It is precisely at this point that our Master Data Management (MDM) comes into play. It enables you to create a common basis for correct, reliable and consistent Master Data (Golden Record) in your company and to centrally maintain, manage, share and, if necessary, edit this data.
Master data and golden record briefly explained.
Master Data includes all data stored in your company that are not in motion and are only rarely changed. They represent the basic information about business objects such as products, raw materials, employees, customers, suppliers, investments and similar things that are required for your business operations and processes. In the case of an electricity meter, for example, the meter number and its location are master data. The annual consumption and the meter reading, on the other hand, are transaction data, as they are constantly changing.
Master data are the lifeline in every company. They are the basis for doing business, developing and innovating in your business areas. Strictly speaking, the master data of your company are the strategic assets that gives you a complete, all-round view of your business. In order to meet these requirements, it is important that you have quick access to clean master data. As a basis for this, a master data set is formed from all data sources, in which all relevant attributes are mapped correctly, traceably and without contradiction. The information about which data attribute was originally saved in which data source is also always retained. This Golden Record is stored in a central system and enables you to access a complete and reliable master data base at any time. The Golden Record is thus the symbol for the development of the information in your master data and their assets.
