If you are planning to deploy an MDM (Master Data Management) solution, you need to understand its uses and benefits. You need to know how each of the elements of the MDM will help you to achieve more productivity in your workplace.
We are going to look at five benefits and uses of the MDM capabilities that you will be investing in when you deploy Master Data Management tools.
Data Linking and Matching
In most companies, data is usually captured by different applications and systems. For some organizations, the number of silos for data storage has increased, and this can easily cause data duplications and variations of data.
To counter data duplication and variations, MDM has a feature called data matching and linking which uses algorithms to identify duplicate data automatically and help to ensure that there are accurate records of single entries.
In addition, the data matching and linking feature helps to monitor the integrity of your systems, provide accurate information to all your systems, and automate resources demanding on tasks.
Application of master data business rules
When you deploy the Master Data Management tools like that offered by Profisee, you need to introduce actions and conditions that can help to modify the company data; this is where business rules apply.
The business rules that are being applied to the company data need to be shareable across different use cases like data importing or in approval processes.
Business rules need to be centralized, to allow rules to be altered once so that there is an effect everywhere. Business rules should not wait to be implemented from the backend; they need to be implemented in the user interface directly.
Business rules help you to create, manage and apply the governance policy data in the company. These policies enable you to define a lifecycle for the relevant data object types and to define the workflow for approval on data instances.
Managing location data
There is data under the law that is required to stay within a country’s borders. The localization of data is stored in devices that are physically present in the country’s borders where data generation occurs.
Some governments restrict data flow and encourage data localization to promote border security. For instance, the GDPR (The General Data Protection Regulation) states that personal data can be freely shared outside of the EU when there is a guarantee on its protection. Since non-compliance is high, most companies ensure that data for customers is within the EU or within the country where the data originates.
Master Data Management solutions can help the company to standardize the location data using data and integration quality tools. You need to be able to connect location data that is centralized with domains of other locations to find out the relationships to master records.
Supporting data security
As data that your company handles increases, it is vital for the company to ensure that data privacy processes and policies are active. To help you define the data access rights, the MDM solution can help you achieve this using rule-based security policies. These security policies will help to restrict actions to the data and protect private and sensitive data like the ones stored in health and financial services.
An MDM solution will additionally help you to encrypt data attributes using cryptographic keys that are defined by the business so that the users will be required to use a password to view the characteristics of the data. This feature helps you to counter any vulnerabilities that external parties can exploit.
Providing data enrichment
The enrichment of data entails the processes and tools that improve the data quality coming from different inbound sources. It’s an essential element to achieve a 360-degree data view. Streamlining and cleaning data can lead to substantial operational and customer targeted benefits since you can identify irrelevant, incorrect and incomplete data, and delete or modify where necessary to provide a more accurate customer view. However, when you integrate third-party sources, you can refine and enhance the data even further.