MDM stands for Master Data Management which creates a 360 view on customer, products and places and their relationships. After the confusion for what I need CRM vs. MDM, a new term has added confusion to data driven teams and marketing organisations. Compared to that the term Customer Data Platform (CDP) is fairly new. Kalyan Vajapeyajula, Product Marketing expert at Riversand, has recently published a blog to compare MDM & CDP.
Master Data Management (MDM) applications are the best tools currently in the market to manage and govern customer data. Multidomain MDMs can manage data from multiple domains (product, customer, retailer, store, etc.) with a single installation and provide insights into not just individual domains, but the interaction amongst those domains and, in the process deliver a true and operational 360-degree view of the customer.
For comparison, Customer Data Platform (CDP) applications are a fairly new entrant in this market. Gartner defines CDPs as “marketing-managed tools designed for the creation, segmentation and activation of customer profiles.” CDP applications specialize in collecting large amounts of customer data from a variety of sources and feed them into existing marketing technology (martech).