| Master Data Management |
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Large companies often have IT systems that are used by diverse business functions (e.g., finance, sales, R&D, etc.) and span across multiple countries. These diverse systems usually need to share key data that is relevant to the parent company (e.g., products, customers, and suppliers). It is critical for the company to consistently use these shared data elements through various IT systems. MDM also becomes important when two or more companies want to share data across corporate boundaries. In this case, MDM becomes an industry issue such as is the case with the Finance industry and the required STP ( Straight Through Processing ) or T+1 . Other computing paradigms relevant for the core business of large companies are e.g. OLTP transactional computing (used for ERP and other cases where it is vital to make sure that not even a small part of a data set is lost) and DSS ( Decision Support Systems , as one of the basic sources for management decisions); their tasks range from operational reporting to EIS ( Executive Information Systems ). Master data management is not only required to coordinate different ERP systems, but also necessary to supply meta-data for aggregating and integrating transactional data. This use of MDM is necessary for Data Warehouse projects typically incorporated in Decision Support Systems. For this reason, MDM systems sometimes provide a meta-data abstraction layer. Master Data Management solutions tackle the rapidly escalating issues of dimension coordination, integration and reconciliation that enterprises face with each incremental year of systems evolution.An easy to use, web-based master data management system is the missing link between operational/transactional systems, business intelligence and Performance Management systems. Most enterprises have implemented their own special blends of ERP, CRM, Business Intelligence, Financial Reporting, Planning, and other operational systems in order to accommodate unique business requirements. Each of these systems requires the same dimensional information to operate, yet they manage this information independently, which directly affects dimensional synchronization and reconciliation across systems. Master data management software aims to integrate dimensional and master data across BI, data warehouse, financial and operational systems, providing for accurate, consistent and compliant enterprise reporting. Master data management can go beyond data integration. MDM generally has a data governance component. Data governance means having to define clear data owners and users, having clear business policies regarding what is good master data and what is not. Master data management is also about providing continuous reports and alerts to master data owners and the stewards regarding the health of the master data. Recent legislation, such as Sarbanes-Oxley in the United States and new international accounting standards, has driven many enterprises to evaluate their master data management system for the first time. Master Data Management software empowers business users with a best-practice business management process to centralize and directly manage the structure of corporate data. Many organizations are looking to empower their business users to create and maintain Master Data and with the appropriate security release it to their business systems in minutes - without adding the burdens of time and money on their IT divisions. SEE ALSO
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