MDM and its value in CRM

Two recent analyst studies and a new service offering cap a week of news about master data management (MDM) and its value in CRM. Systems integrator and BPO provider Extraprise announced the latest version of the data management component of its Insight-to-Interaction (i2i) platform and services today, and IDC published "Master Data Management: Worldwide Software and Services Forecast, 2005-2009," which predicts the software and services market for MDM will reach $10.4 billion by 2009. These follow last week's AMR Research study, "Master Data Management Framework: Begin With an End in Mind," which provides guidelines to developing successful MDM strategies and practices. Taken together, these three events indicate a growing concern over data management.

MDM is rapidly approaching buzzword status, defined by AMR Research as "a system of business processes and technology components that ensures information about business objects, such as materials, products, employees, customers, suppliers, and assets, is current, consistent, and accurate wherever they are used inside or exchanged outside the enterprise." Master data problems carry hidden costs, including poor customer service, production losses and delays, patchy partner information, and failure to identify and execute synergies.

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