Master Data Management is being seen as an essential process for most business sectors today. MDM solutions allow the channeling of large volumes of data collected across an enterprise for storage at a single, standardized location. MDM tools organize capabilities to map the development and flow of information. Powerful MDM solutions also help identify and clear redundant data.
Some key factors that are driving the adoption of these solutions include the need to improve database quality, tech development, and the importance of remaining compliant with data governance regulations. Another major concern is data security. So, MDM is here (as it’s been for a while now) but the world of technology is characterized by evolution. The MDM space is subject to rapid and transformational change too.
Keeping that in mind, here are the trends that can be expected to impact MDM this year.
According to Gartner, DAAS could become the foundation for business intelligence and data analytics. DaaS will help in avoiding the risks of storing and managing data with a third-party cloud-based service provider. As it provides enterprises with heightened agility and data quality, it’s likely to be a top trend in 2021 as DaaS providers will look to build databases with cost-effective user interfaces. Enterprises will seek it out for its easy-to-modify data structures and location-specific requirements.
Hybrid and Multi-Cloud Strategy
According to Flexera’s ‘State of Cloud Report 2020’, 93% of enterprises have a multi-cloud strategy, and 87% have a hybrid cloud strategy in place. Complex cloud strategies allow organizations to store their data more smartly and securely. It also gives them on-demand access to specialized tools and services such as integrated ML.
Much of this is driven by data and where enterprise data goes, MDM must follow. Organizations are ready to put more workloads and data into the cloud. COVID-19 forced companies to implement policies around the physical limitations of both consumers and employees. Business processes, tools, and operational aspects have moved to the cloud and more continue to follow. In fact, most companies feel that their cloud usage will be even more than planned. Many organizations will also use this tech to accelerate data migration from data centers to cloud-based storage due to reduced employee strength, inability to access central data facilities, and delays in hardware deliveries.
Varieties of cloud such as private cloud and the cost-effective public cloud networks allow enterprises to segregate their data into categories like security-sensitive data and store them accordingly. Real-time hybrid cloud adoption will open up combinations of multi-cloud and on-premise deployment. Organizations will seek to optimize their returns on their investment while addressing crucial concerns like security, accessibility, and cloud complexity. Expect end-to-end hybrid data management platforms taking shape in organizations to address such concerns.
ML + AI = ADM
ML will take center stage as it helps assimilate master data by observing actual usage patterns and increasing the quality of data that is collected. Of course, ML and AI have been dominating the airwaves over the past few years. There’s every reason that they will continue to do so. With that, ML could start assuming its predicted place as the main force behind complex data management strategies.
AI and ML technologies will automate manual tasks in data management and create a system known as Augmented Data Management or ADM. These will empower businesses to simplify and optimize operations related to data quality, management of metadata, MDM, and more.
Data Fabric Technology
Enterprises will adopt data fabric solutions to understand the highly complex and heterogeneous data landscapes more thoroughly. This technology gives deeper insight and control over data. It empowers better business decisions to base business strategies upon. The stated purpose of this tech is to make businesses more data-driven. Functions that will dive into this technology will be governance and compliance management, sales and marketing, and fraud detection and security management.
This creates a unified repository for data to be stored in. Technology like this will be a welcome move away from silo-based approaches. Expect an increase in integration across the enterprise. Such solutions will connect, manage, and share data from multiple sources – both internal and external – to create a foundation of high-quality enterprise data. Companies will likely adopt this to drive business performance and success.
One of the easiest ways to understand data is through visual representations of knowledge graphs. Brands like Google, Twitter, and Facebook have already been using knowledge graphs to understand their consumers, product lines, and business decisions. More brands will follow suit to display and derive actionable insights data displayed in the form of knowledge graphs. MDM will probably evolve to be able to provide data that plugs into these kinds of data needs.
Anything – As – A – Service (XAAS)
XAAS, or anything as a service, may become a trend in 2021. Expect the “tech-driven outsourcing” of many functions and services. These services will become easier to deliver because of greater digitalization within enterprises. Software, storage, desktops, disaster recovery, networks, infrastructure, and platforms already exist as services. Look for more such options to emerge including as-a-Service options for product content and enriched product information. All this comes under the ‘X’ in this acronym. It’s an umbrella term for numerous services that will require MDM services to streamline them.
These are the top 2021 MDM trends that may take the industry by storm. What do you think? And, more importantly, are you prepared?