Some criteria for selecting your MDM provider
Posted: Tue Jan 21, 2025 10:13 am
Data is only useful and powerful with an MDM tool if it fits what the customer needs. Here are some criteria to consider when selecting your right MDM provider.
With the huge amounts of data that social media provides to many organizations, Business Intelligence (also known as BI) tools are finally being seen as a driver that can help companies grow. Many companies are meeting with different MDM tool providers to service their information needs. But data is only useful and powerful with an MDM tool if it fits what the customer needs.
Let’s take a quick look at what you should consider when selecting an MDM tool vendor.
1. Sort your priorities
The most important consideration when choosing an rich people database tool vendor is the existing setup of your organization’s systems. Are there different systems that need to be integrated with the MDM tool? What factors impact the business the most? These issues must be addressed by the selected MDM tools and they must be compatible with the existing setup if they are to do their job well.
2. Do you need multi-domain MDM tools?
The next thing you need to find out is whether you need multi-domain MDM tools. Ask about what will provide you with a multi-domain experience. If you don't, there are special products for product master data and customer master data. Review which areas of your business will need MDM tools so you can better inform your vendor selection. The project will depend on which business flow you want to focus the tool on. You may also need multiple interfaces so your vendor's MDM tool should be able to provide this as well.
Master Data Management: Creating a Master Data Strategy to Drive Business Outcomes
3. Company size
The priorities of small, medium and large companies are different. For a large company, obtaining business data in a controlled manner is more important than the cost of MDM tools. Multinational companies will look for vendors with a better reputation in the market. In large organizations, mergers and acquisitions create new data challenges and MDM becomes critical in these cases. The vendor's track record and experience with these issues should be considered by large companies. However, for small and medium-sized companies there are other factors that come into play. They may not have distributed systems and therefore the need for control over data lifecycles will be greater. Selecting an MDM tool vendor depends on their ability and willingness to tailor their MDM tools to your needs.
With the huge amounts of data that social media provides to many organizations, Business Intelligence (also known as BI) tools are finally being seen as a driver that can help companies grow. Many companies are meeting with different MDM tool providers to service their information needs. But data is only useful and powerful with an MDM tool if it fits what the customer needs.
Let’s take a quick look at what you should consider when selecting an MDM tool vendor.
1. Sort your priorities
The most important consideration when choosing an rich people database tool vendor is the existing setup of your organization’s systems. Are there different systems that need to be integrated with the MDM tool? What factors impact the business the most? These issues must be addressed by the selected MDM tools and they must be compatible with the existing setup if they are to do their job well.
2. Do you need multi-domain MDM tools?
The next thing you need to find out is whether you need multi-domain MDM tools. Ask about what will provide you with a multi-domain experience. If you don't, there are special products for product master data and customer master data. Review which areas of your business will need MDM tools so you can better inform your vendor selection. The project will depend on which business flow you want to focus the tool on. You may also need multiple interfaces so your vendor's MDM tool should be able to provide this as well.
Master Data Management: Creating a Master Data Strategy to Drive Business Outcomes
3. Company size
The priorities of small, medium and large companies are different. For a large company, obtaining business data in a controlled manner is more important than the cost of MDM tools. Multinational companies will look for vendors with a better reputation in the market. In large organizations, mergers and acquisitions create new data challenges and MDM becomes critical in these cases. The vendor's track record and experience with these issues should be considered by large companies. However, for small and medium-sized companies there are other factors that come into play. They may not have distributed systems and therefore the need for control over data lifecycles will be greater. Selecting an MDM tool vendor depends on their ability and willingness to tailor their MDM tools to your needs.