How MDM Solutions help Business Users Manage Master Data
Master Data is data about your business stored across different IT systems. This data holds information about your customers, suppliers, employees and other critical entities that run your organization.
What is Master Data Management? Master Data Management (MDM) is the technology, tools, and processes required to create and maintain consistent and accurate lists of master data. For example, how does a business manager move members within a hierarchy i.e. move the member 'Property, Plant, Equipment' into 'Non-Current Assets' in the hierarchy below? Usually, the Manager has to ask IT for the change and get in line behind all of the other “technical to-do’s” on the list.
Master Data Management software allows business users to easily add members or children within a hierarchy, without engaging the IT department. They don’t have to wait days, or weeks for a change to be made, this can be done automatically within seconds. Master Data Management software allows users to save changes to the hierarchy and automatically apply these changes to the master database. This allows business processes to be run faster and puts the power of changing master data into the hands of business power users, from the desktop.
MDM Solutions give business users:
- Improved insights into the data
- Deeper and more targeted analysis
- Enhanced control over the data
- Assurance of data integrity