LINK ALL OF YOUR CRITICAL DATA TO ONE DATABASE
Master Data Optimization is the technological process by which data is ‘cleaned’ to obtain more accurate insights and reduce processing errors.
As before mentioned Master Data Management (MDM) is the comprehensive method of enabling an enterprise to link all of its critical data to a common point of reference. When properly done, MDM improves data quality. Consequently, it is important that processes and systems be set up to analyze and optimize your master data. The Data which is set up must be ‘cleaned’ to improve accuracy for optimal efficiency.
Thus, Master Data Management/Governance is referred to as Master Data Optimization.
KEY ENTERPRISE INFORMATION
Master data includes the key business information (objects) which is shared across the enterprise.
This information relates to:
- Vendors; and
This data needs to be consistent across the enterprise ecosystem. Preventing duplicate entries for the same object (information). For this reason entries for the same customers can be potentially confusing.
PROBLEMS TO BE AWARE OF
Broken processes, custom code unnecessarily in place, and costly mistakes can all affect your business negatively. Once you have a clear understanding of your master data, it is essential to put in place governance for each business object. A key business process owner is needed to be sure the data stays clean and free of duplication.
Without the proper governance processes such as credit management can fail, and companies can fail to establish vendor scorecards because they could not capture the data needed.
HOW WE MITIGATE THESE PROBLEMS
A comprehensive data management solution protects and manages data from all sources in a single cloud-based system.
These cloud-based services include:
- proactive compliance;
- data analytics;
- legal hold; and
- centralized search.
A centralized view across all data sources provides the best viewpoint for many of these services. For example, if an electronic discovery request asks a company to find and hold all instances of a given employee’s work, being able to perform a single search across servers, laptops and cloud instances makes fulfilling that request much easier. This process is both efficient and cost effective.
With the most innovative industry solutions at our finger tips, NBS Digital Technologies can help your business to transform and become more digitally aware and innovative.