Master data is the consistent and uniform set of identifiers and extended attributes that describes the core entities of the enterprise including customers, prospects, citizens, suppliers, sites, hierarchies and chart of accounts.Įssential Master Data Management Capabilitiesįlexible and multi-domain.An extensible master data repository with flexible data modeling features provides a centralized view of all relationships between data types, clarifying complex cross-domain relationships, providing a flexible and multi-domain master data software. It is a technology-enabled discipline in which business and IT work together to ensure the uniformity, accuracy, stewardship, semantic consistency and accountability of the enterprise’s official shared master data assets. So, you could define the above criteria for the system to review records and, where necessary, carry out the appropriate merge process.Master data management (MDM) is the core process used to manage, centralize, organize, categorize, localize, synchronize and enrich master data according to the business rules of the sales, marketing and operational strategies of your company. Most MDM solutions offer effective merge functionality. If the first source is deemed more reliable for the postcode, whereas the second field is more reliable for the name and phone number, then define rules that specify the system to follow this approach. In such instances, the system must review the source of each field. With cases of duplication, there are two seemingly similar entries, so what is our process to create the single golden record? If there is crossover but cases of specific difference – such as a postcode change – it is not as simple as creating an automatic case to match and merge.
Golden records management system how to#
The critical question you will face in any MDM solution is how to merge and match apparently duplicate records.
Finally, we must define the criteria that will determine when the data from one source should overwrite conflicting data from a secondary source in our MDM system. Then, we must consider which fields we find to be the most reliable depending on their source. The complexity of implementing a Master Data Management solution stems from defining the workflow that will connect our disparate data sets.įirst, we have to identify every data source that feeds into the dataset. If we manage to compile a single entry, however – the “Golden Record” – every process becomes infinitely more efficient, and we can begin to leverage the data at our fingertips. Whether resulting from incomplete entries, changes that occur over time or some other reason, this is a significant issue for any enterprise that relies on vast volumes of information.Īs you may imagine, if we were to expand the ‘John Smith’ example to include hundreds of thousands of names, the overhead of duplication becomes exponentially worse, with every process draining an increasing volume of resource. When building databases from disparate sources, we often run into the issue of duplication. In reality, we know this is one person and our systems should reflect this for accurate reporting, and for more accurate marketing and sales records. When merging these two databases, ‘J Smith’ and ‘John Smith’ will, without intervention, become two discreet records – a duplication of records will occur. Rather than signing up as ‘J Smith’, John is more likely to fill his name in as ‘John Smith’. Separately ‘John Smith’ registers an online account with the same company’s ecommerce website. To highlight the complexity of data duplication we will use the example of a typical customer of a retailer – ‘John Smith’.Ī shop may record the customer as ‘J Smith’ when delivering an e-receipt and the company’s in-store CRM record will show one customer with ‘J Smith’ in the name column. To explain the concept of duplicated records, we will examine an example to help simplify the subject. Why is the Golden Record Important?ĭuplicated records – the bane of the Master Data Management world. As such, we must first understand the benefits of a golden record. However, where we have multiple databases, working out how to achieve such perfection is hard to ascertain. A fundamental concept within Master Data Management (MDM) defined as the single source of truth one data point that captures all the necessary information we need to know about a member, a resource, or an item in our catalogue – assumed to be 100% accurate. The Golden Record is the ultimate prize in the data world. This is why we all seek the “Golden Record”. Yes, clean data will unlock incredible value for your enterprise inaccurate records, on the other hand, are a significant burden on your team’s productivity. Where ‘big data’ appears to be the skeleton key that will unlock everything and all you want to know about your business, there is more than meets the eye when it comes to understanding your data.
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