If we talk about MDM i.e. master data management at a basic level, it is simply the data and information used and accessed by more than two applications/systems in an enterprise. There could be varied forms of data such as employee data, customer data, asset data, product data and location data. Effective management of the master data is mandatory to handle in order to assure whether the universal master data is same everywhere and wherever it is accessed across the enterprise. The ultimate truth is that master data do exist in every organization though it can be named in different companies by different names and no matter whether it is managed in an organized or unorganized manner. MDM is basically an approach taken forward by organizations and companies worldwide to create and maintain accurate, well defined and structured lists of master data. This process is not at all as it seems like; it is much more complicated and tedious to manage because of the following reasons.
•Master data management is not only about tools and technology but also about processes. The deployment of MDM solutions need analysis of how and why data has to be collected and used across the company and might command for changes in the existing defined processes.
•MDM is not as such a methodology or a product implementation process. There are umpteen numbers of vendors and third parties selling MDM tools and other advisory solutions. In fact, some of the MDM potentials and capabilities have been aggravated to some of the best-in big data management tools for better performance. But, there is no as such perfect size that fits all especially when it comes to MDM.
•The platform demands high level enterprise wide commitment, dedication and support. The initial investment and the costs incurring in the same including efforts as well as money are frightening and the initiative could fall at the curb particularly if it is poorly represented and underfunded.
•MDM solutions could be complete waste and useless if there is no apt and well defined data quality procedures and data governance checks. The entire master data management infrastructure should be mature and defined enough in order to get it implemented and deployed.
There are many reasons behind showing interest in MDM Pharma in the last few years. Few of them are mentioned in below.
•Master data is one of the most precious and useful assets an organization can have. Moreover, oftentimes an organization can be acquired only because of its data. This leads to the important fact that it’s mandatory and must to care of your data assets to remain in a lucrative business.
•Over the years, strategies and practices like ERP (Enterprise Resource Planning) and EDW (Enterprise Data Warehousing) have been promising and engaging in fulfilling some of the business needs instantly though in many of them such investments have not resulted in an affiliated and linked view of the data across the organizations. Master data management is one of the other approaches been extensively successful in meeting those desirable and expected goals.
•The demands and pre-acquisitions needed in regulatory compliance, the rising fame and popularity of SaaS (Software as a Service), the significance of consistent and unified reporting and the increasing number of mergers and acquisitions have all made the platform more than a mere necessity rather than luxury specifically among globalized firms.
MDM is an interesting concept and it is not directly linked with cost savings or revenue generation. Though, it is an integral part of the foundation that makes businesses and firms data more useful, beneficial and reliable. As per the promotional stuff related to master data management summit, the process is not a single project task in fact is an ongoing journey. Among all the obstacles and challenges on this path, individual organizations are integrating and blending the MDM approach with the data using conventional business intelligence practices. And, there are many leaders pioneering in the same line amongst which one of the reckoned names is IB Technology.
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