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. Nonetheless, this will not be the case when you are utilizing 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. When you get multi-domain MDM solutions, it will be cost-effective for the company. This process will not just take care of the traditional domains which are product data and customer data but even in supply, employees, location, and assets. Even the small firms will need multiple domains to run everything smoothly because a single one will not be able to accommodate everything. Business that insist on having single domains will find it necessary to master each one of them. Of course, each one of these will have its own challenges. You will have to use a lot of money in addressing this as compared to the multi-domain MDM solutions.
When you adopt multi-domain MDM solutions, the data from all departments will be found in one place. This will make things very easy when it comes to governance, data enrichment, and even quality. Even without the cost, the multi-domain MDM solutions are the most logical way to handle this. You also have to take note of the existence of a single Master Data repository in this process. Therefore, the users do not have a lot of freedom in storing or updating data as compared to using single domain solutions. 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. Also, there will be an increase in the level of the trust of the held data. Therefore, the multi-domain MDM solutions will bring about better collaborations among the departments. The overall effect will be better efficiency. There is the question of how big the data you are holding in the company. 80 percent of it is likely to be unstructured. The unstructured data is in form of social data or textual information. The company gets to a point where it depends on it heavily. It brings tactical as well as strategic gain. If you want to integrate Big data with the structural or proprietorial data, you have to use multi-domain MDM solutions.