Master data management may be a growing industry, but there’s still hundreds of different solutions available on the market today. How can you compare different master data management solutions and know which one is best for you? Our guide is going to show you some of the factors you can use to compare master data management technology. If you’re going to check out a business post, make it this one.
1. Linking the Right Records Together
The primary objective of any master data management solution is how you can find different records. The main factor you should take into account is whether a product supports what’s known as probabilistic matching. Probabilistic matching means that you can also pull up records that are similar but not the same. Precision and accuracy is important, but if you don’t know the precise value you should still be able to get the records you need.
2. Is Your MDM Solution Virtual?
The idea of a golden record for each product or customer was the heart of early products in this industry. The physical repository was considered the gold standard of master data management.
There’s a big alternative to the physical and that is the virtual. A virtual repository can point to an original golden record in any source data set. A virtual approach means that you don’t need to create just a single master record any longer. It gives you more agility and expands the number of consumer applications.
3. Creating the Data Model You Want
Standardized data models from the early designs of master data management solutions continue to be valid for processes like profiling customers.
However, not all organizations can function using this standardized data model. Newer solutions offer the chance to use processes to determine data models. In short, it means a solution may be able to offer you a customized data model defined by the way your organization works.
It goes without saying that synchronization within the master view is important within master data management best practices. Changes made elsewhere should be reflected across all data sources to prevent confusion and mistakes.
Your master data management solution should have a focus on synchronization. Newer solutions come with more synchronization points and different environments to provide you with more control.
5. Are You on the Cloud?
Master data can now be managed in a cloud environment. You need to decide if you require the support of the cloud. It all depends on how your organization handles things. It may not be necessary, but cloud support is definitely an issue you should consider.
Last Word – Do You Have What You Need?
Never compromise when it comes to your master data management solution. Trying to manage with a solution that’s inappropriate for your organization means that you’ll find yourself spending more time managing and adjusting to suit the solution. Make sure you take the time to compare different solutions before you settle on anything.
Do you have the right master data management solution for you yet?
Author Bio: Douglas Pitassi is a small business blogger and freelance writer.