Master data is representation of business entities such as products, suppliers, assets, spare parts, and customers. Master data elements generally fall into three types:
Master data is important for the business as provides the “golden record” or the “single version of truth” of the business entities for the entire enterprise. Many businesses today have numerous IT systems where most data that crosses organizational departments is fragmented, duplicated, and out of date. When this occurs, answering even the most basic questions on business performance in a timely and accurate manner becomes very challenging.
Master data migration is the process of selecting, preparing, extracting, and transforming master data and transferring the data from one IT system to another. Master data migration typically applicable when you are migrating data from legacy applications to modern applications, during M&A (Mergers & Acquisition) when data is consolidated from multiple systems, introducing a new IT system and so on.
MDM360 is a comprehensive or holistic master data migration (MDM) solution developed after years of research and data migration implementations worldwide. MDM360 takes legacy, disparate and inconsistent master data elements, applies business rules and relevant algorithms, and gives a 360-degree view of a rationalized and cleansed master data that can be used across the entire organization. The high-level architecture of MDM360 is shown below.
The output from MDM360 is the creation of “golden record” or the “single version of truth” of key data domains such as SKU/products, Customers, Suppliers, and Stores. Once there is master data, if the (master) data is right, you have just one place to reference and source your data. If the data is wrong, you just have one place to fix your data! You can share these master data elements across the enterprise and create high quality and consistent transactional data (such as contracts, purchase orders, and invoices) to improve the operations, compliance, and analytics.
Master Data Migration(MDM) is a core component in the data lifecycle if business want to leverage data for improved business performance. Along with MDM, there are many other digitally enabled components such as the software, change management, data quality, leadership, and other domains that help in improving the business performance and its ROI (Return on Investment). As an analogy, MDM is like the foundation of the house. The foundation itself has no value when it coming to living; but the foundation is essential for a good house. On similar lines, MDM is the foundation of a digital solution. This digital solution could be a result of system consolidation due to M&A (Mergers and Acquisition), system implementation as part of IT landscape modernization including cloud migration, system replacement as part of business processes reengineering, to name a few.
In this back drop, a report from MIT says, digitally mature firms are 26% more profitable than their peers. In our experience of over two decades, our clients have seen that a good MDM and a successful digital solution implementation has provided a ROI between 25% to 70%.
The master data cleansing and migration will be successful, if there is a partnership between MDM and the client. The important expectations from the client are:
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