Master Data Management (MDM) comprises the processes, governance, policies, standards and tools that consistently define and manage the critical data of an organization to provide a single point of reference. Our expertise in Master Data Management is why you should choose Right Triangle Consulting for your next program.
The data that is mastered may include:
- reference data – the business objects for transactions, and the dimensions for analysis
- analytical data – supports decision making
In today’s computing world, a master data management tool can be used to support master data management by removing duplicates, standardizing data (mass maintaining), and incorporating rules to eliminate incorrect data from entering the system in order to create an authoritative source of master data. Master data management has the objective of providing processes for collecting, aggregating, matching, consolidating, quality-assuring, persisting and distributing such data throughout an organization to ensure consistency and control in the ongoing maintenance and application use of this information.
Master data management (MDM) is a comprehensive method of enabling an enterprise to link all of its critical data to one file, called a master file, which provides a common point of reference. When properly done, master data management streamlines data sharing among personnel and departments. In addition, master data management can facilitate computing in multiple system architectures, platforms and applications.
At its core Master Data Management (MDM) can be viewed as a “discipline for specialized quality improvement defined by the policies and procedures put in place by a data governance organization. The ultimate goal being to provide the end user community with a “trusted single version of the truth” from which to base decisions.