Master Data Management
The benefits of cloud-based master data management
Each organisation has a unique journey in the cloud. While agility, nimbleness, and cost benefits are significant factors, a business also measures the maturity of cloud-based solutions from a data security and capability point of view. This is crucial because many businesses handle data that need to comply with regulations, which demand data security.When it comes to a master data management (MDM) solution on the cloud, it should meet the business demands for celerity and agility. It should also prove enterprise-class functionality and scalability.
What is master data management?
Master data management defines how organisations collect, unify, manage, and use large amounts of data. It is a technology-enabled discipline in which businesses and IT work together to ensure semantic consistency, uniformity, stewardship, accuracy, and accountability of data assets. MDM cleanses data from different sources and enriches it to deliver an accurate single source of information. Modern organisations operate in a digital economy, which needs to be responsive and have a connected MDM system that supports real-time operations and is scalable.*
The benefits of master data management on cloud
If you are an enterprise architect or a data management leader in your organisation, you might want to know how MDM can facilitate business growth, efficiency, and agility. Here are some of the benefits of cloud-based MDM:
- Cost efficiency and flexibility:
- Quick implementation and scalability:
- High security:
Choose a plan that is flexible and suits your business requirements for discovering, creating, and managing relationships with critical data.
Cloud data management integrates seamlessly with existing systems. It can upscale or downscale storage and processing capabilities and licencing limits. It does not require an onsite server, which makes it operationally agile.
Storing sensitive information outside a company’s firewalls can be a concern. However, cloud-based MDM systems usually run on Microsoft Azure or AWS, which provide the best resources that are otherwise difficult to afford for a single company.
Embracing cloud-based master data management
An MDM strategy creates trusted data — whether you want to boost customer experience, implement advanced analytics, enhance operational efficiency, or improve governance and compliance. However, a mature implementation of MDM requires you to address these factors:
- End-to-end capability:
- Data catalogue:
- Data quality:
- Data integration:
- Data governance and stewardship:
- Phased implementation:
- Flexible architecture:
A comprehensive MDM solution will bring all the capabilities together to derive maximum business value. Some tools that a complete solution must have include:
A cloud-based MDM should collate and catalogue data from different departments, applications, and data warehouses with the help of artificial intelligence and machine learning technologies.
It ensures that the data is complete and consistent. An MDM system should automatically detect anomalies, resolve conflicts, and add information using third-party sources.
This capability brings together all disparate data in real time.
It defines procedures and policies for data collection, protection, quality, access, use, and retention. Immature cloud solutions often overlook this and increase business risk.
Follow a phased approach with simple use cases and move gradually to more complex instances. A mature MDM should support all the phases as your requirements change and grow.
Choose an MDM structure that resides on modern technology that is scalable, modular, and portable.
How Infosys BPM can help?
Our portfolio provides an end-to-end solution for MDM. It covers advisory, data quality management, and digital transformation with continuous support. We help assess the current data quality of your enterprise with our Data Quality Diagnostic tool, which has a quick turnaround.
The customised services include:
- MDM advisory
- Data quality
- Ongoing data hub maintenance
View our cloud master data management solutions in detail.
*For organisations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organisations that are innovating collaboratively for the future.