Master Data Management
Master data is the high-value, core “entity” data used to support critical business processes across the enterprise
Master data management (MDM) is the collection of models, procedures, and channels for the right identification, meaning and management of data component within a business organisation.
According to Gartner (2013) Master data is consistent and uniform in set of identifiers and spread in association to the core entities of the enterprise including customers, anticipated clients, suppliers, sites, ranking and chart of accounts.
Information and Data Management (IDM) can be seen as a set of related disciplines that aims to manage the data quality positively, from the incubation to end
Benefit of Master Data management (MDM)
MDM strategy and solution of an organisation can be an added value to the business achievement by:
Organizations that employ an MDM strategy and solution can achieve measurable business value by:
- A trusted image of data for the improvement of reports and better decision making
- Customer relations, customer acquisition and customer retention will improve by the ability to access a single view of the customers.
- Support Data integrity and improve data visibility to improve regulatory report compliance and decrease risk.
- Increases operation efficiency within quality master data, result in decrease manual process and errors.
s put all resources together, that is, the people, methods, and system using the information data and having a standardise views of the organisation data.
- MDMs vision is to make available an in depth and reliable meaning of all organisation data
- It careful method of data management and decision making, give it a grounded framework for business governance
References & Resources
Master Data Management; http://www.firstsanfranciscopartners.com/practices/master-data-management/ retrieved 13/07/2015