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why do we need master data management

What is Master Data? At the very basic level,
(MDM) eliminates redundant and inconsistent versions of the same data in your organization. Organizations believe that over 27% of their revenue is wasted due to inaccurate master data. * Information about your customers, products, and sellers and the relationships between them в all constitutes master data. Why is Master Data Management important? Companies today struggle to become agiler by implementing information systems that support and facilitate changing business requirements. As a result, the management of information about products, customers, etc. has become increasingly important. Consider, for instance, the fact that most companies estimate that they are analyzing only 12% of their data. These firms could be missing out on the data-driven insights inside of 88% of data that they re ignoring. * Additionally, organizations have some system in place to store and retrieve this data. However, many disparate systems store information, which leads to overlapping, redundant and inconsistent data. For e. g. , The definitions of common terms such as вsupplierв, вvendorв may differ across systems. Different systems are likely to have different rules for data validation and cleansing, etc. Such differences make it difficult for a business to achieve consistent, complete and relevant master data. Where do users go to get valid, accurate, consistent data? A single word answer? MDM. Provide Seamless Information Across Multiple Channels Accurate product data is critical to differentiate your business and provide customers with a dynamic and personalized shopping experience. (Product Information Management) helps businesses manage product data from multiple sources. It creates a master catalog of validated, high-quality unique product data for efficient distribution to all sales channels, whether data is structured or unstructured.

Help Understand Your Customer Better в Customer Data Management helps organizations maintain a single view of all customer data. It synchronizes customer information across systems and the organizationвs information supply chain. Get A Unified View Of Your Masters в MDM software helps createВ reliable views to drive operations efficiently with a complete view of all your data assets. It enables the creation of an integrated view of products, customers, suppliers, materials and other data sets. This data currently may reside in silos with different departments and units. Increase Trust In Your Data в Businesses need to rely on high-quality data for quality decision making. Poor quality data can have negative effectsВ on customer relationships, business decision making, and forecasting. Connect Everything Anything в With business information residing in multiple systems and in multiple formats, information users have to duplicate efforts by going through information from multiple systems and combining data together. MDM s Data integration tool helps to combine data with multiple formats attributes from disparate data sources. It delivers a single unified view of all your data instead of data in silos. Be Accountable For Your Data в Easily govern your organizational data for accuracy and accountability with MDG (Master Data Governance) solution. Data Governance brings business users in implementation lifecycle and provides an effective mechanism to manage and author data. В В * MDM Solutions can help manage your data to deliver an optimized experience to your end customers в and grow your business. В. В Any tips or comments for us?

Leave them in the section below. Let me paint a picture of everyday life for you. б LetБs say you and your wife both have address books for your groups of friends. б There is definitely overlap between them, so that you both have the addresses for your mutual friends, and there are addresses that only you know, and some only she knows. б They also might be organized differently. б You might list your friend under БJБ for БJoeБ or even under БWБ for БWork,Б while she might list him under БSБ for БJoe SmithБ or under your name because he is your friend. б If you happened to trade, neither of you would be able to find anything! This is where data management would be very important. б If you were to consolidate into one address book, you would have to set rules about how to organize the book, and both of you would have to follow them. б You would also make sure that poor Joe doesnБt get entered twice under БJБ and under БS. Б This might be a familiar situation to you, whether you are thinking about address books, record collections, books, or even shopping lists. б Wherever there is a lot of data to consolidate, you are going to run into problems unless everyone is following the same rules. IБm sure that my readers can figure out where I am going with this. б What is SQL Server but a computerized way to organize data? б And Microsoft is making it easier and easier to get all your БaddressesБ into one place. б In theб 2008 version of SQL they introduced a new tool called Master Data Services (MDS) for Master Data Management, and they have improved it for the new 2012 version. MDM was hailed as a major improvement for business intelligence. б You might not think that an organizational system is terribly exciting, but think about the kind of Бaddress booksБ a company might have. б Many companies have lots of important information, like addresses, credit card numbers, purchase history, and so much more. б To organize all this efficiently so that customers are well cared for and properly billed (only once, not never or multiple times! ) is a major part of business intelligence.

MDM comes into play because it will comb through these mountains of data and make sure that all the information is consistent, accurate, and all placed in one database so that employees donБt have to search high and low and waste their time. MDM also has operational MDM functions. б This is not a redundancy. б Operational MDM means that when one employee updates one bit of information in the database, for example Б updating a new address for a customer, operational MDM ensures that this address is updated throughout the system so that all departments will have the correct information. Another cool thing about MDM is that it features Master Data Services Configuration Manager, which is exactly what it sounds like. б It has a built-in БhelperБ that lets you set up your database quickly, easily, and with the correct configurations. б While talking about cool features, I canБt skip over the add-in for Excel. б This allows you to link certain data to Excel files for easier sharing and uploading. In summary, I want to emphasize that the scariest part of the database is slowly disappearing. б Everyone knows that a database Б one consolidated area for all your data Б is a good idea, but the idea of setting one up is daunting. б But SQL Server is making data management easier and easier with features like Master Data Services (MDS). Reference:б Pinal Dave ( )

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