Master data (Master Data) refers to the data used to describe the core business entities of the enterprise, and it is high-value basic data that spans various business departments and systems. Master Data Management (MDM) is a set of rules, applications, and techniques for coordinating and managing systematically recorded data related to an enterprise's core business entities.
The key activities of master data management include:
• Master data management plan: According to the enterprise-level data model, clarify the business scope, unique source system and identification principles of master data; define the data model (or distribution of master and auxiliary data sources), data standards, data quality, data security, etc. of master data Requirements or rules, and clarify the relationship between the above aspects and the overall data asset management of the organization;
• Master data management execution: Relying on platform tools to realize data synchronization and sharing between the core system and the master data repository;
• Master data management inspection: check the quality of master data to ensure the consistency and uniqueness of master data; record the problems of master data inspection;
• Master data management improvement: Summarize master data management issues, formulate master data management improvement plans, and continuously improve master data quality and management efficiency.
Because master data has the characteristics of high data value, strong stability, small quantity but wide influence, it is called "golden data". As the types of core business entities participating in business activities gradually increase, the management scope of master data will gradually expand, and master data will be expanded from "cross-department" to "cross-organization".
For example, the master data of Haier Group takes "different business forms, same standards" as the overall policy, "consistent standards, complete process" as the goal, follows the management principles of "process controllable, quality gate, regular monitoring, and pre-process" management principles, relying on The group MDM master data management system realizes the unified management of master data across organizations and formats at the group level. With the advancement of the digital transformation process, on the basis of traditional master data such as products/materials, suppliers, customers, etc., data such as employees/organizations, internal companies, banking institutions, subjects, chain groups, parks/buildings, factories, etc. Incorporated into the scope of the group's master data management, there are currently 12 types of standardized master data, thus breaking the traditional understanding of master data, and the management of master data will pay more attention to business scenarios and user experience.
Excerpted from "Data Asset Management Practice White Paper (Version 6.0)"