What is SAP Master Data Management all about?
In today's business where analytics is becoming more important, Master Data Management (MDM) increases the validity of data used to model customer behavior, cross-sell, and up-sell. If your company has various customer touch points or multiple service lines, then MDM will help ensure that you can assemble a complete picture of the relationship with customers. The definition of MDM: “In business, master data management (MDM) comprises the processes, governance, policies, standards, and tools that consistently define and manage the critical data of an organization to provide a single point of reference.” (Wiki)
Managing master data in any business can be tremendously challenging. For most SAP customers, the creation and modification of master data remain a very inefficient, manual process with no clear data ownership and little to no transparency in the process. Most organizations still utilize email and spreadsheet-driven management of data. The amount and detail of data are ever-increasing, especially with omnichannel. Changing regulations and increasing interactions with a complex value chain are forcing organizations to manage master data attributes more accurately and the need for accurate data has grown significantly. Incorrect master data generates high costs across the value chain which impacts the organization’s bottom line.
Governing data at the point of creation and throughout the data
life-cycle is one of the most challenging data management exercises for most
enterprises. Data governance places authority to secure data entry meets
specific standards driven by business rules and compliance to a robust data
model. Data governance consists of processes that ensure strategic data are
managed formally throughout the enterprise. That strategic data cuts across
domains like materials, suppliers, and customers.
> Single source of information across the enterprise
MDM can scrap data integrity issues (if any) across the
organization. Access the data management maturity through asking: Do you have
reports from different sources that don't match? Do you waste time running
multiple apps or business processes that have substantially the same data
domain but different data repositories?
> MDM is a subset of data governance
From a management and performance perspective, MDM can lower
effort to correct identified bad data manually; from management and operation
lenses, it can provide the right data for risk management, either for
operational risk or reputation risk; from a business value aspect, it is
important to make MDM process-driven, not data-focused, and well align people,
process, and technology to deliver business value through the effective data
governance discipline.
> Cost optimization
MDM practice can also lower hardware cost and cost of its
maintenance, by consolidation & removal of duplicate data sources across
the enterprise. Data itself is one of the most invaluable raw assets in
business nowadays; it would take other assets such as storage or software to
manage it well. Hence, effective MDM can produce cost efficiency and business
management optimization.
> The solid Master Data Management can make more accurate and trustworthy analytics (dashboard, reports & others).
Improvement of data quality, getting higher data quality is
halfway of successful analytics. Identification of data quality issues input
points (where are the biggest problems and focus on real problems, not on
subjective feelings). Follow the old wisdom: "Quality has to be designed
in, not inspected out." For a successful MDM implementation, you need to
work out the processes surrounding Master Data from day one, first what is
already there and next how it's going to be processed after the implementation.
MDM can make the reduction of data errors, integrate data sets, enforce data
management processes to execute more accurate and trustworthy analytics, which
can better understand what the customer’s need and improve marketing campaign
success rate; it can also improve sales/distribution effectiveness as the
correct data is available to communicate and collaborate through MDM practices.
> Typical Benefits
·
Ensure trusted and high-quality data.
·
Eliminates the proliferation of incorrect data.
·
Achieves reliable and smart business decisions based on accurate
data.
·
Creates and enforces standards for all categories of data.
·
Improves collaboration between departments and when appropriate
outside of the four walls of the enterprise.
> About Us
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