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Master Data Management: - An Introduction and Few Stats: MDM Is The Occasion To

Master data management (MDM) involves maintaining a single version of key business data such as customer, product, and supplier information across an organization. Without MDM, this critical data is often duplicated and inconsistent across different systems. MDM improves decision-making, streamlines processes, and boosts efficiency. The MDM market is growing rapidly and was valued at $10.4 billion in 2009. MDM requires identifying, collecting, and integrating data from various sources to generate a single accurate view according to business rules.

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86 views3 pages

Master Data Management: - An Introduction and Few Stats: MDM Is The Occasion To

Master data management (MDM) involves maintaining a single version of key business data such as customer, product, and supplier information across an organization. Without MDM, this critical data is often duplicated and inconsistent across different systems. MDM improves decision-making, streamlines processes, and boosts efficiency. The MDM market is growing rapidly and was valued at $10.4 billion in 2009. MDM requires identifying, collecting, and integrating data from various sources to generate a single accurate view according to business rules.

Uploaded by

Siddhartha Tripathi
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Master Data Management: - An Introduction and few Stats

Multiple copies of the same data lying at multiple locations have always plagued the agility of institutions, in general, and
Retail and financial institutions in particular.

For example, a customer has two logins, one to access banking accounts and another to access credit card information. If
at a later date customer details change, he needs to login to two systems and change the address, in both instances. This
problem arises because there are two separate master data copies maintained, in this case for customer data.

Similarly Retailers and other organizations are challenged by the fact that key business data about customers, products,
suppliers and locations is spread across disparate systems, retail channels, business units and locations. There is no single
version of Truth

MDM is all about maintaining a single version of master data across the enterprise.

The analyst firm IDC predicts that the master data management (MDM) market will reach $10.4 billion in 2009 with a
compound annual growth rate of nearly 14 percent.

Gartner survey of data management practices, companies named MDM as the second biggest driver for their investments
in data integration technology.

MDM, when successfully implemented, improves an organization’s ability to adjust to rapidly changing business
requirements and enables better decision-making. It also boosts operational efficiency by streamlining business processes
and improving data quality.

Master data might include:

 Customer/account/subscriber
 Product/item/service
 Vendor/account/supplier
 Legal entity/organization
 Geography/territory/region/location

“Master data management (MDM) comprises a set of processes and tools that consistently defines and
manages the non-transactional data entities of an organization (which may include reference data).
MDM has the objective of providing processes for collecting, aggregating, matching, consolidating,
quality-assuring, persisting and distributing such data throughout an organization to ensure consistency
and control in the ongoing maintenance and application use of this information”.. Source Wiki-Pedia

MDM is the occasion to:

1. Implement a data integration platform that can access the facts about core business entities
from anywhere in the enterprise
2. Automate the creation of a single logically correct view, based on business rules that agrees
with the facts in the real world
3. Deliver that high quality master data to the current suite of business applications in real
time

7 Necessary features to expect from MDM tool/ solution


1. Flexible Data Modeling Capability:
2. Data Governance & Stewardship
3. Security control: Security at different levels, such as table level, field level.
4. Workflow engine:
5. Data Quality Management:
6. Integration Capability:
7. Complementing SOA:

Approach to Master Data Management

1. Identify sources of master data


2. Identify the producers and consumers of the master data
3. Collect and analyze metadata about for your master data
4. Appoint data stewards
5. Implement a data-governance program and data-governance council
6. Develop the master-data model
7. Choose a toolset
8. Design the infrastructure
9. Generate and test the master data
10. Modify the producing and consuming systems
11. Implement the maintenance processes

MDM Value Delivered

Source: - Vinculum Solutions limited


To know more about MDM and how it can help you organization contact

[email protected]

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