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What is master data management and what is its importance?

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What is master data management and what is its importance?

Master data management allows you to manage the subset of the organization’s data around important areas such as the customer, the product, and the organizational structure. These elements are often the keys to the organization’s transactional data: for example, a product is sold to a customer and the revenue or costs are attributed to an employee or part of the sales organization. It is vitally important that the information on the master data is correct, as errors can be enormously magnified when used in transactions.

It is also essential that all parts of the organization work with the same version of the Norway Email List master data. Customers no longer find it acceptable to have to change their address or other information multiple times with different parts of an organization just because different computer systems store the information in various places.

Thus, this master data is centralized to be used in the different applications of the organization together with its metadata, attributes, definitions, roles, connections and associated taxonomies. This is why these master data are the key entities that matter most, those that are recorded in transaction systems, those that are measured and reported in reporting systems, and those that are analyzed in analytical systems.

Master data management is more than just an application – it is a composite of people, tools, methods and policies that shape the future of organizations seeking to exploit the value of the corporate information asset. The secrets to its success lie in understanding how master data management turns an organization into one with a strong data governance framework, articulating the roles and responsibilities of data management and accountability, and creating a culture of proactive data quality assurance.

In the traditional world of data and information management, we used to create siled data and applications across the enterprise. The addition of new systems and applications not only resulted in large volumes of data and transactions, but also created redundant copies of the data, and in many cases the same data structure contained disparate values. The final architecture resulted in systems that did not interconnect or integrate with each other. The complexity of processing disparate data in a common reference architecture required hours of manual effort and did not provide a clean, auditable set of results. Each system could give a fractional view of what was happening in the company, but a clear and concise view of the data could not be created as a centralized system.

This is where the need for a centralized data management system begins . With a centralized system the company can create, manage and share information between systems and applications without problems. The efforts to manage and maintain such a system are very simple and flexible compared to a decentralized platform. This approach can save your business time and opportunity costs, while ensuring data quality and consistency.

Managing master data is not a matter of technology . The critical success factor for this initiative is the data experts on business teams who can understand and define the processing rules and the complex decision-making process about the content and Hit post accuracy of the data. Master data management is not the implementation of a technology; As in any technological platform, in this process the role of the manager is that of a facilitator and an enabler.

Master data management is about defining business rules and processes for managing common data across disparate systems across a company. By implementing these processes, data governance and management teams collectively determine the policies, validation, and data quality rules, as well as service level agreements for creating and managing master data across the enterprise.

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