Multidomain MDM is an essential tool for companies today. In today’s digital world organizations are facing unprecedented challenges to manage the massive volumes of data generated and scattered all over their systems,
Here is where multidomain master data management comes in. A unified, integrated solution that enables businesses to manage and connect data from multiple systems within a single multidomain MDM (master data management).
In this article, we are going to discover its five top benefits for enterprises looking to improve their bottom line, increase efficiency and agility, and enhance data analytics.
Multidomain MDM: Table of Contents
What is Multidomain MDM?
A multidomain MDM is a centralized, integrated and streamlined solution for managing an organization’s master data from multiple specific domains through a single application and with unique governance.
Multidomain Master Data Management is a software solution that enables organizations to centralize, streamline, and manage data across multiple domains efficiently.
Examples of domains include:
- Product,
- Customer,
- Supplier,
- Location,
- Contacts, and
- Employees and financial data.
The Advantages of Multidomain MDM
Multidomain MDM solutions offer businesses several key benefits compared to single domain MDM.
1. Centralized, Holistic View of Data
One of the primary advantages of multidomain MDM is the ability to create a single, unified view of all master data across all domains.
This comprehensive view allows for better decision-making, improved data quality, and greater operational efficiency. Furthermore, a centralized data view:
- Provides a single source of truth in one place in the MDM.
- Guarantees a common user experience across one platform.
- Reduces duplication and redundancies.
- Offers a comprehensive understanding of data and relationships across domains.
- Broadens the range of alternate suppliers by connecting them to products.
- Enhances customer experience by enabling businesses to connect products with customers, allowing them to offer a more personalized service.
- Streamlines and speeds up users access to data eliminating the burden of accessing multiple systems.
2. Increased Data Quality
Connecting multiple data domains inaccurate decision-making and data quality issues are a thing of the past as it:
- Ensures consistency across domains and eliminates duplicates and errors.
- Provides a single, accurate view of data that leads to accurate reporting and improved decision making.
3. Enhanced Operational Efficiency and Cross Functional Collaboration
On average, businesses use 93 applications to get their work done. This leads to data silos and increases the risk of mistakes. By securely sharing information from different data sources on a single platform you will:
- Keep data storage redundancy to the minimum.
- Foster cross functional collaboration.
- Manage relationships between different data domains
4. Superior Data Governance and Compliance
Multidomain solutions (MDM) provide unified data governance and data stewardship processes across all domains. This helps:
- Reaching compliance with regulations across the organization through effective workflows.
- Achieving a more efficient cross-domain and data relationship governance.
- Increasing supply chain transparency and enabling environmental impact tracking by connecting key master data for reporting.
5. Higher Scalability and Flexibility
Multidomain MDM’s flexibility enables organizations to easily adapt to changes driven by business needs and growth (e.g., mergers and acquisitions). For instance, this type of systems integration:
- Facilitates the addition of new domains without disrupting the overall data management ecosystem.
- Expedites the processes of entering new markets, launching new products, or acquiring new business units.
Multidomain MDM Implementation Benefits: 2 Real-Life Examples
To further understand the benefits of multidomain MDM, let’s have a look at two real-world examples where this type of system was implemented and what problems it contributed to solve.
Multidomain Implementation In The Food And Beverages Industry: Vita Coco
Infoverity helped, Vita Coco, a leading producer and distributor of beverages to improve operational efficiency through its multidomain MDM implementation. By standardizing customer, product and pricing onboarding across multiple business segments, previously managed through different applications and forms, they combined into a single system. They enforced data quality standards with reference lists and a consistent and scalable process that will grow with them as they continue to expand into new markets.
Multidomain Implementation In A Manufacturing Company
Infoverity helped a leading water solutions company by optimizing customer, vendor and material onboarding when they implemented an multidomain MDM. Not only did they combine disaggregated data points and interactions into a singular, 360-view of customer, vendor and material but they established reliable relationships to enable cross sell and upsell opportunities.
Achieve Quick Access to Centralized, Clean and High-Quality Data With Infoverity
Connecting multiple data domains helps organizations struggling with an exponential growth of data to thrive and maintain effective bottom lines. It empowers them to gain a deeper understanding of their relationships and dependencies within different data domains. Overcome the challenges of implementing a multidomain MDM solution with Infoverty’s expertise and powerful data integration options.
Get in touch today to start making multidomain data analytics work for you.
