Most, if not all, organizations need help utilizing the data collected from various sources efficiently, thanks to the ever-evolving enterprise data management landscape. Often, the reasons include: 1. Data is collected and stored in siloed systems 2. Different verticals or departments own different types of data 3. Inconsistent data quality across the organization Implementing a central […]
Master Data vs. Reference Data
The terms “master data” and “reference data” can be confused fairly easily. Both provide data that changes only occasionally over time and provide data that is designed to be accurate and up to date. Master data provides the accurate information needed for business transactions that are critical to the running of a business – the […]
How to Ensure Data Quality and Consistency in Master Data Management
In the digital age, organizations increasingly rely on data for strategic decision-making, making the management of this data more critical than ever. This reliance has spurred a significant shift across industries, driven by advancements in artificial intelligence (AI) and machine learning (ML), which thrive on comprehensive, high-quality data. This evolution underscores the importance of master […]
Common Master Data Management (MDM) Pitfalls
Leaders need to trust data within the organization to make sound business decisions. So, many turn to master data management (MDM), a solution to get and keep uniform and accurate data that increases business value. Yet, according to Gartner, 75% of all MDM programs across organizations fail to meet business objectives. Moreover, this trend has worsened since 2015, […]
It’s Not Too Late to Leverage AI, but You Must Get Started Today
AI’s potential enchants experts across all industries. For customer support specialists, generative AI solutions have improved productivity by up to 35%. For software developers, AI can handle mundane tasks like repetitive coding and automated deployment, enabling engineers to focus on essential quality-of-code updates…
Master Data Management 101
The management of master data can be described as managing the data that is critical to your business’s operations. Master data management (MDM) deals with managing data that is relatively stable and critical to the business’s operations. The concept of master…
Master Data Management Tools
Master data management uses a combination of tools and business processes to ensure the organization’s master data is complete, accurate, and consistent. Master data describes all the “relatively stable” data that is critical for operating the business. This includes semi-permanent information about products, locations, employees, customers, etc. For example, if a specific customer purchases several products […]
Why Master Data Management (MDM) and AI Go Hand in Hand
Organizations have long struggled with the “eternal data problem” – that is, how to collect, store, and manage the massive amount of data their businesses generate. This problem will become more complex as organizations adopt new resource-intensive technologies like AI and generate even more data. By 2025, the IDC expects worldwide data to reach 175 zettabytes, more […]
The Cool Kids Corner: Master Data Management (MDM) in the Spotlight
Hello! I’m Mark Horseman and welcome to The Cool Kids Corner. This is my monthly check-in to share with you the people and ideas I encounter as a data evangelist with DATAVERSITY. (Read last month’s column here.) This month we’re talking about the current demand for master data management (MDM). What is MDM? Why is it needed now […]
What Is Master Data Management and Why Is It Important?
Master Data Management (MDM) is an important method for developing and maintaining the uniformity and accuracy of the organization’s shared “master data.” Master Data Management allows businesses to improve the accuracy and uniformity of their important data assets, such as customer data, product data, asset data, and location data. Master data can be described as an […]