Blue Ocean Technologies LLC
Business-Driven Technology Consulting



Master Data Management
 

Master Data Management is a framework of processes and technologies aimed at creating and maintaining and authoritative, reliable, sustainable, accurate, and secure information environment. MDM is a data management discipline that allows organizations to actively manage master data (or reference data) across the enterprise, rather than, maintaining it in decentralized departmental system. Integrating master data is sometimes perceived as an technology related issue with little business involvement but in actuality, MDM is a cross-functional, technically complex, process-oriented discipline, affecting data governance of master entities that requires acceptance and support company-wide with top-level business sponsorship.

Blue Ocean Technologies Reference / Master Data Management solutions provide an approach for managing MD such as: Customer, Product, Account, Partner Data, and Security Masters. Within the financial services industry MDM could also be extended to Security Pricing, Marco-economic and Corporate Financial results data. This is due to the fact that this data is used across the financial enterprise for analysis and valuation and should also be subject to the "Single Version of the Truth" requirement. MDM can be defined as the set of technologies, processes and governance that:·

  • Enable distributed, disparate master data consolidation from disparate systems and business lines into a master repository· Includes the cleansing and enrichment of the master data
  • Ensures integration and distribution of the master data as a "Single Version of the Truth" for a consistent enterprise view
  • Master Data Services distributes information to consuming applications, enterprise business processes and BI applications

Analytical systems are also transitioning from purely decision support to more operational involvement. As BI systems have begun to take on this broader role, the relationship between MDM Systems and Analytical systems has also begun to change.

Blue Ocean Technologies see three primary intersections between MDM and BI:

  • MDM as a trusted data source: A key role of an MDM System is to be a provider of clean and consistent data to BI systems.
  • Analytics on MDM data: MDM Systems themselves may integrate reporting and analytics in support of providing insight over the data managed within the MDM System.
  • Analytics as a key function of an MDM System: Specialized kinds of analytics, such as identity resolution, may be a key feature of some MDM Systems.

Blue Ocean Technologies Master Data Management is one of the key enables for the global enterprise.

 

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