Master Data Management (MDM)
Master Data Management (MDM) is a discipline that combines processes, policies, and technology tools to promote the consistency of enterprise information across diverse systems and sources. The complexity of today's information environments, and the potential problems that can arise when information is not properly synchronized among all data assets, has made master data management a critical initiative for many organizations. Companies of all types and sizes are turning to master data management to obtain a more complete and accurate view of their business.
With master data management solutions in place, organizations can overcome the obstacles associated with fragmented application portfolios, disparate information architectures, and system silos with different and often incomplete representations of shared data. Master data management can help reduce redundancies, correct errors, and eliminate inconsistencies to foster a "single version of the truth" that can be shared among the various groups, departments, and units across the organization. This dramatically improves decision-making and other critical business processes, such as reporting and analysis, performance management, regulatory compliance, and risk management, by establishing a single view - a "golden record" - of customers, products, vendors and suppliers, citizens, hierarchies, and other key business entities.
Successful master data management is not a one-time project. It is an ongoing and continuous effort that requires active participation from both IT and business stakeholders. Data integration, data quality management, and data governance/stewardship are essential components of any effective master data management strategy.
The iWay Omni-Gen Master Data Management Edition from Information Builders is a comprehensive, fully unified toolset that ensures consistency, uniformity, and accuracy across all critical data assets. This powerful, scalable, multi-domain environment – part of the Omni-Gen Data Management Platform – allows organizations to enable the rapid creation and efficient maintenance of a single view of their core entities.
With the Omni-Gen Master Data Management Edition, organizations can:
- Obtain a browser-based 360 degree view of golden records mastered across all functional domains
- Interact with a wide array of different data structures, including industry-standard message formats, NoSQL-type repositories, packaged applications, and software-as-a-service solutions
- Assess and visualize data through dashboards, open presentation interfaces, user-driven/interactive execution, or scheduled/batch execution
- Identify related data entities by leveraging deterministic, probabilistic, linguistic, cross language, and weighting techniques for the execution of rules and schemes
- Improve data quality with an embedded real-time data quality engine with support for standardization, validation, cleansing, custom business rules, and integration with external data sources
- Facilitate data governance using an integrated Data Stewardship Portal with customizable workflows for insight and remediation