Master Data Management – A Sophisticated Approach to Data Management

Master data management is a unique technique of managing humungous information in a systematic manner to obtain the desired results. This data can be structured or unstructured, obtained from multiple sources, available in multiple formats, and used for different purposes. All of this can be structured, ordered, synchronized, and modelled to get the desired results with effective data management tools.

Over the decades there have been a multitude of software that generate records, a great number of databases that store different types of records, and state of the art technologies employed in collecting different types of information. What has been lacking is a sophisticated data management tool; a product that can work with these disparate records and provide the desired results; a product that can work with such master data (A collection of all types of records) seamlessly and help us make sense of it.

Master data management is a tool that effectively collaborates info from different sources, consolidates and completes incomplete records, increases the accuracy of the info, provides a generic model for managing such info and allows for the implementation of a data centric approach to manage this information rather than that age old method of process or product centric data management.

This consolidated info can then be used for the purposes of ERP (Enterprise Resource Planning) management, HRMs management, CCRM or SCM. Resultant info from all these systems can in turn be used as master or source for other systems. MDM tool provides immense power in the hands of the operator to gain more insight into the patterns so that useful information regarding the business dynamics can be derived. This information in turn can be used to improvise the business operations; to make sure that the business is moving in the right direction and to determine with reasonable certainty whether or not a particular initiative can produce the desired change in the bottom line.

MDM is an effective tool to make sense of crude or the unstructured data. It allows for modifications and improvisation to disparate data from different sources to obtain the desired outcome. Such outcome can provide great insights into the behaviour and effect of data and in turn the associated business processes.

MDM Solutions:

• Effective collaboration of data from different sources
• Consolidation and completion of data
• Increase in accuracy of the data
• Provides a generic model for management
• Data centric approach to management of data