For people who are have grown to fortune 1000 companies, there is a need for two or more MDM solutions. Use of single-domain MDM platforms will be too costly for the company. You can cut the expenses by adopting multi-domain MDM solutions. The multi-domain MDM solutions also enhance data integration in the enterprise and simplify data enrichment, data quality, and governance issues. When you get multi-domain MDM solutions, it will be cost-effective for the company. The solution does not just take care of the customer and product data but even the aspects of location, supply, employees and assets. Also, despite the size of your company, you will have a difficult time getting everything you need in a single domain. You cannot manage that which you do not know and if your company has many different domains, you will have to understand the operations of each. 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. In addition, the multi-domain MDM solutions needs a single Master Data Repository. Therefore, the users are not free to post data updates or make changes whichever way they feel like. This limits the chance of creation of multiple rules or even definitions. Eventually, there will be better consistency and even synchronicity. The end result is effective data governance.
You will see an improvement in the data governance if you standardize the data rules in your company, the policies and even the processes. You can trust the data you have even better. Thus, the multi-domain MDM solutions will have a positive influence in 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. There are a lot of companies which are heavily reliant on this Big Data in the day-to-day operations. This will give them a tactical gain or even strategic gain. The best way to handle Big Data is by using multi-domain MDM solutions.