In addition to internal compliance, legal regulations play an increasingly important role in master data management. Your master data management must meet six requirements so that you can be sure at all times that all applicable legal regulations are complied with. At the same time, you also ensure that your master data is adequately protected against unauthorized access and unwanted data leaks. After all, master data occurs in all business areas, as it is the basis for all operational processes and activities. That is why they are also one of the most important intangible assets that your company owns.
A heterogeneous data landscape with interfaces and manual consolidation of your master data gives you no control over what actually happens to your master data. So that you always know what is being done with your master data and that all legal regulations are demonstrably complied with, your master data management must meet these six requirements:
1. Central master database
The most important prerequisite for secure, legal and compliant master data management is a central master data base in which reliable golden records are created, stored, edited and shared. This gives you, in one IT system, all the information that is relevant for all other activities. This centralization of the master data also makes it easier to control and coordinate the collaboration in the master data environment.
2. Access and editing rights
Since all master data is now available in a central database, the appropriate user-defined authorizations must be set. It is granular, down to the level of individual data attributes, who has access and who is allowed to edit. This will prevent illegal and harmful use of data. This also ensures internal compliance, as everyone only sees what they should actually see.
3. Traceability
The origin is automatically documented so that you always know where the individual data attributes come from. For example, in the case of deletion requests, you know which information is to be removed in which IT systems. Furthermore, when changes and additions are made to the database, the user is saved with a time stamp. This gives you traceable documentation of all data movements. In this way, you prevent manipulation or other harmful behavior in your central database in connection with the strict authorization concept.
4. Version history
Your master data is not overwritten when changes or additions are made, but a new version is always created. In this way, the respective complete views of your master data base are superimposed chronologically with a date reference. This means that you always have both historical and up-to-date master data at your disposal.
5. Workflow System
All work processes and procedures in the environment of your master data management are also controlled in the central database. As a result, the user-defined editing and access rights in the central database also apply. The management and maintenance of your master data is not left to chance, and all processes and procedures are adhered to. In addition, you can easily implement control principles such as approvals or the four-eyes principle.
6. Reporting System
Your reporting throughout the company always refers to your central database with all relevant, complete and reliable information. In this way, there is a common understanding of data and the master data is interpreted correctly and uniformly throughout the company when it comes to making strategic and operational decisions. Instead of creating manual reports and analyzes as before, you are digitally supported by the reporting system integrated in the database. This allows you to create historical or up-to-date, complete and reliable reports, analyses, exports and graphs. Of course, the individual access and processing rights defined by you in the central database also apply in the reporting system.
Our multi-domain Master Data Management meets the listed requirements and much more. This means that you always have your master data under control and, at the same time, comply with all legal regulations applicable to your company. Our All-In-One Enterprise Suite is extremely flexible and can be operated with the user-friendly web application, even without any IT knowledge.
