Fortune 1000 companies need at least 2 Master Data Management (MDM) solutions of offer enterprise-wide support. Use of single-domain MDM platforms will be too costly for the company. You can cut the expenses by adopting 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. If you want to bring down the expenses for the company, you want to incorporate multi-domain MDM solutions. This is a solution that will not just assist in product and customer data but also in employees, assets, location, and supply. Even with a company that has not grown that much, it will be difficult for you to fit everything you need in one domain. 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. This will cost you twice what it will take to manage the multi-domain MDM solutions.
Another major benefit of multi-domain MDM solutions is that fact that company data is found in one place. You will find it easy to complete data enrichment, quality, and governance. Therefore, this is the most logical solution and not just about the cost. You also have to take note of the existence of a single Master Data repository in this process. Therefore, the users are not free to post data updates or make changes whichever way they feel like. This limits the chance of creation of multiple rules or even definitions. Actually, you will experience better synchronicity and even consistency. You will enjoy more effective data governance in the end.
Data governance will be better by making the data processes, rules and policies standard. This has a positive impact on the level of trust in the data. Thus, the multi-domain MDM solutions will have a positive influence in collaborations among the departments. Ultimately, the efficiency in your firm will become better. Additionally, you have to think about the quantity of data you have. 80 percent of it is likely to be unstructured. The unstructured data is in form of social data or textual information. Many companies depend on this Big Data. It brings tactical as well as strategic gain. You will have a better outcome using Big data with proprietorial as well as structured data if you utilize multi-domain MDM solutions.