White paper

Boost the Value of Information With Master Data Management

Business Intelligence
Participating Company: 
Information Builders

 

Master data management (MDM) is a comprehensive, enterprise-wide technique that comprises data governance, distribution, and administration. It is designed to improve accuracy and streamline sharing by seamlessly linking together and synchronizing the disparate information that exists across a business. With MDM, universally accepted values for key data elements are created, providing all users throughout an organization with a single, correct, up-to-date version of vital business information that can be instantly retrieved and leveraged at any time.

 

As companies expand, merge, and/or globalize, corporate technology environments continue to become more and more sophisticated. They contain a larger and more complex network of diverse applications and databases than ever before – systems that are frequently housed in geographically dispersed locations, maintained by different teams, and seldom well-integrated or synchronized. The results of this can be disastrous. Information that’s outdated or inaccurate will be used to make critical business decisions or develop important corporate strategies. Users won’t be able to access the data they need, when they need it, to perform their day-to-day business activities. Cross-department collaboration will be nearly impossible due to inconsistent versions of the same information (multiple versions of the truth).

 

An effective MDM plan can change all that. Companies who define and implement broadreaching master data management strategies can realize significant benefits, including greater visibility into core operations, improved information accuracy and consistency, increased productivity (particularly for those processes that are highly information-centric), and enhanced data exchange within and beyond the company. Perhaps the most important advantage of MDM is its ability to mitigate corporate risk, increasing the success of compliance initiatives by ensuring the quality of information delivered in response to regulatory reporting guidelines.