openvue
Master Data
What is Master Data?
Master Data is data that describes an organisation's most important data entities such as Customer, Product and Supplier.
It is important to have well managed and governed Master Data since this is foundational information the company needs to run its business and generate revenue. Master Data identifiers are key for ensuring that data can be connected correctly, across different information systems and the right figures are presented in forms and reports. Dedicated systems for handling these identifiers are called Master Data Management, or MDM, platforms.
What are the benefits of managing Master Data?
There are many benefits of having well managed and governed master data.
Some of the most common are:​
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Having high-quality, consistent data and knowing that data can be trusted and used for decision making.
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Being able to connect data from different systems, for reporting and to provide business insight.
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Reducing data errors and therefore streamlining day-to-day business operations.
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Being able to develop data products more easily.
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Being able to make system changes more quickly, in a more agile manner.
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Supporting internal audit and external regulatory compliance requirements.
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Providing an enhanced customer experience.
Why is Traceability important?
Master Data is typically used across the whole business. Consider customer data used in an e-commerce company. The first time customer data is created, it may be via an online form, it is then passed to a CRM system and then to a order management system to process the order, finally being used by logistics for delivery to the customers house. At each stage of the process, different aspects of customer data are used. Some, such as the Customer ID, the Customer Name and Postcode, may flow through all of the main business processes. Traceabilty ensures that the Master Data identifiers are used correctly, throughout the whole end-to-end lifecycle.
How can Openvue help?
Openvue enables data flows to be made visible. This means that the systems used to store and process dat at each stage, is clear and transparent. If a data issue occurs, it can be dealt with in a timely manner, before it has a major impact on operations.
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Openvue supports the investigation of data issues and helps ensure data is trusted and fit-for-purpose.