Business processes have transformed significantly in recent years and are now much faster and more streamlined. Data plays a crucial role in this. Master Data Management (MDM) stands for efficiency. It allows you to manage, organize, centralize, and synchronize all your business data. But did you know you can use that data even more efficiently? With Multi-Domain MDM, you apply master data to multiple domains – read: more types of master data – within your enterprise.
What is multi-domain MDM?
What is Multi-Domain MDM?
Companies consist of multiple domains. You have customers, but also suppliers, employees, sometimes various locations, all kinds of products… Each domain has different data. You can choose to work with separate master data for each domain, but efficiency increases even further when you link all these types of master data together. This is called Multi-Domain MDM.
What are benefits of Multi-Domain MDM?
In short, it means that you use your business data in an integrated and consistent manner across the various domains of your enterprise. This offers several advantages:
1. Consistent data across departments
Efficient data management starts with consistent data. You want to reach the point where there is only one single source of truth for business data. This means one set of data that is accurate and up-to-date. This eliminates the chance of someone making decisions based on incorrect information. Plus, duplicate data entry becomes a thing of the past.
It also simplifies business processes for your employees: because they can rely on the reliability of the data, your employees can work more efficiently on their core tasks. There is only one set of data. This also means better customer service. By working with accurate customer data, you can respond quickly in your communications.
In short: with Multi-Domain MDM, you let systems work together seamlessly. You streamline the process of data linking, making it easy to integrate data from various departments into one system. The result: fewer conflicts and optimized collaboration across departmental boundaries.
2. Optimized operational efficiency
By working with accurate data, you streamline your processes. This allows you to act more quickly. This means a faster go-to-market with new products. It is therefore a crucial way of working in sectors where innovation and rapid product launches are essential.
Another advantage of Multi-Domain MDM is cost savings. Not only because fewer mistakes are made, but also because less time is wasted on duplicate data entry.
An additional bonus is the flexibility and scalability of a well-designed MDM system. Increased efficiency provides a solid foundation for further growth of your enterprise. Plus, you can quickly respond to changing market conditions.
3. Compliance with (specific) regulations
Different departments within a company may be subject to various rules. There are jurisdictions, industry standards, contractual obligations regarding customer data privacy… Multi-Domain MDM simplifies compliance with laws and regulations. You set specific rules for managing, storing, and using data. This makes data more secure, minimizing data breaches.
4. Better decisions through better data management
Misinterpretations of data are a thing of the past with Multi-Domain MDM. It provides a standard for how data is applied across departmental boundaries. Terms, definitions, and units of measurement are given consistent meanings. This contributes to the accuracy and reliability of data.
Again, this saves time. Plus, relevant data is immediately available in a central location. This makes analysis easier, which in turn simplifies trend identification. This allows decision-makers to make decisions more easily.
How to facilitate Multi-Domain MDM?
There is no golden formula for how Multi-Domain MDM works: it depends on the type of organization you work in. Generally, the process looks as follows:
- Identify your domains: which domains of master data are relevant to your organization?
- Create data models: which relevant attributes and relationships of data do you define per domain?
- Standardization: how do you make your data uniform and consistent across domains?
- Collect data: how do you import and integrate data from different source systems and clean that data?
- Unique identification: how do you provide data with a unique identification number?
- Link data: how do you establish relationships between data across departmental boundaries in your MDM system?
- Data updates: what mechanism do you set up to keep your data automatically up-to-date?
- Data distribution: how do you ensure that all departments have access to consistent, up-to-date data?
By mapping out these questions, you have a solid foundation to develop your Multi-Domain MDM data.
What are the next steps
Efficiently managing master data requires some training and preparation. Especially if you want to apply Multi-Domain MDM. It strongly depends on the size of your enterprise and the complexity of the data you work with. Therefore, it is not a luxury to aim for a first-time-right approach with an external partner.
Our experts are happy to help you further. We offer advice and analysis. We analyze your data landscape and detect your needs. We also provide assistance in adapting your MDM system.
It doesn’t stop there: we support your employees by providing the necessary training. This ensures a clear understanding of the use and maintenance of your master data. Finally, we also offer support after the system implementation. This ranges from troubleshooting to detecting optimizations.