Master Data Management
Master Data Management (MDM) leads the organization towards the best version of truth of any data domain. When the sources of information exist in multiple silos in an enterprise, master data management gathers all these data sources, consolidates them based on source systems trust rules and creates the “Golden Record” in one unique central repository holding the referential trustworthy non-redundant source of data.
Key service details
- Business Need Assessment: Identifying which primary domain to start building an MDM on.
- Business Readiness Assessment: Determining if the organization is ready to undertake a MDM project.
- Discovery: Documenting and modeling essential business data and processes for utilizing common data, identifying all data sources and defining metadata.
- Analysis: Identifying authoritative data sources for the chosen subject area, evaluating data flow and transformation rules, refining the metadata definitions and defining data quality requirements for master data.
- Construction: Building the MDM database, according to the architecture you’ve created.
- Implementation: Populating the database with the first subject area’s master data and associated metadata; defining and implementing access rights; designing change management processes; and assessing data quality levels for MDM.
- Sustainment: Implementing change management internally for the first iteration, while planning and deploying the next one — and then continuing to move forward in similar stages until the MDM program is fully rolled out.
- Training: Introducing and guide both Business and IT resources into the implemented MDM and give them hands on the tools and techniques.
Area of Focus
- Documentation: Provide the solution architecture documents , and installation guides.
- Data Profiling: Check the quality of the data and accordingly create cleansing functions and matching rules.
- Data Integration: Configure the ETL (Extract, Transform and Load tool) to load the source data to MDM.
- Batch / Real-Time jobs Execution: Monitoring and Support.
- Reporting: Provide statistical reports related to MDM completeness and consolidation levels.
- Enhancement: Post-installation maintenance and next steps consultancy.
Benefits of MDM services
- Involve the organization business and IT resources in the master data management processes
- Fast implementation and benefits realization
- Introduce a robust system to the organization that can be relied on.
- Help the organization in the enhancements and expansions plans in its current and future data governance road map.
Benefits of a MDM
Since MDM is availed as a central repository of data, it tends to become more authoritative and acts as a reliable basis of information for all kinds of business operations.
Redundancy is bound to happen if every functional department or customer maintains specific data/information. One of the most important MDM or master data benefits is that it removes data redundancy and makes it centrally located with complete coherence and specifics.
User Access Control
It becomes easier to grant access rights based on an individual’s job/role on master data. This ensures that only specific information is provided to an individual based on the functional requirements.
As you are dealing with centralized data sources in MDM it is easier to take backups, which is extremely helpful during disaster management or loss of data due to corrupt storage source.
Data flexibility is greater in MDM as against other data management techniques; as data storage, changes, availability, and usage are easier to manage.
Increased Usability and Business Efficiency
As MDM makes it easier to use data for most business operations, it increases operational and business efficiency and you will end up with more delighted customers.
A major issue while maintaining multiple data records is that a change made to data at one location remains isolated, and doesn’t reflect at other place. This leads to data discrepancies which may result in major business and customer relation catastrophes. MDM enables master edits or changes that update related record or information at every related location, ensuring data consistency.
Businesses are run on multiple platforms and this mandates data availability on these platforms in a timely and easy-to-access manner. MDM scores here by making data available on all business platforms like physical, online, cloud, SaaS, and so on.
Useful and Effective Data Analysis
Similar, redundant, un-coherent and unrelated data can only give half the benefits; or even worst, wrong data analysis, which may prove fatal for businesses. Through MDM, we can get smart and decision-enabling data analysis, which is crucial.