Today the biggest pain point experienced by
organizations has been in regards to
inconsistent reporting, non-compliance with regulatory framework. These
problems along with a view that Service-Oriented Architecture (SOA), and
Software as a Service (SaaS) can provide solutions to these problems has prompted a great deal of interest in
Master Data Management (MDM) and
master data maintenance process. This series
seeks to explain what MDM is, why it is important, and how to manage it, while
identifying some of the key MDM management patterns and best practices that are
emerging to be the best.
What Is Master Data Management?
For purposes of this series, we define Master Data
Management (MDM) as the technology, tools, and processes required to create and
maintain consistency and accuracy in your master data. There are a couple of
points to be noted in this definition. One of them is that MDM is not just a
technological problem. In many cases, fundamental changes to business processes
requires changes to be done to maintain clean master data, and some of the most
difficult MDM issues are more political than technical. The second thing to
note is that MDM includes both creating and maintaining master data. Investing
a lot of time, money, and effort in creating a clean, consistent set of master
data is a wasted effort unless the solution includes tools and processes to
keep the master data clean and consistent as it is updated and expanded.
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