Master Data Management Best Practices
In this business world, We manage people, inventory, and time. All these things are essential for business but the business that doesn’t care about their data can fall in big trouble after a few times when their business goes ahead. Because data grows unexpectedly and if your data is not accurate, not in proper understanding format then you are going to make bad decisions, inaccurate reports.
Hundreds of company in this corporate world is following proper data management by putting their data in appropriate place. Hence to achieve this we should start with most important information about data.
1. How Master Data can provide efficiency to a business:-
A master data provides decision-making process better to carry your business ahead in right direction. For example, if I am going to buy certain product for business before that I will check my master data that will this be beneficial for me by looking at my master data product chart. After observing my master data I can decide in how much quantity which product I should buy.
2.Collection of data from different sources:-
We collect data from different sources and put that into the data warehouse. But to make proper and accurate decision our data should be in structured format .The redundant data should not be present in our database. In this case industries requires Business Intelligence developer who can retrieve the data from different sources and can provide report on their daily business activities by putting their data in structured format.
3.The role of data model and data container in MDM:-
- Data container: It holds the data that we manage for processing.
- Data Model: A model which helps in validating the data and defines data type of attributes .The data model helps finding the relationships of data like customer to account, customer to product and their location. This data model helps in finding the schema of entity.
Mdm provides fuzzy search mechanism for searching the data in data container. It helps in processing the record efficiently. With the advent of this user need not to type exact word in search bar of data.
5.Handling of data duplication:-
MDM uses data deduplication algorithm to put consistency in data.
MDM puts the track of all dml operation performed on it. This is achieved by putting the record of user and action performed by them with the timestamp in audit table.
MDM provides easy to integrate with third party application and business process. This provides the features of data to process in batch mode.
MDM provides customization without affecting the performance to meet the customer requirement by following agile methodology. This leads to flexible data model and scalable architecture.