MASTER DATA MANAGEMENT, WHAT IS IT?
MDM (Master Data Management) is a packaged solution that adds value to the scope of reference data. It impacts organization and practices to leverage data as a driver of digital transformation.
This value is achieved through several typical functionalities, which can be grouped under the following objectives:
1. Quality and single source of truth for reference data
- Ensure data quality (rule applications) and updates
- Collect and manage lists of values and codifications in a single location
- Enrich and validate data through providers: Address correction, enrichment via company databases (Siren, Duns, etc.)
2. 360° view by consolidating data from different sources up to the Golden record
- Collect a business scope from different sources: digital fronts, legacy applications, etc.
- Match and merge into a single record.
- Implement the Golden record vision.
3. Provide a corporate vision
- Model different business objects and their relationships
- Define a shared corporate glossary
- Make data available and enable analytical insights
4. Govern data using MDM solutions
- Overcome constraints of business applications (limitations of internal models, etc.)
- Govern data using roles and privileges.
- Feed all business applications with the richest, most reliable data.
The company’s digital transformation involves leveraging these functions to support business use cases:
- Make data structuring directly usable by applications or digital interfaces.
- Leverage a comprehensive view of a domain to support corporate strategy and innovate through new services.
Repositories most often cover the following areas: third parties (customers, suppliers, etc.), products, services, assets, etc., which can be deployed progressively. The relationships between data from these different domains must also be considered in a multi-domain consolidation.