Master Data Management- The Data Treasure!

Data is primarily the most valuable resource of any enterprise and the success of the company lies in the management and proper utilization of the data. Managing all the data in its valid form, from multiple sources, modules and integrating it as whole is vital to achieve the best data management strategy. The need for having accurate and standard master data has gained the utmost priority with increasing attention on regulatory compliance, service-oriented architecture (SOA) and quality outcome.

A company providing customer services, selling products or managing assets has number of master modules with mixture of information. The associations that exist between these modules to give a complete representation are many times scattered across various files. Master data comprises all of these main modules, which may be categorized as- People (customers, employees, and user), Things (products, assets, stock), Concepts (contract, license), Places (geographic locations, departments). Master data includes all the entities and their workflow updates put together.

The small modules of master data held by a company are being used by multiple applications for diverse purposes. If there is no way to synchronize and update the data, it can impose integrity issues. Consider an example; an incorrect customer contact detail can make all the transactions go at a wrong place whereas the real customer may be waiting. Similarly inaccurate set of details of employee can make him assign wrong job or a missing product detail may cause a big loss in stock. For the deterrence of such problems, master data must be in place; must be consistent and correct.

Even in the case of mergers and acquisitions, where the company expands its business, the amount of data to be handled scales as well; a unification of the entire master data and data management is must.

Master data management (MDM) is a methodology of providing an enterprise a technique to link all of its critical data to one file- a master file, as a common point of reference. Master data management aims to achieve the single data view with collection, aggregation, matching, consolidation, quality-assurance, persistence and distribution of all the data throughout an organization and applications to ensure consistency and keep a control on wherever this data is accessed. Master Data Management is a technology innovation that helps the company to maintain an accurate set of data records in a single centralized repository with controlled access.

Master data management strategy involves the powerful Fuzzy search algorithm which is integrated into our MDM to retrieve the exact and efficient search results.

Data retrieval is no more a complicated task, as our tested software delivers the best data management practices that organises your master data in a fundamental way. 

Implementing our MDM services gives you the advantage of having all the relationships and the reciprocal relationships within the organization and between the customers synchronized for a complete view. It takes to the highest degree of understanding and analyzing the data with a wholesome of relevant details.

iTouchVision has the clients using its Master Data Management Software Solution to capture people, organisations, contacts, partners and 3rd parties in one cleansed, complete, consolidated and centralised location. To know more about MDM implementation and benefits for your business, sign up for a demo and speak to the experts. You may find us discussing more on Facebook, Twitter and Linkedin.