Master Data Management

The significance of multi-domain master data management for businesses

Modern business is driven by data. A recent study has revealed that an enterprise’s ability to leverage data drives its digital success. Moreover, optimised data leaders are three times more likely to be digital leaders. As a business grows, so does the data it generates about products, services, customers, and suppliers. These get stored in disparate silos making access and analysis cumbersome. Herein lies the data fragmentation problem that diverts leadership from innovation and realising business value out of it. The solution is multi-domain master data management (MDM).

What is multi-domain MDM?

Multi-domain MDM provides a single set of technologies to manage, govern, and share master data across domains to extract the most value out of it. MDM helps organise the core data of your business to make it consistent and accurate for carrying out operational processes. Additionally, it helps in precise and detailed data analytics and reporting. However, as data sources increase, domain-specific systems lead to complexity, inaccessibility, and segregation. These create barriers to successfully implementing personalised client experiences, managing global supply chains, and innovating with data. A multi-domain MDM addresses this problem by integrating all domains into a single platform.

How can multi-domain MDM bring value to your business?

Businesses that use multi-domain MDM can easily connect, analyse, and manage the relationships between domains, such as location, customer, product, or supplier, as well as IoT or AI assets.

  • Address diverse business needs:

    A multi-domain MDM helps transform fragmented data into strategic information that provides a holistic view of the business by connecting data across domains. Moreover, by grasping interconnectivity through efficient data analysis, businesses can reduce cycle time, control costs, and improve forecasting and planning. These directly result in improved measurable revenue for your business.
  • Support data analytics and automation:

    Any AI-based analytics is as good as the data fed to it. A comprehensive, single data repository is best suited for running modern analytics for deeper business insights across various domains simultaneously. Moreover, multi-domain MDM can deploy automation more efficiently, extract accurate information, and avoid repetition and errors by reducing manual tasks.
  • Reduce total cost of ownership (TCO):

    By breaking data silos and providing a 360-degree view of various entities — such as products, services, processes, and suppliers using a single set of technologies — multi-domain MDM saves businesses time, money, and effort spent in employing separate master data systems for various domains.
  • Manage risk and compliance:

    Having a trusted, single perspective across various businesses and domains helps faster integrations, increases compliance, and minimises risk for large firms with many subsidiaries or those undergoing mergers.
  • Increase agility and adaptability:

    The inherent ability of cross-domain compatibility of multi-domain MDM brings increased agility to the enterprise and enhances the speed of deployment of various solutions across business processes. Moreover, it encourages data democratisation in a trusted manner so that teams across domains can use insights from master data to meet their goals.

Choosing a multi-domain MDM solution

The global MDM industry is steadily rising and is expected to reach $34.5 billion by 2027. With increasing competition, choosing the right multi-domain MDM solution to suit your business needs becomes crucial. Some key functionalities in MDM solutions can streamline business systems and add value to the exercise of deploying them.

  • A multi-domain MDM solution should be easily configurable and adaptable to the needs of the business rather than having the operations adapt to the model framework.
  • It should have simple user interfaces that encourage engagement with users at different levels of technical knowledge.
  • An efficient MDM should have a complete set of capabilities to establish a comprehensive data management practice.
  • Businesses must have the choice of the deployment, whether on-premise, cloud, or hybrid environments.
  • An ideal multi-domain MDM must support scalability and agility to develop and carry out iterations as business needs change.

For organisations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organisations that are innovating collaboratively for the future.

How can Infosys BPM help?

Infosys BPM Master Data Management (MDM) services and solutions offers a complete MDM solution, including Advisory, Data Quality Management, Digital Transformation, and ongoing MDM operation support. With the help of our digital technology partners, we ensure that our MDM program provides the most value to our clients by increasing the efficiency and effectiveness of your data and business processes.

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