Master Data Management and Data Value
Master Data Management (MDM) is a system that enables business critical core data to be entered and maintained through a central application. Security and tracking of the data value changes are built into the process and allows tracking the history of values. Data that is vetted and approved can then be used in the enterprise by other applications. For instance, you can create a master data set for products. Each product would have a unique identifier and be a single view of the product. When a new product is created or an existing product is updated the updates go into the MDM application. Once the data is approved, the information is then available to be sent back to the source applications. The applications can then leverage the data and you have a cleaner more accurate view of products.
Sample Master Data Management Flow
Example of Master Data
Below are examples of Master Data sets:
- Product
- Services
- Customer
- Address
- Employees
- Vendors
- Chart of Accounts
- Business Units
- Pricing Lists
- Sales Quotas
- Sales Zones or Territories
Leverage tools to clean up and the visualize your data to spot issues in your Master Data such as Microsoft Power BI.
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