If you are taking a master data management solution into consideration, you should understand clearly what basic features that the solution comes with and how each feature is going to benefit you and your company. This article is going to give you a brief explanation for this.
⦁ Master data matching and linking
In addition to pulling all the various sources of data together, your master Data Management solution should come with a matching and linking characteristic.
For some companies, there data would be captured by making use of various systems and applications. For some companies, there has been an increase in the number of silos caused by acquisitions. This is where the data is situated. Thus, it is inevitable that redundancy and variations may take place.
In this case, the matching and linking feature will take advantage of algorithms in order to identify duplication and deal with various entries and turn them into a single record.
Without this function, you will be vulnerable to contacting the same client two times or more as well as listing the same goods for several times. Due to this, your clients will be alienated while the analytical results will be skewed as well. Businesses will not be able to get the right insights if the data comes with a lot of wrong data.
Turning data from a wide variety of sources into one single record plays an important role when it comes to master data management solution. Moreover, master data matching and linking feature will also be able to reduce copies of data, deliver right information into all systems, monitor the integrity of your source systems as well as enriching your records with data from third parties.
⦁ Applying master data business regulations
Being one part of your master data management solution, you need to instruct all the actions or conditions modifying data properly to all people in your company. You should also apply the rules to your business as well.
What is more, business rules should be shared throughout various use cases like data import or carrying out approval processes.
They should be centralized enough for the rules to be updated. Business rules should be adopted directly within the user interface without the need of waiting for backend development.
The advantage of business rules is allowing you to create, apply and control a whole data governance policy. Your opted policy will let you define the data lifecycle for each relevant object kind while determining the workflow for both decision and approval processes.
To conclude, business rules should become a major part in your data strategy in order to govern data quality in a fast and accurate manner.
⦁ The ability to control data location
Subjecting to the law, some customer data must remain in the borders of some certain regions or countries. Data localization takes place when data is situated on any device which is in the borders of the country in which the data comes from.
The free flow of digital data is limited by some governments and data localization can promote security throughout borders. According to the General Data Protection Regulation, personal data can only be delivered to countries outside the European only if there is an assured rate of protection. Due to the fact that the cost of non-compliance is really costly, a lot of companies hope to make sure their customer data to be remained inside the European or even in the original location.
You may not know that managing data location could be really difficult because you have to be sure its geographical origin as well as owning available parameters to limit its usage in other countries if needed. Nevertheless, a master data management data solution should allow you to connect centralized location data with other domains to explore different relationships and relevant data in order to master records.
Your location data could overlap with other data sources in your business and thanks to making analysis for it, you will have the ability to refine your operational information.
⦁ Support the data security and safety
Because the amount of data that your company has to deal with increases day by day, it becomes much more important to set up effective data privacy policies and processes.
Security policies based on different roles in a master data management solution should support users to define the approach rights to each type of data. These rights can be applied to limit actions. This can help protect data which is highly sensitive and private, especially when it is referred to financial issues.
An ideal master data management solution should be able to provide the capability to encrypt data attributes with crypto keys defined by the businesses, thus users will be promoted to enter a password before they are able to take a look at the values. Thanks to this, your company will be less vulnerable to security problems or any attacks that may be caused from outside parties who try to access your data.
⦁ Refine your records by enriching data
Data enrichment is associated to the tools and processes used to improve the quality of data generated from different sources. This is an important factor to get a whole view of your data.
Moreover, cleansing and streamlining data can result in many benefits for your operations and customer experiences because you are able to remove irrelevant and incomplete data then delete it. Nevertheless, from integrating with sources from third parties, you are able to enhance and refine your data further.
Data enrichment process should start by data validation for the information you have already got and then clean it. As soon as you finish it, you can link it with data sources from outsiders to widen your data.
Finally, you will get better records about your customers and products, which will provide you with better insights to make business decisions. With these decisions, your business will be able to succeed in the future.