It’s no secret that data is today’s hottest commodity. And like with any commodity, you need to develop a way to refine it to effectively use it. Much like you have a refinery to refine oil, you should have master data management (MDM) to refine data.
So what is MDM? Simply put, MDM a business-led initiative that defines how an organization’s most essential data—aka the master data—is managed with an eye towards accuracy (fit for business) and consistency. Master data is one of the key enterprises shared data assets. In addition to master data, shared data assets include public and private forms of reference data and, business and technical metadata. An effective system supports the MDM initiative by helping organizations address data inconsistencies and data inaccuracies, which leads to process failure and poor analytics.
Typically, MDM programs are business-led and include the people, processes, and systems to ensure master data is accurate and consistent. In fact, MDM is a fast-growing market with over $7 billion in revenue globally, growing 16 percent annually. For any enterprise, MDM improves data quality, enables consistency, supports workforce collaboration, and provides a “single view of the truth” for all types of data—data on customers, employees, products, and things— in addition to a standard way to manage and show standard and alternate hierarchies. MDM can help you manage this data and apply it to a number of use cases for your business in operations, analytics, and governance.
However, master data is only one type of shared data asset in your organization. Examples of other shared data assets include: public and private forms of reference data, and physical and business metadata. Because this data is linked together, you need a solution that breaks down legacy data silos, replacing them with a unified data management architecture. This is what makes data more accessible and more sharable across your organization.
One of the best platforms for MDM is TIBCO EBX™ software. EBX™ software is a market-leading MDM solution that helps organizations in a wide range of industries around the world and in a wide range of industries use their data more effectively and efficiently. Learn more about how EBX™ software has helped enterprises manage all their entity data in a single, all-in-one, easily deployed, simply managed solution.