When dealing with master data involving individuals and legal entities, adhering to the principles of data minimization (data economy and data avoidance) is essential, as outlined by the data protection regulations. These principles dictate that data should only be collected, used, and stored when necessary to fulfill a specific purpose. However, implementing these principles can be challenging if your IT landscape has grown historically and consists of data silos and redundant data maintenance, as it becomes difficult to have a clear overview of where data is stored.
In such situations, we recommend the implementation of a centralized, multi-domain Master Data Management solution. Master data related to individuals and legal entities exists across all business areas, including customers (B2C and B2B), employees, suppliers, partners, IT users, clients, directors, and other areas depending on your business model. The diversity of master data impacted by the data economy and data avoidance principles is extensive, necessitating a flexible Master Data Management application that can be utilized across all relevant departments in your company.
Upon a closer look, there are three compelling reasons to introduce our multi-domain Master Data Management:
1. Centralized Data Integration
In the first step, we work together with you to develop a master data model that includes only the relevant data attributes in the central master records, also known as Golden Records. Using the Enterprise Suite (an all-in-one enterprise software), we perform data integration from all existing source systems and files, creating a complete and error-free Golden Record for each natural or legal person. Any duplicates are automatically identified and resolved through predefined workflows. This ensures you always have a comprehensive overview of the stored master data and its association with individuals or entities.
2. Centralized Access Control
The access control and editing permissions are finely-grained, allowing for control down to the level of individual data attributes and files. These controls apply across the entire Goldright Enterprise Suite and the integrated workflow and reporting tool. This ensures continuous compliance with data privacy regulations, as each user is granted access only to the specific data attributes they require for their tasks or purposes. The integrated workflow and reporting tool streamline all processes and workflows, from master data maintenance to reporting, directly within the Enterprise Suite. This eliminates the need for insecure data transmission via email and prevents data storage on publicly accessible servers or platforms.
3. Traceability
During data integration, the origin of data attributes is automatically and transparently recorded in the Enterprise Suite. Additionally, whenever changes or additions are made to your data, a new version is automatically created and timestamped for reference. This ensures you always know where data attributes are stored in the Enterprise Suite, making it easier to respond to data deletion requests or inquiries about data storage. Furthermore, the version history provides access to historical, complete views of your master data at specific dates, allowing you to see precisely how it appeared at that time.
By implementing our multi-domain Master Data Management software, you’ll have the necessary centralized overview of your master data inventory, allowing you to effectively implement data minimization principles throughout your organization in a transparent manner. Additionally, you’ll enhance your data security and potentially meet audit requirements. Our multi-domain Master Data Management seamlessly integrates into your existing IT landscape, regardless of the vendors you’re using. The highly flexible Enterprise Suite can be utilized in all areas of your company. With its No-Code approach and web-based, intuitive user interface, your employees can easily work with our multi-domain Master Data Management, including the integrated reporting tool for generating reports, analyses, and graphical representations.
