What is Master Data Management (MDM)?
Master data allows organizations to make informed, data-driven decisions, making it essential to any modern business. In many companies, master data serves as a single source of truth (SSOT), making it so businesses can optimize their operations, increasing productivity and revenue.
Master data can be any data that deals with business operations, including customer, product, geographical, employee, and asset data. It can come in many forms: unstructured data (emails, word documents, PDFs), transactional data (service tickets, sales, invoices), metadata (XML or log files), hierarchical data (product workflows, organizational charts), and reference data (currencies, time zones).
Master data management (MDM) is the process of defining, managing, and making use of an organization’s master data so it is visible and accessible via a single reference point. Master data management pulls data from various systems across an organization, this makes it so you can see data from many, separate systems via a single interface. MDM tools give business leaders a full, 360 degree view of their information, which they can use to drive the organization forward.
Master data management and integration
Integration is one of the biggest challenges of implementing a master data management solution. However, MDM can not function properly without integration.
Organizations on average have 900 enterprise applications, such as ERP, CRM, service solutions, POS, and much more, play a role in keeping the business running smoothly. Many of these systems overlap and require constant maintenance. When companies use a point-to-point method, integration can create significant backlog for IT.
API-led connectivity allows businesses to get the most out of their MDM tools and their data. Rather than implementing in a point-to-point fashion, API-led connectivity enables businesses to reuse the same APIs for multiple systems. This approach saves both time and money compared to a point-to-point integration, and that all the necessary data can be easily accessible in the MDM tool.
MuleSoft has partnered with Stibo Systems Master Data Management platform to bridge online and offline channels, resulting in valuable customer insights, simplified operations, and improved customer experiences.
For more information on how MuleSoft's Anypoint Platform and Stibo Systems Master Data Management are being used together, watch our webinar that focuses on an eCommerce example.