The basis for efficient master data management is a holistic MDM strategy that is aligned with corporate objectives. This is implemented with the help of established governance and ensures the quality of the master data. An integration of MDM into the business processes and a transparent modeling of the data structure under definition of attributes is essential. For administration, there are technology solutions that can be identified as part of a methodical evaluation process according to individual requirements.
Master Data Management
The growing volumes of data in companies require effective Master Data Management (MDM) to ensure integrity, quality and consistency. This provides optimal support for business processes and data-based decisions.
As fundamental business objects, master data is the virtual capital of an enterprise and is not managed for its own sake. Controlling and managing this master data ensures its quality and integrity to avoid serious problems in business processes.
MDM comprises the strategic, organizational, methodological and technological activities for managing, centralizing and enriching this data. An important aspect is the identification and linking of data from different areas of the company along the value chain. This creates consolidated information about attributes of master data objects and a unified view of the object itself. It should be considered that MDM is not a pure IT topic, but a discipline that requires close cooperation between IT and business.
By structuring MDM properly, master data can be defined in such a manner that it generates the greatest possible benefit for the company in the value creation process.
- A long-term strategy with defined business case leads to a clear impact direction of MDM to achieve an optimal cost-benefit ratio
- With structured governance and clear assignment of responsibilities, compliance with policies and processes can be ensured
- If product, business partner or financial data is available in the required quality, business processes can be optimally supported
- A transparent system architecture that maps the integration of master data in the business processes enables an effective optimization of these processes and better control of changes
- Complete modeling of master data information ensures a company-wide understanding of its use and format
- Efficient and effective master data processes can be ensured through optimized and digitized administration of master data with suitable solutions that can be flexibly adapted
To unleash the full potential of a well-structured MDM, we have developed a model that analyzes, evaluates and optimizes your MDM. Our model is based on best practices and many years of experience from numerous customer projects and helps you to get the maximum benefit from your master data. Let’s find out together how we can improve your MDM and help you being more successful.
Would you like to learn more about our work in this area? Contact us and together we will analyze how we can support you in optimizing your MDM.
HERE’S HOW WE HELP YOU
FACTS, STORIES, OPINIONS
You might also be interested in these COPERNICUS articles: