In this digital era, data is one of the most significant assets for any business. The increasing volume of data in the past few years has made it difficult for companies to manage data efficiently. As companies aim to utilize their data optimally, master data management has become their prime focus.
Master Data Management (MDM) deals with the challenges and opportunities related to unstructured, user-generated, and Machine-generated data.
Establish the Data model by defining attributes, Enumeration setup, the definition of the model (foreign key-related information), Setting default values to the attributes wherever applicable.
DIP helps to assess your master data and do the CRUD (Create, Read, Update, and Delete) operations. This single view is not only used to power more accurate data analysis but is also flexible enough to drive your operational business process.
Transforming data from a multitude of systems into one single, accurate record through the match-merge concept that helps organizations to identify and resolve duplicate entity records and achieve ‘golden record’.
DIP helps in profiling the data for each master data business entry and it is to be managed centrally in a master data repository. The preferred data quality rules must be analyzed by highlighting the key areas of data discrepancy to estimate the business impact.
Consolidation is a key aspect of managing master data. Fusing master data from various siloed heterogeneous IT environments is the customer’s main objective. AMURTA Data Insights Platform provides Data quality services to standardize, cleanse, and match master data attributes during the MDM processes.
Post consolidation of the Master data can be cleansed and governed where cleansing involves standardizing, error correction, matching, de-duplication, and augmentation of the data where governing involves data definition, data quality rules, definition, privacy and regulatory policies, auditing, and access controls.
The ability to integrate and synchronize master data information with existing systems, enterprise applications, repositories, and masters.
MDM creates a single version of the truth about every master data entity. This data has all operational and analytical systems across the enterprise. The key insights will have gleaned from the master data for effective decision making.
Having high data quality standards and using validated data, businesses can take fast and correct decisions, increasing their overall performance.
Cohesive customer experience is gained by a better understanding of customers and their needs by viewing their Historical Data.
Can automatically detect duplicate records quickly and create a “golden record” for your key master data objects.
MDM implementation protects your operations, processes, and information. This can reduce the cost up to 40%
By placing data in one central location and Integrating business data, you can speed up processes and increase efficiency and cut down on wait times.
With one Central Data repository, it is easy to extract, analyze the data, and make well-informed decisions.
MDM application decreases the chances of security breaches and regulatory non-compliance.
MDM solutions not only automate the process of obtaining error-free data but also saves an enormous amount of time.
If you have queries we are ready to discuss how our Data Insights Platform can help you in improving your organization governance process.