Over the years enterprises have been overwhelmed with monstrous amount of transaction data generated from different sources. Accompanying this is the need to effectively maintain the master and reference data across the enterprise. In the absence of a Master Data Management these processes have been consuming and resource intensive, often leading to undesirable consequences such as customer dissatisfaction, poor vendor and employee relationship etc.
With the advent of master data management, life at these enterprises could not have been better. MDM is a combination of tool, technology, processes and people. It can work with any/many sources of master data and help standardize, cleanse and create a golden copy source, in addition it can publish the master/reference data to all the consumers. The key here is consistent single view of Enterprise Master/Reference Data such as Customers, Products, Vendor and Employees
Master data management is being effectively used in several industry verticals such as healthcare, retail, manufacturing, banking, financial services and insurance, hospitality, supply chain and logistics and even in educational institutions. The master data management is as combination of process, people, tools and technology that help in data profiling, data cleansing and synchronization of master and reference data. MDM itself is a small part of the overall Enterprise Data Management and governance, but it is a giant leap towards it. Do not expect MDM to solve all your Data Management Issues, but choosing to deploy MDM is good indicator of the fact that your Enterprise is moving towards better quality and improved governance.
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