Organisations need quality data to improve processes and results. IT professionals are responsible for creating and maintaining trusted versions of master data. Transforming the effectiveness of business processes is the goal.
The technology to do this must integrate into your existing environment, improve the quality of your data, model and master your data types, and be suitable for enterprise-wide deployments.
As companies increasingly recognise MDM’s promise as a solution to their most urgent business problems, their research leads them to a range of vendor solutions. As you do your own research, you should first understand your company’s unique requirements for accurate, meaningful master data. Then consider these features as you evaluate your MDM options:
- Flexible data model. Your MDM solution should provide standard data model templates as a baseline for quick delivery time and allow you to easily modify the templates to suit your particular data needs.
- Open integration options. Your chosen MDM platform should offer multiple production-ready integration options from proven web services to standard ETL and batch-based interfaces.
- Dynamic implementation styles. MDM should allow you to extract incremental value, letting the data reside where it should, where it makes sense. For instance, storing customer privacy preferences at a central hub while allowing addresses to be maintained by the system that owns them (this is what sets MDM apart from a standard data quality tool).
- Accurate configurable matching algorithm. Your solution’s matching algorithm should be sophisticated and fine-tuned, so it can automate match and link functions as accurately as possible. This not only helps your business identify unique customers and products, it eases the burden of data stewardship.
- Scalable, high-performance architecture. The solution should scale to meet the needs of a growing organisation. It should support bulk data migration as well as sub-second response times over hundreds or even billions of records.
- Easy-to-use data stewardship functions. Your MDM vendor should provide intuitive workflow management functions to quickly address data resolution tasks.
- Third-party data integration and hierarchal data views. Your MDM solution should be able to synthesise third-party data sources and hierarchies with your existing data, providing insight into business relationships.
- Data security and privacy. Your MDM solution can ideally protect data using roles based access controls.
- Initiate Master Data Service® is the world’s most widely implemented master data management product for customer data. It delivers single, trusted versions of critical data assets and their relationships whenever and wherever they are needed.
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