Compare and contrast data management planning tools software#

To start, there are some very well understood and easily identified master data items, such as вЂњcustomerвЂќ and вЂњproduct.вЂќ Truth be told, many define master data simply by reciting a commonly agreed upon master data item list, such as: Customer, Product, Location, Employee and Asset.Д«ut how you identify elements of data that should be managed by a MDM software is much more complex and defies such rudimentary definitions. One of the most important steps in understanding master data is getting to know the terminology. In fact, itвЂ™s not unusual for a company to be acquired primarily for access to its Customer Master data. This master data is often one of the key assets of a company. Or if youвЂ™re ready to dive in, continue your journey below.ДЇor example: A typical ERP system will have at the very least Customer Master, Item Master and Account Master data lists. To meet this challenges, businesses turn to master data management (MDM).Дownload your exclusive copy of the guide to keep in your back pocket. Getting answers to basic questions such as вЂњwho are our most profitable customers?вЂќ, вЂњwhat product(s) have the best margins?вЂќ or in some cases, вЂњhow many employees do we haveвЂќ? become tough to answer вЂ“ or at least with any degree of accuracy.Д«asically, the need for accurate, timely information is acute and as sources of data increase, managing it consistently and keeping data definitions up to date so all parts of a business use the same information is a never ending challenge.

When this occurs, answering even the most basic, but critical questions about any type of performance metric or KPI for a business accurately becomes a pain.

Many businesses today, especially global enterprises have hundreds of separate applications and systems (ie ERP, CRM) where data that crosses organizational departments or divisions can easily become fragmented, duplicated and most commonly out of date.