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What is master data management | Definition : Master data management
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What is Master Data?
Master data is nothing but a uniform set of identifiers that describes core entities like customers, products, location etc all of which are necessary for a business to grow and operate.
Visualizing master data is difficult because it is scattered throughout the enterprise and is distributed across various databases, including in the cloud. However it is a critical element for analytical and operational decision making. If we drill down further to the categories of master data, we see that master data includes the following:
- Information about everyone who conducts business including customers, suppliers, partners and so on.
- Information about places and the way they are segmented based on geographies, zones, locations etc.
- Knowledge about the different products and services that enterprises sell.
- Information about organisation’s cost centers, profit centers, accounts etc.
What is Master Data Management (MDM)?
Master data management is a technology enabled discipline used to manage, organize, categorize and enrich master data according to the strategies of the company. Enterprises wish to have a good MDM in order to get a 360 degree view of information pertaining to their business.
Data stored in multiple destinations reduces the usability of data hence MDM was brought live to ensure consistency and uniformity in data. Redundancy which is one of the major issues with decentralized data application has been done away with an MDM solution which has eliminated duplicate data and increased the efficiency of businesses.
MDM in Data Management Architecture
MDM holds a remarkable place in the data management architecture which is designed specially to connect different data sources. Data is better controlled and easily accessible in MDM because of standardized shared data. On the other hand, data management is a much broader concept as compared to MDM and includes collection, storage and using data in a secure, efficient and cost effective manner. This enables organisations gain control of its abundant data resources. The monetary and social value associated with data management is tremendous and includes business intelligence, strategies, MDM etc.
Previous instances of data breached disrupting banks, supermarkets etc has emphasized on the need of a good data management system to prevent fines and explore new opportunities with time.
Before beginning of any Master Data streamlining process, we need to understand the strategy behind data objective. Which data is critical and which data is not so critical? As we have seen in prior example around customer data, we need to understand the requirements in details.
Once we understand the data, model is built around carrying consistency check to ensure one single source of truth.
Also it is important to know that MDM can only be effective once we have a good data governance in place. There cannot be multiple touch point of creating master data. Objective should be a centralised control for creating and updating master data.
master data | master data management | MDG | Master data Governance | what is master data | MDG | How to fix master data | what is master data
Master data is nothing but a uniform set of identifiers that describes core entities like customers, products, location etc all of which are necessary for a business to grow and operate.
Visualizing master data is difficult because it is scattered throughout the enterprise and is distributed across various databases, including in the cloud. However it is a critical element for analytical and operational decision making. If we drill down further to the categories of master data, we see that master data includes the following:
- Information about everyone who conducts business including customers, suppliers, partners and so on.
- Information about places and the way they are segmented based on geographies, zones, locations etc.
- Knowledge about the different products and services that enterprises sell.
- Information about organisation’s cost centers, profit centers, accounts etc.
What is Master Data Management (MDM)?
Master data management is a technology enabled discipline used to manage, organize, categorize and enrich master data according to the strategies of the company. Enterprises wish to have a good MDM in order to get a 360 degree view of information pertaining to their business.
Data stored in multiple destinations reduces the usability of data hence MDM was brought live to ensure consistency and uniformity in data. Redundancy which is one of the major issues with decentralized data application has been done away with an MDM solution which has eliminated duplicate data and increased the efficiency of businesses.
MDM in Data Management Architecture
MDM holds a remarkable place in the data management architecture which is designed specially to connect different data sources. Data is better controlled and easily accessible in MDM because of standardized shared data. On the other hand, data management is a much broader concept as compared to MDM and includes collection, storage and using data in a secure, efficient and cost effective manner. This enables organisations gain control of its abundant data resources. The monetary and social value associated with data management is tremendous and includes business intelligence, strategies, MDM etc.
Previous instances of data breached disrupting banks, supermarkets etc has emphasized on the need of a good data management system to prevent fines and explore new opportunities with time.
Before beginning of any Master Data streamlining process, we need to understand the strategy behind data objective. Which data is critical and which data is not so critical? As we have seen in prior example around customer data, we need to understand the requirements in details.
Once we understand the data, model is built around carrying consistency check to ensure one single source of truth.
Also it is important to know that MDM can only be effective once we have a good data governance in place. There cannot be multiple touch point of creating master data. Objective should be a centralised control for creating and updating master data.
master data | master data management | MDG | Master data Governance | what is master data | MDG | How to fix master data | what is master data
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