Master data management includes the processed, tools and procedures involved in tying all the data a company has into one single file called the master file. This includes both analytical and reference data. This streamlines data across divisions, and facilitates computing in multiple systems. The objective is to provide processes for gathering, matching, consolidating, persisting, and sending out data across an organization to ensure consistency. Master data management helps in decision making, in speeding up many processes, and thus increases workplace efficiency.
There are many software programs that help with master data management. Many vendors offer packages and products to streamline and ease the process. An efficient vendor master data management system helps with negotiation, enhances product information, and present any incompleteness in vendor data. However, this can be difficult as vendors come from many different organizations, and putting all the data in one place is not easy. This is where master data management comes into the picture.
Master data management solutions involves source identification, data collection, administration, confirming to standards, error checking, error correction, storage, distribution, classification, taxonomy, master items, mapping, data cleansing and data governance.
Some software programs are available, but master data management is not possible without administrators. These people fine tune the process and identify data domains, making it possible for data to fall into the right place without a hitch. The master data management tools at their disposal include networks, file systems, data warehousing etc. One more master data management tool is virtual master data management. This is a new development which uses data virtualization to implement multi-level master data management. The hierarchy can be established virtually.
Master data is transported to other systems in three ways. These are data consolidation, data federation and data propagation.
Verdantis proposes that harmonized master data is the best way forward for companies to implement master data management. It helps increase their ROI on ERP/MRP projects. We understand that successfully implementing a master data management program is no easy task, and involves a large burden on the company’s time, financial capabilities and possibility of errors. Moreover, if done by hand, this process takes an immeasurably large time. Verdantis Master Data Management Solutions helps you out with this with a “make it clean, keep it clean” philosophy. We ensure integrity, intelligent, real-time management of quality, powerful data governance and data modelling capacities, a centralized repository and advanced attribute based search.
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