Better processes with high quality master data
Where is the field of master data management currently headed? How can companies find the right products to meet their needs? In a recent market study, Fraunhofer IAO compared the master data management systems of 14 providers, with a primary focus placed on the features of the various systems.
In the digital age, data is becoming available in ever greater volumes, and the complexity of this data is increasing as well. At the same time, the number of processes supported by IT systems within companies and other organizations is also on the rise. For this reason, it is becoming increasingly important for enterprises to systematically manage their master data. For several years now, established methods and tools for master data management and data quality management have been available on the market for this purpose, thus allowing small and medium-size companies with limited resources to successfully roll out their own implementations.
Viewing master data within the context of business processes
In order for companies to create practical, cost-effective implementations, they must not only choose the right IT solutions but also look at the master data within the context of business processes. This includes processes such as those where master data are used in the rendering of services. It is also important for companies to pay attention to processes that either create new master data or affect existing master data.
New study on master data management provides an overview of the market
In the recent study entitled "Multidomain Master Data Management Systems 2015," Fraunhofer IAO focuses chiefly on the features of modern master data management systems, classifying these with respect to IT developments and application options. The study is intended as a response to the growing market for, and increasing interest in, master data solutions. It features a market overview of current multidomain master data systems, with a user-friendly presentation of current systems and their features that makes it easier for potential users to compare available products. In addition to the market overview, the study also covers potential trends in the sector over the next several years with its survey of master data management system developers.