Taking a look at the bundled dDo Material Manager for Autodesk Maya, Dennis Porter walks through installing and using the tool in Maya, and provides an overview for how the dDo Material manager can save you time in Maya.

Quickly and easily manage materials and textures without the use of the Hypershade

The dDo Material Manager streamlines material interactions in Maya and alleviates the need to continually use the Hypershapde or even the right mouse button marking menu to assign or create materials, allowing you to assign, select, rename, create or delete materials in one easy location.

The dDo Material Manager Plugin for Maya 2011 and up, comes bundled with dDo and can also be downloaded here: dDo Material Manager for Maya