Expect to see increased demand for reference data management tools, driven by a need for higher quality data and trust in the accuracy of data.
“Data is the lifeblood of the digital transformation platform, driving insights and actions performed by people and machines,” said Stuart Bond, director of data integration software at research firm International Data Corp. (IDC).
“The importance of data governance has been on the rise as new regulations are forcing organizations to look closer at their data, but also because organizations are finally starting to realize data as the enterprise asset it truly is,” Bond said.
Many data governance projects start with master and reference data management, with a focus on the quality, accuracy, and consistency of master and reference data, Bond said. That’s because it’s this data that all transaction and interaction data is generated from and related to, he said.
Reference data management enhances the quality, accuracy, and consistency of master, transaction, and interaction data, which can lead to more trust in data and higher levels of confidence in data-driven insights. That, in turn, can lead to better business outcomes, Bond said.
Many of the master data management software vendors consider reference data a subset of master data, Bond said. These include IBM, Informatica, Oracle, Talend, SAP, SAS, Orchestra Networks, Reltio, and others.
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