Across the globe, businesses are increasingly relying on data for decision-making and operations. However, due to the explosive growth of data volume and the diversity of data sources, managing this data to obtain effective insights is becoming more and more difficult.
Master Data Management (MDM) is a methodology and technology designed to help organizations maintain data consistency and accuracy in complex environments, thereby enhancing decision-making capabilities and operational efficiency.
1. What is master data
Master data is key business data that is reused in multiple business processes within an enterprise, across systems and business processes. These data types usually include information on key entities such as customers, products, suppliers, assets, etc. Master data is the foundation that underpins business operations, decision-making and reporting.
Master data is an important data asset of an enterprise . Different from other types of data in an enterprise, master data has its own characteristics:
l Criticality: Master data usually includes key entities in the organization's operations and decision-making.
l Stability: Master data usually does not change frequently.
l Consistency: Master data needs to be consistent across all systems and business processes of the organization.
l Reusability: master data is reused in multiple systems and business processes in the organization.
l Standardization: Master data needs to follow organizational-level definitions and formats.
2. Master data problems in enterprises
Many enterprises face the following challenges in master data management:
1. Data inconsistency and duplication: The representation of the same data in different systems is inconsistent, or there is duplicate data.
2. Poor data quality: wrong, missing or outdated data.
3. Lack of data governance: lack of data governance structure and process, leading to confusion in data management.
4. Insufficient technical support: Lack of effective master data management tools and platforms.
3. Empowerment of enterprise master data management
Master data management provides the following value and capabilities to business operations:
Master Data Management Architecture
l Improve data quality: Through standardized data cleaning, integration and maintenance processes, master data management can significantly improve data quality.
l Improve operational efficiency: By eliminating data inconsistencies, master data management can improve an organization's operational efficiency and reduce errors.
l Facilitate decision-making: By providing accurate and consistent data, master data management can provide better decision support.
l Support compliance: By maintaining consistent and accurate data, master data management can support various compliance requirements.
4. Key processes of master data management
According to the authoritative data management body of knowledge - DMBOK (Data Management Body of Knowledge), master data management covers the following key processes :
1. Master data strategy and planning: formulate strategies and plans for master data management, including the definition of master data, roles and responsibilities, management objectives and standards, etc.
2. Master data governance: define and implement the policies, processes and standards of master data management through the data governance organization.
3. Master data quality management: measure, improve and control the quality of master data through the data quality process.
4. Master data life cycle management: manage the whole process of master data from creation to disposal.
5. Master data security management: protect the security of master data and prevent data loss, leakage and tampering.
6. Master data service: Provide master data query, modification, deletion and other services.
5. Comprehensive master data management solution
OceanMind provides comprehensive master data management solutions , including technologies and services, aiming to help enterprises solve the challenges of master data management. The platform realizes the standardized definition of master data , data quality management , data governance , data life cycle management and data security management and other functions. At the same time, the professional team of Hai Ruisi provides consulting services to help enterprises establish master data strategies and plans, as well as data governance institutions and processes.
Hai Ruisi master data system interface
OceanMind Hai Ruisi is committed to helping enterprise customers improve data quality, improve enterprise decision-making efficiency and compliance, lay a solid foundation for data asset construction, and lay the foundation for enterprise digital transformation!