Looking at the volume of data that we are producing in front line operations, one thing has become abundantly clear: we don’t have enough people or time to manage it. Many moons ago we had master data teams keeping business data in sync, leading to an explosion in Business Process Outsourcing firms. Still the data sits in a number of disparate systems; this is something that we see over and again in our client base.
These data silos are a persistent drain on efficiency, making compliance reporting and daily operations a burden.
The only way to remove these silos is via a solid Master Data Management (MDM) solution.
What is Master Data Management?
In layman’s terms, MDM describes a solution that centrally stores global IDs—on one software platform, for example. Every organisation has a core set of this master data, the very DNA that runs through all the organisation’s applications.
As your digital ecosystem grows, new software can always plug into the MDM solution and instantly operate against the same set of master data—opening avenues to data stewardship and cross-departmental reporting.
With the continued growth of the Internet of Things, we see that MDM is a growing IT trend across actively digitalising industries. Zion Market Research predicts the global MDM market will grow at a CAGR of 22%, to almost USD 38 million, for the five-year period ending in 2022.
MDM use cases
Here’s how MDM can work in Control of Work and EHS programmes:
Without MDM in place, your teams may give rise to double booking or worse, incorrect tagging or not reporting critical events at all.
New technology enablers
The move to the cloud is helping us here. Once, we had multiple on-premise products that we had to hook up manually. Today, we have service companies, like Workday, managing company identities in the cloud. Combined with a competency assurance system, such services can easily bring us to the age of the digital passport.
Software platforms are prime real estate for an MDM solution. With MDM, all platform modules will instantly operate together, whether they manage human resources data or work permit history, adding value at all levels of the organisation.