In today’s data-driven world, organizations manage vast amounts of data. As enterprises expand and grow business functions, there’s corresponding linear growth in operational data. This encompasses both master data and transactional data. While master data might change less frequently than transactional data, implementing data governance practices and defining data retention policy is crucial to maintaining […]
How to Build a Data Governance Program in 90 Days
For many people in business, the mention of a data governance program evokes excessive red tape, bureaucratic drag, and, most of all, outsiders meddling in daily operations. “What is the preconceived notion about data governance? We are the police, we tell you no, we tell you to stop, we slow you down,” said Sherry Hidalgo, director of […]
How to Win the War Against Bad Master Data
Master data lays the foundation for your supplier and customer relationships. It identifies who you are doing business with, how you will do business with them, and how you will pay them or vice versa – not to mention it can prevent fraud, fines, and errors. However, teams often fail to reap the full benefits […]
What Is Master Data Management (MDM)? Definition, Components, Benefits, Uses
Master data management (MDM) is a set of practices and tools that help organizations define, unify, and manage their most important shared data assets. MDM provides a single, trusted view of key business entities like customers, products, and suppliers, ensuring data consistency and accuracy across all systems and departments. By ensuring master or “golden” records […]
MDM vs. CDP: Which Does Your Organization Need?
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 […]
Automated Data Management Tools
“Why?” a chief technology officer (CTO) may ask when the subject of automated Data Management tools arises. After all, their organization has probably already been storing, archiving, and backing up enterprise data day after day with success. For example, setting up a Database-as-a-Service (DBaaS) from a reputable cloud computing provider, with appropriate access to data, […]
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 […]
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…
Building a Successful Data Quality Program
Creating a successful Data Quality program is essential for any organization seeking to use their data for improving efficiency and better decision-making. Data of poor quality can result in decisions that damage the business. Building a successful Data Quality program helps to ensure the data is of the highest quality, making it both useful and […]
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 […]