What is MDM?
Master data management (MDM) refers to the practice of aggregating all an organization’s critical business entity data (e.g. customer, product, supplier) into one master reference source. As a single point of reference, a properly compiled and governed MDM reference functions as the most consistent and uniform data source.
How does a Master Data Management platform work?
The MDM platform supports an organization's data management strategy by consolidating the entity data into unique or linked instances (e.g. a “Golden” Record) and then using that unique record to aggregate associated data, purge or resolve duplicates, standardize the entity data across other applications, and create rules to continuously resolve, merge, or disassociate the entity records. Together, these functions perform as an authoritative function, creating the ongoing authoritative master data reference source.
An MDM platform uses a broad range of functionalities such as: a master data model, data cleansing , matching, consolidation, and transformation, coupled with data stewardship views to resolve potential duplicates or split an entity when new data indicates two records were inappropriately merged. Together, these functions can reduce costly inefficiencies that arise in businesses that use multiple competing master data sources.
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Who benefits from Master Data Management?
Organizations that benefit the most from MDM include those who need consistency and insight into their core entities (whether customer, product, or other), have complex business architectures, or include multiple, conflicting business segments. MDM can also assist organizations with mergers and acquisitions as a proactive MDM strategy can help ensure new entity data is appropriately integrated. Consolidated views of entities also facilitate downstream analytics and data science by ensuring critical data is not duplicated and generating false insights.
How Precisely can help with MDM
- Enhance your organization's master data management strategy with Trillium Quality or Spectrum Quality
- Spectrum Context Graph delivers a next-generation approach to Master Data Management, data quality and data integration in a single solution.
- Connect helps you build real-time enterprise data pipelines to ensure all entity data is delivered to your MDM in a timely fashion.