Master Data Management has been headed by the Gartner brand for the last decade, with MDM providers expanding the market rapidly since 2010. The expansion of the Gartner Master Data Management sector included the market value reaching $1.9 billion by 2012, growing to $7 billion in 2021, according to Tech Funnel. The expansion of the market comes with an understanding of how master Data Management benefits companies. Gartner MDM provides a view of the data held by a company about products and customers, with a concise dashboard allowing access to important data.
A 360-Degree View of Data
The growth of the MDM market has been fast as more companies look to examine their big data. The information held by a company is as important as the products and services they offer to customers. Gartner Master Data Management techniques provide access to the most important data through self-service analytics that provides insights into the growth of a brand. The ability to produce reports and analytics based on the products on offer makes MDM important to the planning process. IBM reports the MDM sector affects the data governance policies of a business and the approach to product development.
Improving the Quality of Data
Before the arrival of MDM software, a company had to look through several apps and programs to find information. The use of master data management consolidates the process of assembling the information in a single location. Allowing access to the information needed by a company from a dashboard reduces the time spent seeking out data from isolated apps and spreadsheets held by different departments. Understanding the information needed to make better business decisions is available from a single dashboard saves money, time, and effort.
Data Duplication Issues
The vast amount of information held by each company has changed the way data is stored. Real-time analytics are only as impressive as the quality of the data held by a brand. One of the most common [problems in Master Data Management is avoiding duplication. Duplicate information is easy to produce when multiple departments work with a client. These departments traditionally hold their own database of information, meaning a communication breakdown can lead to duplicated entries. When different departments do not communicate, they will see incorrect data. Duplicate entries in a database lead to inaccurate reports being produced, which trickles down to other areas of the business. Directing a product to a specific group of clients will include multiple emails and phone calls to a single customer because of master data issues.
Making Edits Easy
Master data management is a process where the information stored by a brand is cleaned and made available. The process can take several forms, with one of the most important being the development of different ways of making edits. A company choosing to become involved in master data management, such as Profisee, will look to streamline the process of making edits. Editing data has been a problem area for companies looking to produce accurate reports. The use of isolated apps and spreadsheets has limited access to data across a brand. The MDM process has made it easier for every company to feel confident in the quality of the data they hold and use for future planning.
The impact of MDM software is felt across several industries, with large and small businesses seeing its benefits. Streamlining data collection, storage, and use has changed the way brands approach the use of big data. Knowing the information being used to produce reports is correct and up-to-date allows executives, entrepreneurs, and managers to feel confident in their decision-making. The amount of time spent searching for the required information is lower than in the past, with less money spent searching through apps and spreadsheets. Gartner MDM processes are making the business sector easier to navigate by limiting mistakes and improving the quality of data available.
Entering the Magic Quadrant
Gartner master data management has made a big difference to the way businesses go about their work. There is a trend for companies to streamline their MDM processes using the software produced by brands in Gartner’s Magic Quadrant. This annual report placed Profisee in the area of challengers because of the high quality of the work produced by the MDM brand.
There are four areas of Gartner’s Magic Quadrant, which are challengers, niche, visionaries, and leaders. The Profisee brand is the highest-ranked challenger to be added to the Challenger sector for 2021. The management team at Profisee views this as a sign of the success the brand has seen in recent years. The brand has grown in the last year, with the launch of two products giving it an edge in the multi-domain sector. Continued success is the aim of the Profisee brand as it pushes to continue to grow for the future.