What is the master data?
At the core level, Master Data Management (MDM) removes excess and inconsistent versions of the same data in your organization.
3 reasons to use the master data management service for your business
Here are the top three reasons why you should use master data management for your business:
- Free users and professionals
Proper implementation of master data management promotes reduced use of exploratory analysis and management of the master data list, allowing them to focus on other priorities. Domain experts will gain ownership of the data by administering business rules and hierarchies without knowing the structure of the underlying database. Everything can be done well in Excel with tools such as the Excel Microsoft Master Data Services (MDS). There are several keys to this empowerment:
- Users can manage and manage data
- Users define and apply business rules
- Users can optimize approval workflows
- Users can securely iterate through built-in versioning capabilities
- Conformity and credibility of the data
Data quality issues are very expensive and, unfortunately, poor data quality threatens most organizations that do not apply standardized data management practices. One of the main reasons for credibility problems is the lack of domain knowledge. The people most familiar with the credibility and the rules that determine the data in the individual sources are usually the end users and not the computer users.
Applying validation rules and approval workflows in data flowing to the master data management system (such as MDS) ensures the accuracy and quality of your master data. For example, in the case of customer data, some fields are usually left blank or misspelled, city and state. Creating a rule that populates these attributes based on the zip code ensures that the data is not only accurate but can also be used correctly when assigning geographic data to reports. When the rules are set in MDS, all address data that is retrieved intrinsically inherits from this rule. Applying such rules increases the end user’s confidence in using clean, accurate, and credible data.
- Integration of heterogeneous systems
It is very common for organizations to have different separate systems for areas such as customer management, order processing, warehouse inventory, and accounting. These systems are likely to contain overlapping data that is often not stored in the same way, which can make data synchronization difficult. An example is that the order processing system can store reports in its abbreviated format (that is, MA) and that the customer management system can store them under its full name (Massachusetts). Without proper management of master data, managing these allocations across systems can be a daunting task. With master data management apparatus, such as MDS, data from various source systems can be merging and kept in sync for use in the end-user’s enterprise reporting system.
All business processes can benefit from MDM, simply because all applications depend on the master data. With master data everything is handled, from financial reports to customer information, and when the data is properly managed with a solid Master Data Management solution, your company gets the full value of applications and business data. Think of better decision making, greater operational efficiency, better customer satisfaction and higher revenues and profits.