In an earlier post, I discussed about how to identify the right sources of master data during an MDM implementation. I argued that this step is critical factor for realizing MDM benefits early on. Read more →
Master Data Management solutions tend to be complex for many organizations. This complexity often leads to consumption of additional time making the overall MDM implementation experience painful. Over past few years, we have seen the vendor products advancing very rapidly, primarily to help achieve faster implementation time. But there are lot more ingredients that go into MDM recipe than just having a really cool MDM package.
Originally published on Hub Designs Magazine May 2012
Over the last few years, Master Data has been recognized as one of the most important types of business information to be managed. Organizations are heading in the right direction by implementing Master Data Management (MDM) systems to take control of critical data like customers, products, employees, suppliers, materials, locations, etc.
Recently I wrote a blog post about implementing master data management system to manage product master data. [Here is the link]. In this blog, I listed some of the unique characteristics of PIM projects taking retail industry examples. I was asked to share my knowledge about how products (or more relevantly – services) are managed in financial industry. Here are my thoughts on this topic.
Master Data Management system delivers consolidated, complete and accurate view of business critical master information to all the operational and analytical systems across the enterprise. There have been numerous blogs, articles and whitepapers about how MDM helps organizations achieve business value, different approaches companies take to implement MDM and best practices followed.
In this blog post, I am trying to list down some of the important features the Master Data Management product (or the MDM solution in general) should have so that the organizations implementing MDM can realize maximum benefit from the initiative in a short duration of time.