Master Data Management
Master Data Management is a set of process and tools that provide organizations a mean to consolidate, synchronize, and maintain a complete and accurate master data. Master Data refers to a list of data that are shared and used by several applications within an organization. The pain that organizations are experiencing around consistent reporting and regulatory compliance has prompted a great deal of interest in MDM. Moreover, due to the nature and the popularity of Service-Oriented Architecture (SOA), and Software as a Service (Saas), companies are driven to have an MDM service in their system
Organizations have multiple applications and services in their system. Although these applications have different purpose, they can all be driven by the same set of data. Therefore there must be processes such as access, update, create, and delete within the company databases. Since these data are used regularly by multiple applications, there are often changes and so the need to maintain the consistency of these data arises. Organizations are often having problem consolidating and maintaining a complete and accurate set of these Data which also known as Master Data.
Besides driven by having multiple applications, the interest in having MDM is usually driven by new company acquisition by an organization. Acquiring new company also means having a new applications and data. Integrating these apps and data into your existing system can be proven difficult without having the right data hub solution. MDM systems are built exactly to address this problem. MDM speeds up the integration effort and shortens the time it takes to realize the expected return on new acquisition.
Here are some key features and benefits of Master Data Management System:
- Speed up application return on investment (ROI)
- Easy integration with new application
- Significantly reduce data reporting (access, update, create, delete) time
- And most importantly, consistent and accurate Master Data
Why should your organization manage its master data? An error in master data can cause errors in all the application that use it. Take an easy example of an incorrect address in customer information which resulted in delivery failure, this could cause problems across all departments such as sales, billing, customer-service, and warehouse. Imagine the time consumed just to fix this particular problem which could be easily avoided if you have an MDM system. Think about mistakes in a larger scale such as incorrect pricing, incorrect account number, this could lead to even larger consequences.
Our MDM solution put companies at ease by consolidating and maintaining the complete and accurate data at all times, Consult with our specialist today on how an MDM system can help your organization.
Want to learn more? Contact Phincon for more information