If you are looking for new Master Data Management Software, our new MDM Software Guide - Longlist, includes 10 MDM software vendors that we think should make your initial market assessment. Which one you choose - well that's up to you, but we hope that this list gives you a place to make a quick start.
10 MDM Software Options
Here are ten MDM software vendors that we think should be on your initial market assessment if you are looking for a Master Data Management solution as part of your data strategy. The list includes vendors of different shapes and sizes and different tenures in the market. As such, it should provide a variety of different approaches and an ideal starting point to run a Rapid RFI process or a Technology Matchmaker.
As with all of our longlist recommendations, they are just an initial starting point. Some good companies to take a look at. We would encourage you to look outside of the list if you have the knowledge or time, but to use the list as somewhere to start so that you can get moving quickly.
The list features in our MDM Software Guide and you can download the full document via the link.
Listed in alphabetical order, the 10 MDM software options for your Longlist and initial market assessment are:
What is MDM Software?
Master Data Management (MDM) software is a system that enables organizations to effectively manage and maintain their critical business data in a centralized and consistent manner. It serves as a comprehensive solution for identifying, categorizing, standardizing, and synchronizing essential data across various departments, applications, and systems within an enterprise. MDM software ensures data accuracy, integrity, and accessibility, thereby enhancing decision-making, operational efficiency, and compliance. By providing a single, authoritative source of truth for core data entities such as customers, products, suppliers, and locations, MDM software enables organizations to reduce data inconsistencies, redundancies, and errors, ultimately improving overall data quality and supporting strategic business initiatives.
Assessing your MDM software options
Viewpoint Analysis act as a Technology Matchmaker. We run vendor selection processes for companies across the globe. Our recommendation is to get started quickly and run an initial market assessment - this will give you the key options and get communications built between your business and the various vendors.
The quickest approach is to write out a 'problem statement' and simply take this to the vendors. Tell them your issue and let them showcase how they can help. As mentioned above, in our business we call this a 'Technology Matchmaker Service' and run this for a variety of companies, but if you have the time and resources, it's a simple process to conduct in-house too. Take a look at how we run it and you can build something similar.
If you have a little more time, an RFI is a good approach. An RFI is a Request for Information and is designed to test the market and see what's out there as an option. An RFI need not be complex and that's why we always run a Rapid RFI. A more comprehensive process will follow later (see our blog RFI vs RFP for more details). Lots of companies spend lots of time on the RFI - it's a big mistake. Use it as a mechanism to start the assessment only.