Data in an organization often comes from various sources and is handled by different people. It will cause redundancies and inaccurate data. The more a business grows, the more data will accumulate. The complex data will then get harder to maintain without a tool that would ensure better data quality management.
What is Master Data Management?
Master Data Management (MDM) is a technical process of integrating various scattered data in an organization under one roof. This technology ensures the uniformity and consistency needed for the business to be effective and to grow exponentially. It helps to reduce data errors and improves efficiency to make better business decisions.
This single-point reference of data goes through various stages of cleansing unorganized data, purging duplicates, standardization across all platforms, merging, and consolidating into the golden record as master data.
How does Master Data Management work?
Businesses seek IT teams to enable a structure to compute multiple system architectures, platforms, and applications of data sets piled up under various streams inside their organizations.
MDM can branch out to varied domains like the product, material, vendor, location, asset & customer. In each of these domains, unsystematic data are collected and consolidated.
Having structured data in one place reduces redundancies and inefficient information. The chance of data quality deterioration increases with increasing master data. Hence, data governance is vital to maintain accuracy. The business and IT team will have a cloud database to continue working effectively even in the future.
How can Prosol help in Master Data Management?
Prosol is a real-time Master Data Management software tool by CODA technology solutions Pvt. Ltd
- Prosol provides customers to intelligently govern and synchronize materials data across multiple applications and systems.
- Allows Enterprises to adopt their own classifications and attribute ranking mechanisms.
- Provides a custom template engine that can help enterprises generate Material codes that adhere to their policies while leveraging Industry standards like UNSPSC as the underlying foundation.
- Allows multiple templates to use for different material categories.
- Enhances Procurement Optimization by avoiding intentional and unintentional excessive purchases.
- Leveraging OEM and OPM Vendors’ product similarities comparison to decide on a supplier can result in significant input-cost reduction as OPM vendors can be very cost-effective than OEM suppliers in most cases.
Now you know what MDM is and how it works. Chat with experts to learn if Prosol is the right tool for you.