Understanding Master Data Management (MDM)
Master Data Management forms the basic thread for organization information across business functions. Having uniform data indicates the sense of process maturity, organization discipline and streamlining of business ideas made possible by accuracy of organizational data.
Hence, in today’s article, we will look at Master Data Management (MDM), which was initiated by Amway Global since September 2016. MDM refers to a set of strategies, processes, tools and people to create and maintain a single source of correct, consistent and complete data across all our systems.
How does Master Data Management help our organization:
- MDM helps create reliable views to drive operations efficiently, with a complete view of all data assets. It also enables the creation of an integrated view of products, customers, suppliers, materials and other data sets.
- MDM helps to connect separate sets of data via integration, and there are integration tools that combine data with multiple format attributes from separate data sources. This can provide a single, unified view of all data for analysis.
- Easily govern organizational data for accuracy and accountability via Master Data Management, allowing for an effective mechanism to manage and author data.
Amway’s Data Governance Framework
Amway’s Data Governance Framework sets the stage for all data management within the organization.
As data is the integral part of all information used by all stakeholders, a governance model to protect and use these data is a necessary part of MDM.
- People: Refers to the data owners that govern the data processes and checks and ensures data quality that is the source of information
- Processes: Refers to the processes to extract the right data to be used in different situation or scenarios
- Technology: Refers to the platforms or tools that we use to store, maintain, extract and use the data, while preserving data quality
With this framework governing master data management, data can be used safely, and in a way that benefits the organization.