Nowadays, master data management, which is also known as MDM, has reached so far away after it was first released about a decade ago. Sixteen years ago, businesses and organizations all over the world accepted that there has been a much simpler method to store and present important data.
Thanks to master data management advantages, this innovative method has allowed organizations to arrange, sort out and localize their master data depending on their business regulations of the sales while focusing on the marketing and operation strategies for their particular demands. For this reason, its popularity developed so fast in IT companies and corporate organizations.
By removing so expensive inefficiencies regarding data silos and inaccessible stored documents, master data management helps a company enable a less cluttered and more streamlined approach. As a result, it is no doubt that this will become the next modern and revolutionary step in business, especially when it comes to large companies, with huge amounts of data.
The concept behind data quality and master data management technology
In the business industry, master data management is considered to be an important method adopted to define and manage the important data of a company so that data can be offered and integrated to a single point for reference. This is carried out through identifying various kinds of data which is followed by analysis and correct management and eventually, storage and distribution across the whole company to make sure a common understand for everyone working in that organization.
If it is executed and used in a proper manner, this can advance data quality while enabling data sharing throughout any departments of the company. What is more, master data management can ease computing via different system architectures, platforms and apps. Through focusing on such main elements as customer data, product data and employee data, organizations are able to quickly recognize the business relationships. For instance, clients, prospects, vendors and partners can take advantage of that data in the company.
In a modern business environment that develops in a fast pace, enough master data management has been more than just a necessity. This need keeps on developing when companies develop and mature. This is now benefitted by such industries and cases as healthcare and governmental organizations.
Industry applications of master data management
Due to the variety of this process, there are a lot of ways in which master data management can be used in business along with other applications.
The first example can be spotted in logistics industry as there is an increasing demand towards each delivery related to the difficulties of traffic, distance and the reasons that these companies want to maximize the effectiveness no matter where they are. Master data management is able to offer exactly what they want through gathering and identifying such data types as customer details, delivery information, location, costs and so on then integrating it into a global access location. Thus, people can access the information easily and quickly.
Secondly, in the aviation industry, master data management solutions work efficiently in linking streaming data taken from the engines which power flights all over the world. As the aircraft tail number and its engine position can assist in identifying the engine’s performance data, master data management can connect those kinds of information to the engine serial number. Thus, with only one click on the button, flight management teams are able to view exactly what is taking place at any time during flight.
Another application of master data management is in oil and gas industry. As usual, wellheads are considered to be the most valuable information of these companies. If master data management is taken advantage properly, it can help those companies create a cross-enterprise example of wellhead master data. It takes and controls the connections between the wells, facilities, staff and sites so that operation can be done in a smooth way.
Master data management enables people to store all the master data in one single place and every other department gathers its data from master data management. To simply understand, the technology has become the source of master data for all departments that would like to capture and use it in their activities.
The top tools in master data management
When taking advantage of master data management, you should get to know different tools made to support an organization to make the most of the technology.
The first example is Informatica Master Data Management Reference 360. This software is specifically designed to power business users, which offers easy and configurable dashboards by which users are able to manage the quality of reference data sets and have control over the reference data lifecycle by easing business self-service.
Some major features of this tool can be listed as cloud capabilities, business process control and data security.
The next example is Dell Boomi, which was taken over by Dell ten years ago. It focus on cloud-based integration, API management and master data management services. This technology enables users to set up and deploy integration processes through making use of a visual interface and a convenient drag-and-drop technique.
Some core features of this tool are simple user interface, cloud capabilities and AtmoSphere visual and click interface for setting up integration.
Another example is SAP Master Data Governance. This master data management solution focuses on business application software and offers specific master data management along with pre-made workflows. Some major features of the tool include integrated data governance, data cleansing such as profiling, standardization, matching and enrichment.
Finally, Orchestra Networks EBX is a software providing different solutions by which companies can manage their data value via its EBX platform. It comes with multi-domain master data management, reference data management, data governance and so on.
Some main features are built-in data quality capabilities to profile, cleanse, validate and match data, along with flexible data modeling and different integration options.
There are many tools but it is highly recommended to opt for the one that suits your company needs.