Fortune 1000 companies need at least 2 Master Data Management (MDM) solutions of offer enterprise-wide support. If you opt for single-domain MDM platforms, you will end up spending a lot of money. However, the cost can go down if you purchase and implement multi-domain MDM solutions. The other things you will see a positive change in when it comes to multi-domain MDM solutions include governance, data enrichment, data integration and even data quality. It is crucial for your company to adopt multi-domain MDM solutions in order to lower operation costs. This process will not just take care of the traditional domains which are product data and customer data but even in supply, employees, location, and assets. Even the small firms will need multiple domains to run everything smoothly because a single one will not be able to accommodate everything. If you go ahead to have single domains, mastery of each one is essential for proper management. With all of them being different, so will be the challenges which is why you ought to think about that. You will have to use a lot of money in addressing this as compared to the multi-domain MDM solutions.
When you adopt multi-domain MDM solutions, the data from all departments will be found in one place. This will make things very easy when it comes to governance, data enrichment, and even quality. Therefore, this is the most logical solution and not just about the cost. In addition, the multi-domain MDM solutions needs a single Master Data Repository. Therefore, the users are not free to post data updates or make changes whichever way they feel like. This means multiples rules and definitions will not come into play. This is how you get better synchronicity and also consistency. There will be no denying the fact that the data governance in the company will be better.
Data governance will be better by making the data processes, rules and policies standard. Also, there will be an increase in the level of the trust of the held data. Therefore, the multi-domain MDM solutions will bring about better collaborations among the departments. You will enjoy the efficiency this brings in your firm. You cannot ignore the amount of data you are holding at any particular time. 80 percent of it is likely to be unstructured. It is unstructured if it is in a textual form or just social data. The company gets to a point where it depends on it heavily. This will give them a tactical gain or even strategic gain. If you want to integrate Big data with the structural or proprietorial data, you have to use multi-domain MDM solutions.