If data is the new oil, then data governance tools are the drilling rigs. Data management encompasses everything that ensures data is stored and handled in a manner that won’t lead to any data security or compliance breaches. And with data being so integral to business success, data governance tools are essential for ensuring your company has all of its bases covered when it comes to protecting your most valuable asset—data.
With MDM (Master Data Management), you can do virtually anything related to managing data, securing sensitive customer records, merging duplicate datasets across multiple departments, or even tracking changes made by different users within an organization. What’s more, many MDM solutions offer features like searchable metadata schemes and automated workflows, which can make data governance a much easier process for your team.
What is Master Data Management?
MDM is a data management system that aims to provide a single point of reference for all data within an organization. By consolidating data into a central repository, MDM makes it easier for businesses to govern and maintain data quality. This is especially important for companies that have data spread across multiple silos, leading to data inconsistency and inaccuracy.
One of the benefits of using an MDM system is that it can help organizations improve data quality while reducing the amount of time spent on data-related tasks. In many cases, MDM can automate common data management tasks like data cleansing, duplicate record identification, and data synchronization.
Why You Need MDM
Data governance is essential for any business that wants to protect its data assets, and for data-driven companies, MDM can be key to data success. MDM tools offer data management services that help organizations manage data quality by providing data profiling tools, quality metrics, and automated cleansing services—all from a centralized location.
These features make it easy to implement data governance best practices without straining your team’s resources or forcing them to rely on time-consuming manual processes. In many cases, MDM solutions also provide dashboards that let you track how your data is being managed across the organization.
The Benefits of Using Master Data Management Tools
Managing data independently is not the way to go. The data doesn’t speak for itself, even though it speaks volumes. MDM includes data governance tools with data management processes, data quality procedures, formatting, analytics, and data extraction.
Data governance can improve business performance by improving data accuracy and consistency, reducing data management costs, speeding up the time to market with data-driven initiatives, providing better insights from data analytics, and enabling companies to comply with regulations more easily by simplifying data governance and compliance tasks.
MDM solutions offer a wide range of features to help businesses improve data quality and consistency. These features can include data profiling, data cleansing, matching, and de-duplication. By automating these processes, MDM can help businesses improve the quality of their data while reducing the time and effort required to manage it.
In addition to better data quality, MDM systems can also help organizations improve data governance and compliance. Many MDM systems come with data profiling tools to identify data quality issues within an organization or across data sets.
While data governance is critical to data management, many companies still struggle with creating and implementing a solid data governance strategy. That’s where MDM comes in—MDM systems make it easy to manage your data and track changes made to the data set over time for both internal and external data sources.
An added benefit of using MDM is that you can also use it as a central hub for your company or brand information, which allows you to create metadata schemes that encompass all aspects of your business, including the essential links between the different groups within your organization such as marketing, finance, and HR.
Final Thoughts
MDM should be the data foundation for every company that wants to protect its data and maintain data quality. With data becoming more integral to business success, data protection has become critical. And data governance is the key to effectively protecting data across an organization.
Using MDM has many advantages, including better data quality, greater insight from data analytics, and improved data management processes. If you haven’t already considered implementing an MDM system in your organization, it may be time to take a closer look at this valuable data management tool.