Today enterprises require a huge amount of data to manage their businesses efficiently and stay ahead of the curve. Among these data, some are mission-critical data. The whole company and its various departments depend on this data to work coherently. This mission-critical data is what we call the Master Data. Keeping this data up to date with no redundancies, errors, or conflicts is highly crucial to the business’s success.
What Is Master Data?
There are mainly three types of enterprise data. One kind is that data which tells us about the transactions (Sales, Purchase, etc.). These are called transactional data. Based on the sales, Purchase, and other data, we create analytical insights. Data that is related to these analytical insights is called analytical data.
Both the above kinds of data have different contexts. For example, when we sell something, that data is recorded in the context of selling a specific product to one particular customer. This contextual data is what we call the Master Data. It is the data of the products, location, staff, vendors, and every other data upon which transactional and analytical depend. For example, without the data of products, you can’t create sales data as you can’t associate the transaction with any product. Thus, Master Data is the backbone of the enterprise data.
Salient features of Master Data:
What Is Master Data Management?
Master Data Management or MDM is the process of storing the mission-critical enterprise data in a centralised form. The IT department needs to work closely with the business to first identify the Master Data, and only then this data can be stored in an efficient manner. Master Data Management is not just dumping the critical data in a centralised storage system. Master Data Management solutions entail proper categorisation of data. One Master Data can have multiple sub-domains. For example, while creating an item Master Data for a manufacturing plant, there can be two types of items- raw materials and finished goods.
Granularity is the keyword in Master Data Management. There can be a lot of conditional logic when it comes to Master Data creation. For example, both items and their price fall under the purview of Master Data. However, one item can have multiple prices depending upon how much quantity of that item is being bought.
There are various Master Data Management tools that the IT department uses to store and organise Master Data. Sometimes ERP systems are used to store Master Data.
Master Data Management Vs Data Governance
Master Data Management answers the ‘what’ of enterprise data. With MDM, companies decide what data should be counted as Master Data and stored in a relevant way. Data Governance answers the ‘how’ of enterprise data. It determines how the enterprise data should be processed, who should access what data.
Benefits of Master Data Management Solution- Tableau Software
Master Data Management is an excellent way of reducing the complexities associated with enterprise data.
Master Data is the backbone of any enterprise in the modern-day. As the company grows big, its reliance on Master Data increases. Simple questions like, “What is the price of item 1?” or “What is the email ID of our high priority customer no. 5?” etc., will get hard to answer as the items and customers increase with the company’s growth. Master Data Management ensures proper storage of mission-critical data. Efficient handling of Master Data is the key to success in this data-driven world of business. Your enterprise data can be easily managed with Tableau software and Uneecops as a leading partner of Tableau can make it happen.
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