Master Data Management

In business, master data management (MDM) is a method used to define and manage the critical data of an organization to provide, with data integration, a single point of reference. The data that is mastered may include reference data- the set of permissible values, and the analytical data that supports decision making.
In computing, a master data management tool can be used to support master data management by removing duplicates, standardizing data (mass maintaining), and incorporating rules to eliminate incorrect data from entering the system in order to create an authoritative source of master data. Master data are the products, accounts and parties for which the business transactions are completed. The root cause problem stems from business unit and product line segmentation, in which the same customer will be serviced by different product lines, with redundant data being entered about the customer (a.k.a. party in the role of customer) and account in order to process the transaction. The redundancy of party and account data is compounded in the front to back office life cycle, where the authoritative single source for the party, account and product data is needed but is often once again redundantly entered or augmented. Master data management has the objective of providing processes for collecting, aggregating, matching, consolidating, quality-assuring, persisting and distributing such data throughout an organization to ensure a common understanding, consistency, accuracy and control in the ongoing maintenance and application use of this information.

Sample Architecture

Profisee

Profisee is a next generation master data management company with a mission of innovating data management strategies by providing an easy to use, easy to deploy enterprise MDM platform. The Profisee Platform is a full featured enterprise master data management solution designed to provide the lowest total cost of ownership of any competitive solution, without sacrificing on functionality across all major components of an MDM platform. With a focus on the business, Profisee provides the first MDM solution that is truly approachable and affordable for business data stewards.

Semarchy xDM

Semarchy offers multi-vector MDM through its xDM platform. The platform uses algorithms and material design to make data stewardship and governance collaborative. Semarchy also takes an agile, iterative approach to implementing its xDM platform.

Orchestra Networks EBX

Orchestra Networks offers a variety of solutions to help organizations manage their data assets through its EBX platform. The EBX platform covers multi-domain master data management, reference data management, data governance, hierarchy management and taxonomy management.

Reltio

Reltio is a cloud-based, multi-domain MDM solution. It supports both structured and unstructured data and offers a scalable solution that can meet the needs of smaller organizations and enterprises alike.

Ataccama

Ataccama has a collaborative data curation platform that includes solutions for data profiling and catalog, data governance and quality and master data management. Its MDM solution supports multiple domains, reference data management, hierarchy management and more.

SAP Master Data Governance

SAP Master Data Governance is the MDM solution from enterprise application software provider SAP. The Master Data Governance solution provides domain specific MDM as well as collaborative and pre-built workflows.