Master data management (MDM) tools track the most essential company-wide data points, also known as master data, and provide insights related to company operations, clients, and goals. MDM platforms draw information from multiple domains and departments and single out the core data that administrators have determined is most relevant to the organization. Users can then implement that data as they see fit, keep records of data history, and make projections based on findings. Operations teams can utilize these tools, in conjunction with IT teams, to identify the essential metrics across the entire business and pinpoint areas of concern, gauge the success of individual departments, increase productivity, and maximize ROI.
To qualify for inclusion in the MDM category, a product must:
Track data from multiples sources related to an organization, specifically department performance metrics
Consolidate, organize, and store master data, filtering for duplicate information and inconsistencies and presenting findings in a clean format
Provide administrators with tools and/or initiatives related to master data
Export MDM data as necessary to other software tools