MASTER DATA MANAGEMENT

Master Data Management programs are vital in achieving digital business success, ensuring your data’s accuracy and consistency throughout your organization.

Nowadays data is one of the most important assets a company can have, and as such, companies strive to optimally use their data across numerous departments and systems. Consequently, maintaining consistent master data across all company platforms is essential. Any changes in records that are not passed through all systems, can lead to outdated and wrong data hindering the outcome of analyses and processes using this data.      

A Master Data Management (MDM) solution strives to ensure that an organization does not use multiple (inconsistent) versions of its master data. It seeks to maintain the ‘single point of truth’ across all platforms, thereby improving data quality while reducing time and cost.  

The benefits of having a ‘single point of truth’ not only lie in the consistency of the data and the efficiency of only having to apply changes in one place, but also in the fact that data compliance is improved by decreasing the chances of security breaches and regulatory noncompliance in any one of the systems 

“Trusted master data is increasingly recognized as a prerequisite for the realization of the digital business, and MDM of customer data is central to that requirement.” – Gartner, inc. 2015 

MDM is comprised of the technology, tools and processes that ensure master data is coordinated across the entire enterprise. MDM programs, although ideal for maintaining data quality throughout an organization, are also complex and require time and effort, especially in the initial implementation.  

At cimt, we approach MDM in a way that provides this improvement in data quality and efficiency across data systems while also taking less time to implement than other on the market MDM solutions. All the while still holding true to the MDM lifecycle of i) maintain, ii) validate, iii) approve and iv) distribute. Moreover, we extend MDM by embedding data quality improvements (such as dedupliation and normalization) in the validation stage of the lifecycle. 

 

Interested in learning more about how cimt can help your organization with MDM? Contact us! And be sure to request our whitepaper on MDM.

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