Master Data Management

Master Data is information about the key assets in a business. This is the information that keeps your business processes up and running.

Some classic Master Data examples are clients, products, suppliers, employees, locations and accounts. In order to gain high client loyalty, efficient production processes and keeping costs low, organizations need to have absolute control over this information. If not reports to employees and mangers will be inaccurate, business processes will be ineffective or fail and compliance will be difficult.

MDM is about:

  • Having an enterprise focus on data quality
  • Having common business definitions for Master Data
  • Ensuring adequate Master Data to support business processes
  • Securing business driven Data Governance and accountability for data quality
  • Ensuring appropriate maintenance processes around Master Data
  • Ensuring integration of Master Data across the system landscape

MDM involves the entire system landscape including all operational and analytical systems where Master Data is used, created, updated or deleted. It also includes the platform for sharing and synchronizing Master Data with trading and collaboration partners.

You can find more information in Platon's Master Data Management brochure

Master Data what and why?

Thomson Reuters

"Improving our Customer Master Data has reduced our costs, improved our business and our customersí experience."

- Richard Beaven,
Thomson Reutersí Markets Division