Key Master Data Management Functionalities

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Key Master Data Management Functionalities

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.

Here is my list of key MDM features.

DATA MODEL
    • Out of the box support for multiple domains like Customer (including partners, suppliers), Product, Location and Account.
    • Efficiently manage relationship between domains (Customer to Account, Customer to Product, and Customer to Location etc).
    • Categorization, grouping and hierarchical management of master data entities.
    • Easy to configure and administer reference master data.
    • Support for localization and internationalization.
DATA QUALITY
    • Configurable & easy to implement simple and complex data validations.
    • Ability to integrate with data quality tools like IBM QualityStage, Trillium.
    • Real time support for standardization of data (Person and Organization names, Addresses, Phone numbers, Email and Identification numbers).
DUPLICATE RECORD PROCESSING
    • Powerful data de-duplication algorithm to remove duplicate records (Or identify duplicate records).
    • MDM product should be able to collect key data elements of master record which is getting added and find duplicates in the repository. This can be achieved by having good fuzzy search algorithm built into the product (As pointed out by Henrik).
    • Ability to easily configure critical data elements required for matching according to organizations requirements.
    • Easy to setup survivorship rules to persist accurate, up to date and most recent information resulting in creation of single record.
INTEGRATION
    • SOA enabled services as I discussed in my earlier post – MDM and SOA: The Perfect Marriage.
    • Support collaborative, operational and analytical styles of implementation.
    • Option to load data in batch mode. (Mergers and acquisitions and initial load of data need a faster, reliable and easy load option).
    • Option to build intelligent rules to notify important events associated with master data.
    • Ability to setup easier integration with 3rd party applications and business processes that consume data. Provide connectors and adapters to propagate data to any application, database in real time.
CUSTOMIZATION OPTIONS
    • Flexible data model and services layer.
    • Extensible business services and ability to build composite business services using existing services to meet specific client requirements.
    • Option to introduce new domains with minimum development effort.
    • High performance, scalable and standard based architecture.
TRACKING CHANGES
    • Audit functionality which capture and retrieve WHO – WHEN – WHY changed the data.
    • Efficient framework to store and retrieve historical information about master data, support regulatory compliances.
    • Track changes coming from source systems and build cross references to each connected system.
SECURITY
    • Ability to integrate with existing active directory products of the organization.
    • Easy configuration of data visibility rules (Who can see what? Who can change what?)

I know this may not be a complete list. So, I request you to provide your valuable comments about the features listed here and your inputs about any prominent characteristics which I have failed to recognize.

COMMENTS

13 Thoughts on Key Master Data Management Functionalities
    Henrik Liliendahl Sørensen
    3 Aug 2011
     12:20pm

    Good list Prashanta.

    One feature often missing in such lists is error tolerant search.

    A good fuzzy search algorithm is one way of avoiding duplicates up front and a good help when users are looking for something in the hub during data maintenance and use.

    1
    0
    Erwin Meerman
    3 Aug 2011
     2:40pm

    Hi Prashanta,

    For me, the list is pretty complete. However, in my personal list, Data Governance (eg. workflow, approvals, etc.) are always high on the list. That’s the organizational part of MDM which is sometimes underexstimated in MDM implementations.
    Or is this covered with your requirement “Option to build intelligent rules to notify important events associated with master data.” in the Integration section?

    Also “business rules” in the data model seem pretty important to me.

    What do you think or am I missing the point here?

    Cheers,
    Erwin Meerman

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    Securing the Master Data « MDM – A Geek's Point of View
    19 Aug 2011
     12:48pm

    […] There should be opportunities to plug in data entitlement rules which define which user/system is eligible to modify which portion of the data as I discussed in my earlier blog Key Master Data Management Functionalities […]

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    Five Key Factors in Architecting a Master Data Solution | Hub Designs Magazine
    21 May 2012
     9:28pm

    […] listed some of the key master data management functionalities on my blog sometime ago. The following points should be closely looked at by the architect while […]

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    Five Key Factors in Architecting a Master Data Solution – MDM – A Geeks Point Of View
    30 Jun 2012
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    […] listed some of the key master data management functionalities on my blog sometime ago. The following points should be closely looked at by the architect while […]

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    Reference Data Management – An Overview – MDM – A Geeks Point Of View
    21 Mar 2013
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    […] features of Reference Data Management Systems Earlier I wrote about key functionalities of a Master Data Management System. Here are some of the key features of a Reference Data Management system […]

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    Luis Paez
    5 Dec 2013
     3:19pm

    There’s another layer of Data Governance that a MDM product could easily bake into it’s platform (or as an add on complimentary product), and that is to provide a way to route the review of a data alert or schema change through a pre-defined group of Data Stewards. We will end up building a round robin method of approval in the long term, possibly in Sharepoint or Salesforce, but it would be a plus if providers had some of the people-centric processes in mind as they build out capabilities.

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    helen
    11 Nov 2015
     7:00am

    We are an automobile manufacturing company, Do you think Informatica would do justice to it?

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    Nargess
    1 Jan 2017
     11:09pm

    hello. i need test plan for testing meter data management. can any one help me? is there a complete documenet about this topic?

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    Salesforce B2B Solution Architect Certification Guide & Tips | Salesforce Ben
    22 Aug 2022
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    […] Here’s why: Key Master Data Management Functionalities […]

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