What is master data management?

Master Data Management is a process that involves the management of critical data assets to ensure uniformity, accuracy, stewardship, semantic consistency, and accountability across an organization. MDM aims to create a “single source of truth” for important data, such as customer information, product data, and financial data. This definition shifts away from the outdated notion that MDM is a technology, to reflect the reality that master data management is a business capability.

Master data are the objects in a business that provide context for transactions. For example, for a procurement transaction a supplier (person) may provide a service (thing) under the terms of a contract (concept). For a purchase, a customer (person) may buy a product (thing) from a store (place).

Why is data integrity the foundation of master data management?

Data integrity is crucial to the success of MDM because it ensures that the data being managed is of high quality and trustworthy across all systems and departments. If data is inaccurate, inconsistent, or unreliable, it can lead to errors in decision-making, wasted time and resources, and ultimately damage the reputation of the organization.

How does Master Data Management work?

MDM involves a series of processes, enabled by technology, that work together to create a single source of truth for critical data. The process typically involves identifying key data assets, cleansing and standardizing data, and creating a master record that can be used across the organization.

How can we align business and data management?

The alignment of business and data management is critical for an organisation's success. To achieve this alignment, four pillars need to be in place: data strategy, data culture, data monetisation, and data literacy. Data Strategy: A clear data strategy is essential for aligning business and data management. It should outline how data will be collected, stored, managed, and analysed to support business goals. A well-defined data strategy can help identify data gaps, define data standards, and establish a roadmap for data management initiatives. Data Culture: Data culture refers to an organisation's values, beliefs, and behaviours around data. It is essential to foster a data-driven culture that values data as a strategic asset and encourages data-driven decision-making. A data culture can help to promote collaboration, transparency, and accountability around data management. Data Monetisation: Data monetisation is the process of leveraging data to create business value. It involves identifying opportunities to monetise data assets, such as through new revenue streams or cost savings. Data monetisation requires a clear understanding of data value and the ability to extract insights from data to inform business decisions. Data Literacy: Data literacy refers to the ability of individuals to read, understand, and effectively use data. It is essential to build data literacy across an organisation to ensure that employees have the skills and knowledge to leverage data for business purposes. This includes data analysis, visualisation, and interpretation.

AWS Data and Analytics Competency for trusted data

Master Data Management partner, Precisely, has achieved Amazon Web Services (AWS) Data and Analytics Competency status. The designation recognizes the critical role of data integrity in fuelling advanced analytics, machine learning, and artificial intelligence with trustworthy outcomes

This prestigious recognition solidifies Precisely's position for its exceptional proficiency in empowering clients to instil absolute trust in their data repository and processing mechanisms within diverse AWS services. This milestone closely follows the recent announcement of the Precisely Data Integrity Suite securing the Amazon Redshift Service Ready certification, unveiled at AWS re:Invent 2023, further cementing the burgeoning collaboration between the two enterprises.

Attaining the AWS Data and Analytics Competency distinctly sets Precisely apart as a distinguished member of the AWS Partner Network (APN)providing specialized software tailored to facilitate the seamless adoption, development, and deployment of intricate projects on the AWS infrastructure. Earning this accolade requires an in-depth mastery of AWS platforms, ensuring the seamless delivery of solutions within the AWS ecosystem.

The Precisely Data Integrity Suite stands as a global enabler, equipping organizations worldwide with the essential tools to ensure precision, uniformity, and location-based context in their data hosted on AWS. Leveraging the comprehensive suite of data integrity services, clients gain access to invaluable data from both modern and legacy systems in near real-time, proactively identify anomalies, ensure data quality, unveil latent connections, and enhance data with contextual enrichment.

"Businesses leveraging AWS to deliver advanced analytics and artificial intelligence programs need a seamless solution to deliver trusted data quickly and reliably," said Gary Allemann, MD at Master Data Management. "Precisely's approach focuses on agility and ease of use, without compromising scalability, with the new accreditation speaking to the seamless deployment for AWS users."

AWS remains a pillar of scalable, adaptable, and cost-efficient solutions, catering from fledgling startups to global conglomerates. To facilitate the seamless assimilation and deployment of these solutions, AWS has established the AWS Competency Program, aiding customers in identifying AWS Partners renowned for their extensive industry acumen and specialized expertise.

Master Data Management

Align Data, Process, and Governance

For Decision Making and Operational Excellence

Precisely Achieves AWS Data and Analytics Competency Status

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