MDM - master data management
Master data management (MDM) is the core process used to manage, centralize, organize, categorize, localize, synchronize and enrich master data according to the business rules of the sales, marketing and operational strategies of your company.
It is a technology-enabled discipline in which business and IT work together to ensure the uniformity, accuracy, stewardship, semantic consistency and accountability of the enterprise’s official shared master data assets. Master data is the consistent and uniform set of identifiers and extended attributes that describes the core entities of the enterprise including customers, prospects, citizens, suppliers, sites, hierarchies and chart of accounts.
Essential Master Data Management Capabilities
Flexible and multi-domain.An extensible master data repository with flexible data modeling features provides a centralized view of all relationships between data types, clarifying complex cross-domain relationships, providing a flexible and multi-domain master data software.
Multi-style MDM. Master Data Management platform should support all four main styles of MDM:
Centrally authored: In this style data is authored in the MDM, other systems subscribe to the MDM for master data (or the MDM pushes the data into downstream applications).
Consolidation: Source systems feed data into the MDM for consolidation into golden records
Coexistence: A mashup of centrally authored and consolidation that allows for creation of data in multiple systems.
Registry: Rather than consolidating records, joining/aligning unique identifiers from across all the systems into join tables.
Real-time, secure data. The top MDM software today allow you to publish and subscribe to data on demand, providing accurate master data to systems when and how you need it without compromising security. With real-time data, users can better react to the data and make faster decisions based on the insights discovered.
Data and Workflow visualization. Master Data Management software provides a data visualization component that allows you to identify and easily fix quality issues. The capability can also helps users collaborate to constantly make improvements, monitor processes, and create dashboards for actionable data analysis.
A customizable, business-friendly user interface. A zero coding visual design time environment allows you to develop custom UIs using simple drag and drop actions. You can design cleaner, simpler, and more flexible role-based user interfaces for your Master Database Management system.
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Things to Look for in MDM Management Software
Because MDM is such a major task, you need the right software solution to assist you. The good news is that you have plenty of selections to choose from. The hard part is deciding on one. Here are a handful of features to look for:
Flexibility. MDM isn’t a static issue. MDM software vendors continually updating products, so solutions will change rather dramatically over the course of a few months or years. With that being said, it’s smart to look at flexibility when it comes to master data management tools list. You may have a very specific need now, but will your solution allow you to address a future need that looks considerably different?
Modeling. Can you leverage the data model(s) of the member applications and eliminate the need to model? It could save you time, money, and help your master data be readily consumed without requiring additional transformation from an abstract data model to the data model in the member application(s).
Cost. While it shouldn’t be the only factor, money is obviously something that must be considered in the context of budgeting. This may be one of the first factors you use to narrow your choices. If you know you can only spend X dollars, then there’s no point in evaluating selections that cost more.
Scalability. How well does the solution scale? Your business is a fluid entity that will grow, contract, stagnate, grow again, etc. There’s no point in investing in thebest master data management tools that can only be used at your current size. Find one that easily grows and contracts in a cost-effective manner.
Integration. The final thing to think about is integration. Since the point of MDM software is to create a centralized destination for data, you need to carefully ensure that it will work with your current setup.