Learning and applying Master Data Management trends early on will help you rise above your competition, reduce costs from data quality issues, and get insights faster. Get clued up with the hottest MDM market trends here.
Business trust in Master Data Management (MDM) and data quality has long been a key issue since 2002, according to the first BI survey. But cross-organizational collaboration and better automation in MDM and data quality tools promise to boost companies beyond 2023.
If you’re still learning about Master Data Management, then you’re going to want to read our MDM guide here.
Get energized about MDM industry trends in 2023 and beyond and read further; we’re going to cover the following trends.
- Higher Adoption of MDM To Integrate More Systems.
- A Top Focus on Master Data Quality
- Increased Compliance Driving MDM
- Rethink of Master Data Governance
- Increased Automation
- More MDM in the Cloud
- AI/Machine Learning Synergy with MDM
- Cautious Multi-Domain MDM Adoption
- Business Intelligence Drive for MDM
NINE MDM INDUSTRY TRENDS IN 2023
1. Higher Adoption of MDM To Integrate More Systems
Businesses will continue to experience increased pressure to integrate more systems, whether from mergers and acquisitions upgrading to newer technologies or enriching master data. Since MDM has a superpower in connecting and standardizing different data sources, it will become a desirable solution to those struggling with combining data across the enterprise.
Those businesses who already have an excellent MDM system will look towards “new strategies and tools towards better master data quality from more data systems.”
2. A Top Focus on Master Data Quality
Responses from 2,259 Business Intelligence professionals place master data and data quality management at topmost importance for 2023.
This desire will lead companies to value and cobble combinations of people, processes, and technologies that turn out accurate and consistent master data.
3. Increased Compliance Driving MDM Adoption
Compliance will play a huge role in encouraging a broad range of industries to adopt MDM. Enforcement of existing data privacy laws, like Europe’s General Data Protection Regulation (GDPR), will only increase, especially around user consent.
The US Congress and several US states, if the US Senate fails to do so, plan on passing laws on the table strengthening consumer access and modification of their data. This momentum on data legislation and oversight will lead to increased fines for violations and interest in MDM to satisfy or reduce compliance risk.
4. Rethink of Master Data Governance
To ensure master data quality meets business intelligence (BI) needs, those with the resources to do so: (growing mid-sized, large, and financial companies) will rethink and improve their data governance. Midsized and smaller companies will weigh data governance as costly and delay implementing data governance for other business priorities.
As a result, of both trends, master data governance will change when business tolerance of poor data quality becomes unbearable. Then, organizations will reinvigorate a formal data governance framework, including data quality roles, processes, and automated data quality solutions.
5. Increased Automation
Throughout 2023 and beyond, MDM automated tools will become better at profiling, linking, cleaning, and discovering master data entities (like customers and products). The time companies take to make changes to data quality to integrate different data sources will decrease.
Increased automation will augment data quality tasks by reducing conflicting data values, merging duplicate information, and matching data values to the correct entity. Reliance on IT to do mundane tasks, cleaning, and getting master data quality, will significantly decrease.
Related: WINPURE MASTER DATA MANAGEMENT (MDM)
6. More MDM Services in the Cloud
According to Gartner, by 2023, 75% of all databases will use a cloud platform. With enterprise sectors, vendors and customers spread in different locations and communicate remotely, adopting MDM tools on the cloud for speed and flexibility.
Companies will tailor their MDM services on the cloud, with those onsite causing greater attention paid to master data integration and data quality to and from cloud sources.
7. A.I./Machine Learning Synergy With MDM
Artificial Intelligence (AI), machine learning, and MDM will work together to automate a greater variety of simple tasks and augment complex ones. A good MDM provides training sets with the data quality necessary to teach programs different tasks and insights on improving machine learning processes.
Also, AI and machine learning will become increasingly involved in automating MDM maintenance and discovering new patterns and analyses from the master data.
8. Cautious Multi-Domain MDM Adoption
MDM Multi-Domain focus describes a view that connects multiple entities to a particular reference point. This has gained companies’ attention to better comply with regulations and streamline processes across suppliers, products, and customers.
Multi-domain MDM adds a higher level of complexity and potential data quality issues, explaining why this kind of solution has led to disillusionment in 2020. So, organizations will be cautious about adopting it based on data quality concerns and data cleansing needs.
9. Business Intelligence Drive for MDM
Business intelligence (BI) professionals continue to value good data that comes from a data-driven culture, a collaborative and company-wide approach to using data to drive decisions and insights. For this reason, BI embraces an MDM to get an eagle’s eye view of the business and make data needed for work tasks accessible to all employees.
This trend, first noted by the BARC Data, BI, and Analytics Trend Monitor in 2019, will continue to accelerate in 2023 and beyond. But companies will want to be assured a sound data quality foundation first before implementing a new MDM.
The extent that companies will follow the future trends above depends on data quality.
As data quality drive companies to consider and implement a MDM in 2023, organizations will want to ready their data quality for a MDM system.
To stay on top of these trends, you may wish to consider a cost-effective, speedy solution making routine data quality tasks easier to do. Learn more about WinPure’s MDM.