Master Data Management (MDM)
MDM is an acronym for Master Data Management. This important and increasingly popular business discipline is designed to eliminate the large number of errors, redundancies, and inconsistencies that exist in today's fragmented, diverse, and disparate information environments. Master Data Management software can help organizations to enhance productivity and boost operational performance by improving information accuracy and data exchange within and beyond the enterprise.
Many companies are making critical business decisions or developing important corporate strategies based on information that is outdated, incomplete, or incorrect. An MDM strategy, with the right supporting technologies in place, can change all that. The primary goal of MDM is to create a single, accurate, and consistent reference point for all common data elements (i.e. products, customers, vendors, employees, hierarchies, etc.) across the many information systems and sources a business maintains. Without Master Data Management, companies may experience countless problems. "Multiple versions of the truth" are likely to lead to inefficient business operations, ineffective decision making, inaccurate forecasting, an inability to adhere to regulatory guidelines, and other issues that can hinder business performance, drain resources, and minimize competitive advantage.
Many MDM initiatives are destined to fail, because companies mistakenly approach them as a single, short-term project. In order to be truly effective and deliver substantial and tangible results, master data management must be a broad-reaching, long-term strategy that combines policies and procedures with advanced technology solutions like data integration, quality management, and governance. Leaders from both the IT department and key functional areas of the business must also be actively involved in order for a master data management strategy to succeed.
With the iWay Omni-Gen Master Data Management Edition from Information Builders, organizations can solve their data consistency challenges. They can obtain a 360 view of their business by easily and economically creating and maintaining a single "golden record" for each of its key business entities. Those golden records can then be seamlessly shared with systems and people organization-wide. Part of the Omni-Gen Data Management Platform, the Omni-Gen Master Data Management Edition delivers a wide range of powerful master data management capabilities in a single, scalable platform, complete with fully-integrated data quality management and data governance functionality.
The Omni-Gen Master Data Management Edition can be integrated within existing architectures, to consolidate millions of records according to easily defined business rules. Unified and validated master data will then be instantly available to ERP and CRM systems, self-service portals, reporting and analytical tools, data warehouses, and other enterprise systems and applications. A broad portfolio of industry-specific solutions are also available for finance, healthcare, manufacturing, retail, and other sectors.
For advice on how to avoid major pitfalls of MDM deployment, check out our complimentary white paper, co-written by Information Builders and our MDM partner, Hub Designs: