A subset of master data, reference data is used to support operational, analytical, and other governance processes. Errors in reference data can have major negative impacts; For example, analytics mismatches in reference data affect the integrity of BI reports.
Keeping reference data accurate and consistent is the purpose of reference data management (RDM). It’s the essential business-led program (with people, processes, and systems) that works to keep your reference data accurate and consistent. But how do you select a solution for reference data management?
The latest Reference Data Management Field Report from the MDM Institute is a great resource. In it, Aaron Zornes, Chief Research Officer of the MDM Institute:
Provides background on reference data and reference data management
Compares and contrasts solution approaches for RDM
Reviews criteria for RDM solution selection