomain MDM?
As part of a cross-domain thinking some organizations – and solution providers – are already preparing for the inevitable business partner domain as pondered in the post The Intersection of Supplier MDM and Customer MDM.
The PIM discipline has got a subdiscipline called Product Data Syndication (PDS). While PIM basically is about how to collect, enrich, store, and publish product information within a given organization, PDS is about how to share product information between manufacturers, merchants, and marketplaces.
Interenterprise MDM will be the inflated next stage of the business partner MDM and Product Data Syndication (PDS) theme. This is about how organizations can collaborate by sharing master data with business partners in order to optimize own master data and create new data driven revenue models together with business partners.
It is in my eyes one of the most promising trends in the MDM world. However, it is not going to happen tomorrow. The quest of breaking down internal data and knowledge silos within organizations around is still not completed in most enterprises. Nevertheless, there is a huge business opportunity to pursue for the enterprises who will be in the first wave of interenterprise data sharing through interenterprise MDM.
Extended MDM is the inflated next scope of taking other data domains than customer, supplier, and product under the MDM umbrella.
Reference Data Management (RDM) is increasingly covered by or adjacent to MDM solutions.
Also, we will see handling of locations, assets, business essential objects and other digital twins being much more intensive within the MDM discipline. Which entities that will be is industry specific. Examples from retail are warehouses, stores, and the equipment within those. Examples from pharma are own and affiliated plants, hospitals and other served medical facilities. Examples from manufacturing are plants, warehouses as well as the products, equipment and facilities where their produced products are used within.
The handling of all these kind of master data on the radar of a given organization will require interenterprise MDM collaboration with the involved business partners.
Organizations who succeed in extending the coverage of MDM approaches will be on the forefront in digital transformation.
Augmented MDM is the inflated next level of capabilities utilized in MDM as touched in the post The Gartner MDM MQ of December 2021 and Augmented MDM. It is a compilation of utilizing several trending technologies as Machine Learning (ML), Artificial Intelligence (AI), graph approaches as knowledge graph with the aim of automating MDM related processes.
Metadata management will play a wider and more essential role here not at least when augmented MDM and extended MDM is combined.
Mastering this will play a crucial role in the future ability to launch competitive new digital services.