Master Data Management (MDM) can best be described as an organization's core data repository containing the basic information essential to conducting business. The recording and management of an organization's master data can be attributed to processes and technologies developed in the 1990s. Although, they can be traced further back to the days long before computers were invented. It was manually maintained and was usually the "contact" information core to an organization's business function.
As advances in technology came about, managing the core business data became a defined process that included people, processes, and technology. What had initially been "contact" information expanded into four general domains: Customers, Products, Locations, and Others. Accurate master data was critical when analyzing transactional and non-operational data. MDM grew to be the link that facilitated data sharing between and within organizations – it gained the name "The Golden Record."
Today, we find ourselves inundated with vast amounts of data and struggle to distill relevant insights from the seas of information. There exist many ways to organize data in all varieties of technologies. The challenge remains to add context to data and turn it into useful information in a common language that can be understood and used across the organization.
The Next Generation of Master Data Management has moved from the "Golden Record" to the "Golden Profile." The comparison below outlines the digital transformation undergone by the MDM ecosystem to emerge as a relevant, contextualized system that delivers the right data to the right consumer at the right time.
The Next Generation of MDM forms the foundation of an organization's Data Fabric. It embodies a knowledge graph that connects the business context to the data and ensures data sharing across business units. By connecting data, organizations can leverage customer 360, KYC, Digital Twin, Digital Thread, and AI/ML opportunities through a trusted, integrated, and connected ecosystem.
Key Design Tenets
The Next Generation of MDM is a design concept and not a list of tools and/or applications. The design tenets of Next-Gen MDM that provide unparalleled flexibility and intelligence include:
- Proven and Flexible Data Model
- Container-Based Micro-Service Design
- Graph DB
- Supports CI/CD Pipeline
- M/L Enabled (data integration, data quality, match, auto-merge, ever-greening, event management, data remediation, etc.)
- Security and Access Control
- Audit Trail
- International Languages (include double-byte languages)
- Data Residency Compliant Readiness
- Edge-computing Readiness
- High availability & DR Capable
These design tenets have been developed to fulfill current state requirements and deliver capabilities that extend into the future too. While no technology is "permanent," extensibility is a crucial factor that sets Next-Gen MDM apart.
The starting point need not be intimidating; however, different activities require different skill sets to move the initiative forward. Shaping the new ecosystem calls for shifting some traditional roles and incorporating some other necessary roles.
Mastech InfoTrellis is a globally recognized leader with over 100 Successful implementations of advanced data management solutions. Founded by the original developers of IBM and other MDM product stacks, Mastech InfoTrellis is one among the pioneers of building Next-Gen products, including MDM, C360, and Veriscope.
Embrace the power of data monetization and automated data intelligence and extract maximum value with Mastech InfoTrellis experts charting a measurable path for your Next-Gen MDM integration.