Cookies help us display personalized product recommendations and ensure you have great shopping experience.

By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    sales and data analytics
    How Data Analytics Improves Lead Management and Sales Results
    9 Min Read
    data analytics and truck accident claims
    How Data Analytics Reduces Truck Accidents and Speeds Up Claims
    7 Min Read
    predictive analytics for interior designers
    Interior Designers Boost Profits with Predictive Analytics
    8 Min Read
    image fx (67)
    Improving LinkedIn Ad Strategies with Data Analytics
    9 Min Read
    big data and remote work
    Data Helps Speech-Language Pathologists Deliver Better Results
    6 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-25 SmartData Collective. All Rights Reserved.
Reading: The ABCs of Master Data Management
Share
Notification
Font ResizerAa
SmartData CollectiveSmartData Collective
Font ResizerAa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Big Data > Data Warehousing > The ABCs of Master Data Management
Business IntelligenceData WarehousingInside Companies

The ABCs of Master Data Management

Brett Stupakevich
Brett Stupakevich
4 Min Read
SHARE

ABCs of Master Data Management 300x195 photo (business intelligence guide)A:  What is it?

ABCs of Master Data Management 300x195 photo (business intelligence guide)A:  What is it?

At a basic level, “master data” is simply data that is used by two or more applications or systems in an organization.  Common examples found in most companies include Customer data, Employee data, Product data, Asset data, and Location data. “Management” of master data is needed in order to ensure that master data is exactly the same everywhere it is accessed in the organization.

More Read

Image
Getting Real Value from BI Investments
Converting Prospects into Repeat Buyers in Five Steps
Are Some BI Vendors too Quiet?
B2B Social Media – Has Marketing Effectiveness and Efficiency Improved?
Five Ways Self-Service Data Prep Empowers Excel Users

Fundamental reality:  Master data exists in all companies, whether or not it is called master data, and whether or not it is managed in an organized manner.

Master Data Management (MDM) is a plan for creating and maintaining consistent, accurate, and appropriate lists of master data.  This is more complicated than one might think, because:

  1. MDM involves not only technology and tools but also processes. Implementation of MDM will require analysis of how and by whom data is collected and utilized in the company, and may necessitate changes in existing procedures.
  2. MDM is not an exact methodology, nor is it primarily a product implementation.  As usual, there are plenty of vendors that sell MDM tools and/or consultative “solutions.” And–also as usual–MDM capabilities/strategies have been added to some of the big data management tools.  But there is no magic wand or one-size-fits-all approach when it comes to MDM.
  3. MDM requires high-level support and enterprise-wide commitment.  The original investment and ongoing costs (in terms of effort as well as money) are daunting, and an MDM initiative will fall by the wayside if it is underfunded and poorly communicated.
  4. MDM is useless without appropriate data governance and data quality procedures. The entire data management infrastructure must be mature in order for MDM to be effectively implemented.

B:  Why does it matter?

Interest in MDM has been on the increase for the past few years.  Here’s why:

 

  • In many instances, master data is one of the most valuable assets held by an organization—in fact, a company may be acquired (or acquired at a high price) mainly for its data.  So taking care of data assets is good business.
  • Over time, strategies like Enterprise Data Warehousing (EDW) and Enterprise Resource Planning (ERP) have been successful in meeting some business needs—but in many cases these investments have not resulted in a unified view of information across the organization.  MDM is another approach to meeting that highly desirable goal.
  • The demands of regulatory compliance, the importance of consistent reporting, the rise of Software as a Service (SaaS) and Service Oriented Architecture (SOA), and the growing number of mergers and acquisitions have all made MDM more nearly a necessity than a luxury–especially among globalized companies.

MDM is not an exotic concept, and it is not directly (or at least obviously) connected with either revenue increases or cost savings.  It is, however, an important part of the foundation that makes business information reliable and usable.

C:  What’s next?

According to the promotional material for Gartner’s (@Gartner_inc) recent 2011 Master Data Management Summit, “MDM is not a single project, but an ongoing journey.”  Among the challenges on this journey (both for individual organizations implementing MDM and for the MDM industry itself) is integrating the MDM approach to data with traditional Business Intelligence.  For more on why this isn’t necessarily easy, check out the Information Management article  How MDM Changes BI Best Practices and Technology Transfer’s two-part look at Integrating Master Data Management and BI.

Share This Article
Facebook Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

sales and data analytics
How Data Analytics Improves Lead Management and Sales Results
Analytics Big Data Exclusive
ai in marketing
How AI and Smart Platforms Improve Email Marketing
Artificial Intelligence Exclusive Marketing
AI Document Verification for Legal Firms: Importance & Top Tools
AI Document Verification for Legal Firms: Importance & Top Tools
Artificial Intelligence Exclusive
AI supply chain
AI Tools Are Strengthening Global Supply Chains
Artificial Intelligence Exclusive

Stay Connected

1.2kFollowersLike
33.7kFollowersFollow
222FollowersPin

You Might also Like

datafication
Big DataBusiness IntelligenceData MiningData WarehousingHadoopSocial DataUnstructured DataWorkforce Data

The Datafication of People and Stuff and Things

5 Min Read

Why Statistics is the next sexy profession

2 Min Read
big data and AI in gaming
Artificial IntelligenceBig Data

How Big Data and AI Are Set to Transform Online Gaming

7 Min Read
False cloud solutions can lead buyers down a risky path...
AnalyticsBig DataBusiness IntelligenceCloud ComputingCRMData ManagementITSocial DataSoftware

Beware Cloud Washing: 6 Ways to Spot Fake “Cloud” CRM

5 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

AI chatbots
AI Chatbots Can Help Retailers Convert Live Broadcast Viewers into Sales!
Chatbots
data-driven web design
5 Great Tips for Using Data Analytics for Website UX
Big Data

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-25 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?