Master Data Management

Master Data Management

A well-established strategy of master data management (MDM) ensures the availability of affordable and unique true-date information (so-called "golden record"), but also increases the efficiency of the processes in compliance with regulatory...

A well-established strategy of master data management (MDM) ensures the availability of affordable and unique true-date information (so-called "golden record"), but also increases the efficiency of the processes in compliance with regulatory requirements, and significantly reduces costs https://exclusivepapers.co.uk/.

Master data management is a set of processes and tools to continuously identify and regulate master data of the company (including the reference data). Master data usually contain the company’s essential business information on customers, products, services, personnel, technologies, materials etc. These data experience change relatively rarely and are not transactional.

The purpose of master data management is to make sure there are no duplicate, incomplete, inconsistent data in different areas of the organization. An example of low-quality master data management is the work of the bank with a customer who is already using the loan product, but still receives offers to take such a loan. The reason for improper performance is the lack of actual customer data in the department to work with clients. Master data management approach provides for processes such as collection, storage, treatment of data, their comparison, consolidation, quality control and distribution of data in the organization, ensuring consistency and their subsequent use in the control of various operational and analytical applications.

IBM MDM Server for PIM (Product Information Management) creates uniformity and consistency of product information. This software allows companies to create a single repository of relevant information about the products that can be used across the organization in the implementation of strategic business initiatives. The software includes a module IBM MDM data quality and MDM open platform; it allows one to develop procedures for storing and utilizing import and export data, and allows incorporation of additional components and systems. It has a set of advantages that provide a flexible data model; it can aggregate and publish data from both internal and external sources; it is consistent with existing business processes; it uses the access rights to protect the integrity of information. The main weaknesses of this particular software is the fact that the data management and business performance management are still maturing and may lack efficiency and security.

SAP NetWeaver Master Data Management (SAP NW MDM) is a part of the product SAP NetWeaver; companies may use this software for consolidation, verification and synchronization of master data within the information landscape of the company. It allows a company to apply the agreed basic data both inside and outside the company as well as utilize the aforementioned data within other software products. SAP NW MDM is a key element of the service-oriented architecture of SAP. Its advantages include: consolidation of basic data; the harmonization of basic data; centralized data management; advanced content management; global data synchronization. The main disadvantages of the particular software solution are: limited channel support; maturing stage of development of the “customer data type”; unproven operational MDM.

Oracle Customer Hub is another decision for master data management; it centralizes information from various systems to create the one space of the data about the customer. These data can be used by all analytical systems and functional departments. Oracle Customer Hub offers built-in scalable global model for the basic data, which provides a comprehensive overview of customer information in a clear and understandable manner, and without data duplication. Thus, the main disadvantages of this software are as follows: lack of specific industry data; the program works better with the B2B businesses; limited high-end references.

The best MDM solution for financial organizations is the IBM InfoSphere Master Data Management Server for PIM. The main reason for using this particular product is the fact that it provides extensive functionality for managing product information, including the binding of various facilities located in various information systems and providing information about products, addresses, organizations, and the terms of cooperation with contractors.

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