Master data management does not always lead to success if it is operated in the environment of a heterogeneous data landscape and the master data is therefore maintained multiple times. The reason is that these prerequisites are suboptimal and lead to poor data quality and an information gap. This is due, on the one hand, to the fact that the data maintenance is complex and therefore error-prone and, on the other hand, to the fact that nowhere is there a complete master data record containing all relevant data attributes.
The path to success in master data management runs via a central database or enterprise suite. This is an all-in-one enterprise software that combines data storage, a data hub, work system, as well as workflow and reporting tools. Independently of providers and IT systems, it integrates into the existing master data landscape and consolidates the relevant data attributes from all existing source systems and source files into a centralized, complete and correct master data record (so-called Golden Record). At the same time, duplicates are detected based on rules and cleaned up using predefined processes in the workflow tool. To ensure that everything is correct and traceable at all times, the origin is documented for each data attribute of the Golden Record. This data integration gives you a constantly available, homogeneous and useful overview of your master data and, in turn, of your business areas.
In order to access the full context of your Master Data, the information integration is then carried out. All relevant direct and indirect relationships between your records and Golden Records are mapped. In this way, the 360° view of your respective business areas is created at the same time and you access the majority of the information content available in your Master Data, which was previously not accessible.
The complete information content of your Golden Records can only be accessed through the data versioning. This gives you permanent access to the complete, historical or current 360° view of your business areas. This is because every time your data is changed or supplemented, a version history with a time stamp or validity is created. This gives you a complete overview of past and current data views with all Golden Records, how you were doing at that exact date.
The Golden Record allows its previously hidden, ultimate power to unfold in the integrated reporting tool. With just a few clicks, you can access reports, analyses, exports and graphical representations that are date-stamped or up-to-date, complete and reliable. You also have access to the required database for target/actual comparisons and developments at any time. Throughout the company, your reporting always refers to your central database with the relevant, complete and homogeneous Golden Records. In this way, there is also a common understanding of data, and the master data is interpreted correctly and uniformly throughout the company when it comes to strategic and operational decisions. This is possible because, through the Golden Record and the 360° view of your business areas, you have the knowledge you need for solid, data-driven decision-making.
For excellent master data management, you need high-quality, complete and reliable Golden Records. They are based on your individual master data model, which we develop together with you before implementing the Master Data Management system. Because Golden Records are only valuable and enable access to the available information content if they fit in with your business processes, workflows and questions.
