Master data management (MDM) is a technology –enabled discipline in which business and IT work together to ensure the uniformity, stewardship, semantic consistency, accuracy, and accountability of an enterprise’s official shared master data assets. Master data refers to the consistent and uniform set of identifiers and extended attributes that describe the core entities of the enterprise that includes customers, citizens, prospects, suppliers, sites, chart of accounts, and hierarchies.
All in all Gartner master data management transform your business and help in its growth. Gartner Master data Management is a very specific innovation that came a few years ago but took the complete business world by storm. It proved to be overly effective and efficient. It laid the foundation for businesses having the requirement of externalizing the data from the business applications if there is desire to utilize them effectively.
Therefore, a third party came in to the existence for managing the data. The inclusion of third party helps the business to gain additional insights that provides added advantage for innovations evolve and diffuse an industry and how productivity could have been increased. The complete movement is for a one-time productivity inducing innovation to become massively applicable and usable by the industries to gain an added upper hand for their growth.
Profisee a leading data management software company has announced that Gartner has positioned Profisee as a challenge for the second time in its Magic Quadrant for Master Data Management Solutions. Gartner is a registered trademark of Gartner, Inc and its affiliates in the US and internationally.
The MDM market is showing significant move from the aspect of cost and complexity to license flexibility and implement agility. Data and analytics leaders can use the Magic Quadrant to help navigate through a wide spread choice of MDM solutions.
Benefits of Master Data Management:
MDM has come a long way since it was introduced a decade ago. MDM is a revolutionary method that has enabled the companies to organize, categorize, and localize their master data as per the business rules but also concentrate on the marketing and operational strategies for the fixed needs of the business that can be customized. The MDM has become very popular with the IT companies and corporate business alike.
In the business industry, master data management is a cutting edge method that is used for defining and managing the critical data in an organization to provide an integrated data in a single point of reference, this helps to keep all the information sorted and make them readily available for making any business decision and help in the growth of business. Accuracy in the management decision making is possible throughout the organization with the help of common understanding. If the execution of the MDM is done correctly can improve the quality of data. It also facilitates the multiple system architectures platform and applications. Therefore Profisee has introduced a breakthrough for the businesses.