K
Kathleen Martin
Guest
Modern enterprises have to maintain a number of systems and applications to manage data on a variety of products and hundreds of thousands of customers. This makes data management inherently complex and fragmented.
Table of contents
With thousands of transactions happening every day, acquisitions being made and customers updating their information, the issue is exacerbated multifold, leaving a large chunk of data out of sync and no way of determining which version is correct, incorrect or outdated. Using this data for analysis can lead to incorrect decision-making. This is where master data management (MDM) steps in.
What is master data?
Also known as a golden record, master data is a key organizational data asset that contains the most up-to-date and accurate information for day-to-day business operations. It supports transactional, non-transactional or analytical data and is usually shared across departments to help personnel conduct analytics and make decisions around service, sales, marketing and other areas. Master data serves as the source of common data and often includes application-specific metadata and corporate dimensional data (that directly participates in transactions like a customer ID or department ID), although the data type can vary depending on the organization and its needs.
Broadly, master data has to have three key qualities – less volatility, more complexity and mission-critical. Plus, it should be used and reused over and over again. A good example is contact numbers collected from customers. This kind of data is less volatile, mission-critical and can be very complex, meaning a slight error in numbers can result in a missed opportunity for the business.
Continue reading: https://venturebeat.com/2022/03/10/what-is-master-data-management-benefits-components-key-strategies/
Table of contents
- What is master data?
- Master data management
- Importance and benefits of master data management
- Drives efficiencies
- Better data quality
- Revenue growth, improved customer experience
- Easy to back up
- Accelerated product launches
- Regulatory compliance
- Master data management framework: Key components
- Top master data management strategies for 2022
- Groundwork for discovery
- Look at the multi-domain approach
- Implement with transparency
- Training is important
- Observation and measurement are critical
- Triage data issues and prioritize
With thousands of transactions happening every day, acquisitions being made and customers updating their information, the issue is exacerbated multifold, leaving a large chunk of data out of sync and no way of determining which version is correct, incorrect or outdated. Using this data for analysis can lead to incorrect decision-making. This is where master data management (MDM) steps in.
What is master data?
Also known as a golden record, master data is a key organizational data asset that contains the most up-to-date and accurate information for day-to-day business operations. It supports transactional, non-transactional or analytical data and is usually shared across departments to help personnel conduct analytics and make decisions around service, sales, marketing and other areas. Master data serves as the source of common data and often includes application-specific metadata and corporate dimensional data (that directly participates in transactions like a customer ID or department ID), although the data type can vary depending on the organization and its needs.
Broadly, master data has to have three key qualities – less volatility, more complexity and mission-critical. Plus, it should be used and reused over and over again. A good example is contact numbers collected from customers. This kind of data is less volatile, mission-critical and can be very complex, meaning a slight error in numbers can result in a missed opportunity for the business.
Continue reading: https://venturebeat.com/2022/03/10/what-is-master-data-management-benefits-components-key-strategies/
