Data is valuable, but must first be collected and processed before it can be used. That is where master data management (MDM) comes in handy. This interesting information came to us from Business.com in their article, “How to Use Open-source Platforms for Master Data Management.”
MDM is the effort made by an organization to create one single master reference source for all critical business data, leading to fewer errors and less redundancy in business processes. Many companies are currently confronted with these massive tasks on their way to digitization.
Characteristic of master data is that this information remains unchanged over a long period of time and is used as a valid version in several transactions made from multiple locations. By providing one point of reference for critical information, MDM eliminates costly redundancies that occur when organizations rely upon multiple, conflicting sources of information.
The ordering of data and the fact that master data is now readily available on-demand across the enterprise are a result of this shared effort.
Melody K. Smith
Sponsored by Data Harmony, a unit of Access Innovations, the world leader in indexing and making content findable.