Master Data Services (MDS) refers to a solution for managing master data created by Microsoft. Managing master data has proven to be an issue for many database administrators and MDS has emerged as an alternative solution. Master data management itself refers to managing organizational data that does not pertain to transactions. This term is ambiguous in its nature as it varies from business to business. This data can refer to items related specifically to the organization itself, like a list of everyone on the employee roster, or it could merely refer to as address information.
Information about any transaction that takes place with a customer is recorded, and that information will never change. Master data management is all about managing the relationship between static transactions. This is a multi faceted process that involves business policies, processes on how data is updated and tools that are used to expedite those same processes.
With this, many organizations are looking for ways to improve management of master data. Fortunately, there are many concepts that businesses can use to do so.
Master Data Management Tips
One of the first things any organization can do is to make sure that this data is managed by the proper people. These come in the form of chief data officers. A survey done by Forrester Research showed that organizations with a chief data officer were able to ensure compliance by over 70%. Accountability is a big first step into making sure that data is secure, and a chief data officer will help govern this data’s usage.
In addition, organizations can go about creating a connected data basis. It can become quite cumbersome to manage data that is decentralized with no strategy to support it. Linking existing systems and replacing them with new ones is a poplar option for many businesses. The most important aspects are coherence, visibility and flexibility so that growth can take place in the future. When certain businesses try to use their data with fragmented legacy systems, they run the risk of leaving huge gaps in between, thus compromising the data’s integrity. Avoid this by ensuring that systems are linked with each other.
Not only should the data be managed correctly, but the metadata needs to be taken into consideration as well. Metadata provides information on certain aspects of the data’s history in addition to its location. Metadata can directly influence a company’s infrastructure, especially when it has to reference the data for certain functions. Managing metadata will help with the classification of information as well as performing a thorough assessment on its value. This will enable you to prioritize data that is truly valuable in the process.
There will also have to be a plan of action in how the data is going to be delivered. Once the data is firmly under an organization’s control, how is it going to be delivered? The most important thing to consider in data delivery is ensuring that the information is relevant and that it is being handled by the right people. Businesses are held liable for providing information on the data that they are processing.
The data being used can negatively or positively affect business functions based on its reliability. Customer data reports can be used to enhance a current service in order to generate new products that address a certain need. Whatever the case, proper data transportation is required so that there is reliable data-driven insight on business functions.
