What is Master Data Management (MDM)?

In large corporations and government  agencies, customer data, product data and other business data spread across multiple sources and applications can lead to inconsistencies and lowered levels of efficiencies in business outcome.  A single source of record with clean and normalized data  is necessary in order to effectively implement a sound data strategy.

Gartner defines Master Data Management as “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.”

MDM @ OMEGA
At Omega, we work with our clients and partners to effectively define, manage and integrate their master data to deliver solutions necessary to improve decision making to drive successful business outcomes. As a technology services company focused on providing end to end MDM solutions, we work through all stages of the lifecycle of an MDM project from assessment to implementation and eventually sustainment.
Current State Assessment
  • Assessment of the organization's enterprise data management framework
  • Understand any ongoing efforts to manage master data
  • Understand existing forms of data governance, metadata management,
  • Understand existing forms of data architecture, data quality management, and data integration practices
  • “As is” snapshot of the current state.
Strategy Development
  • Develop new enterprise master data management framework
  • Initial evaluation and selection of MDM technology
  • High level development of strategic goals and an MDM architecture
  • Vision of “Future State”
Data Discovery
  • Model relevant business data, identify all data sources
  • Define metadata and document processes for utilizing common data
  • Develop detailed MDM architecture
  • Evaluate data flow and transformation rules
  • Refine the metadata definitions and define data quality requirements for master data
  • Identify authoritative sources for the area.
Implementation
  • Identify the relevant products, configure and customize it with a focus on user experience
  • Populate Master Database with the first subject area's master data and associated metadata
  • Define and implement access rights
  • Design and implement change management processes
BENEFITS OF A WELL EXECUTED OMEGA MDM STRATEGY
 New, trusted views of data for improved reporting and decision-making
 Ability to use the data in a consistent way
 Ability to evolve the master data and the management of the master data to
     accommodate changing business needs
RESULTING IN
  Improved customer service, acquisition and customer retention
  Improved improve regulatory reporting compliance and reduced risk
  Improved operational efficiencies through better quality master data
  Faster time to market