The ability to turn data into insights is critically important to helping enterprises prepare for the future. As consumer behavior evolves, demand fluctuates, employee needs change, and businesses must make rapid, data-driven decisions to adapt and thrive. However, many organizations struggle to unleash the potential of their data.
Some look to master data management (MDM) to create a single source of consistent, accurate data for generating insights. Though MDM programs address many master data governance requirements, a wide variety of data – like reference data, relationship data, and market data – is left out. Without a comprehensive view of all types of data, business problems cannot be fully analyzed, and this limits the ability to deliver insights at speed. This is where business data services (BDS) comes in.
BDS, the next generation of MDM, integrates processes, technology, and talent to create an operating model in which data is available on demand for a variety of use cases. With BDS, all employees can access a rich catalog of data services to solve critical business problems.