Master Data Management (MDM) is critical to any organisation’s data management strategy. It ensures that all of your data is accurate, consistent, and up-to-date, which helps improve business processes, increase efficiency, and drive revenue growth. But when it comes to MDM, many organisations are faced with a decision: should they buy a software solution or build their own?
What is the case against building your tool?
Building your MDM solution can seem like a good idea at first. After all, you’ll have complete control over the functionality and customisation. But as you dive deeper into the process, you’ll quickly realise that building your MDM solution can be costly and time-consuming.
- First, there’s the cost of development. Building a custom MDM solution requires a significant investment in both time and resources. You’ll need to hire a team of developers, designers, and testers and likely encounter unexpected costs. And even after that, there’s no guarantee that your solution will meet your organisation’s needs.
- Second, there’s the cost of maintenance. Once your MDM solution is built, you’ll need to invest in ongoing maintenance and support. This includes bug fixes, updates, and upgrades, which can be costly and time-consuming.
Limited functionality: Custom-built MDM tools may not have the same functionality as commercial off-the-shelf products.
- Lack of scalability: A custom-built MDM tool may need to handle large volumes of data or be easily scalable to meet growing business needs.
- Integration challenges: Integrating a custom-built MDM tool with existing systems and data sources can be difficult and require additional development and testing.
- Limited support and maintenance: Custom-built MDM tools may not have the same level of support and maintenance as commercial products, making it difficult to resolve issues or make updates.
- Lack of expertise: Building an MDM tool requires specialised knowledge and skills that may not be available in-house.
- Time-consuming: MDM is a complex and ongoing process; building it in-house can take time and may divert resources from other important business initiatives.
What is the case for buying a tool?
On the other hand, buying a pre-built MDM software solution eliminates costs and has several advantages.
- First, you’ll be able to get it up and running quickly. With a pre-built solution, you can start using the software immediately without requiring a long development and testing process. This means you can start seeing the benefits of MDM almost immediately.
- Second, you’ll have access to a wide range of features and functionality. A pre-built solution will come with many features, including data profiling, data quality, and data governance, which are essential for effective MDM.
- Third, you’ll have access to expert support. With a pre-built solution, you’ll have access to a team of experts who can provide support and guidance. This can be particularly useful if you encounter any issues or questions about the software.
- Cost-effective: Purchasing a commercial off-the-shelf MDM tool can be more cost-effective than building one from scratch, as it can save on development costs and resources.
- Functionality: Commercial MDM tools typically have a wide range of built-in functionality and features that can be tailored to meet specific business needs.
- Scalability: Commercial MDM tools are typically designed to handle large volumes of data and can be easily scaled to meet growing business needs.
- Integration: Commercial MDM tools are often designed to integrate with existing systems and data sources, which can save on development and testing costs.
- Support and maintenance: Commercial MDM tools often come with dedicated support and maintenance teams that can provide assistance with resolving issues and making updates.
- Expertise: Commercial MDM vendors have specialised knowledge and expertise in the field of data management, which can be leveraged to ensure the best possible implementation and results.
- Time-saving: Buying a MDM tool can save a lot of time as it is already built, tested and ready to be used and the vendor will take care of the maintenance and support.
- Compliance: With the rapid changes in data protection laws, purchasing an MDM tool from a vendor may ensure that the tool is compliant with the latest regulations and standards.
In conclusion, while building your MDM solution may seem like a good idea initially, it can be costly and time-consuming. On the other hand, buying a pre-built MDM software solution has many advantages, such as cost-effectiveness, time-saving, access to a wide range of features and functionality and expert support. It makes more sense to invest in a pre-built solution designed to meet your organisation’s specific needs.