Master Data Management (MDM) provides a unified view of data across multiple systems to meet the analytics needs of a global enterprise. Whether MDM identifies customers, products, suppliers, locations, or other important attributes, MDM creates single images of master and reference data.
Many companies rely on shared “master data” in their operating and analytics systems. This data contains information about customers, suppliers, accounts or business units and is used to classify and identify transaction data.
The challenge of master data management is to keep master data in a consistent, complete and controlled form across the enterprise. Incorrectly edited or inaccurate master data can result in costly data inaccuracies and misguided analytics, negatively impacting everything from new product introductions to regulatory compliance.
The answer to these and other related questions is master data management (MDM), which consists of a series of processes that create and maintain an accurate, consistent image of the reference data that the entire business has access to for the decision-making process. By standardizing business entity definitions, improving data quality, and collecting and distributing data across the enterprise, master data management simplifies and improves business processes, increases organizational speed and agility, and provides a consistent, holistic view of the entire enterprise.
A good master data management solution manages data architecture, parent data, data quality, data hierarchies, master data workflow, and data management, reducing the risk of poor data quality across the enterprise. It also synchronizes master data so that changes spread across the entire enterprise.
An enterprise can create enterprise definitions of master data, but also create and use business unit or business partner definitions of master data.
Reference Data Management: Reference Data Manager (RDM) offers you a self-service solution to increase analytical accuracy and improve your data governance regime.
Hierarchy Management: The multi-dimensional Hierarchy Manager allows you to visually research, maintain, diversify, compare, and execute hierarchy mass maintenance.
Customer Data Integration: Customer Data Integration (CDI) capabilities help clean, edit, upload, monitor, and synchronize customer data to create a 360-degree customer image.
Multi-Field Management: A single solution that supports multiple fields, eliminating the need to get multiple solutions, products or reference data.
Comprehensive Data Merge: Unified and master data from various heterogeneous systems and channels.
Business User Control: Data entry or Microsoft Excel installation directly into the database via user interface with governance but without IT involvement.
Enterprise Agility: Powerful automation to create workflows that can be managed by data officers.
Enterprise Analytical Accuracy: Provides a centralized framework with full support of a workflow and process-based data governance environment.
The core data management applications are diverse, but all solutions have a common goal: a agreed upon list of IT applications and consensus-based definitions of common business assets such as customers, products and financials, implemented consistently across an agreed list of business units. Thus, consistent data usage (provided by Master data management) provides greater accuracy, insight and relevance in data-driven jobs and decision-making.
To share data consistently, an enterprise needs to define how applications and databases should represent shared business assets. To achieve the goal of data sharing, stakeholders must first decide on definitions, then determine the teams, policies and procedures that are needed. The ongoing ownership of each area of the master data must be determined. Doing so will speed up the resolution of future problems, identify data officers, and establish approval workflows implemented as part of the overall solution.
In order for the master data to achieve the primary objective — consistently applied consensus-based definitions — the cross-functional team of technical and business people must execute the agreement. In order for IT to be responsible for major data additions, updates and deletions in business data officers, several steps need to be taken. The business must secure aspects such as task-based security, the deep history of workflow-based actions, and the management agreement to enforce accountability for the measures taken — and not taken —.
With Komtaş Master Data Management solutions, you can build a holistic, extensible and flexible data model in your organization. You can take advantage of features such as centralized management, data quality management, and efficient metadata management. With master data management, you can achieve a structure capable of making data-driven and data-driven decisions that take the customer to the center.
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