![]() ![]() Sometimes this critical data is referred to as “enterprise data” or “metadata,” and often includes application-specific attributes, alternative business perspectives, corporate dimensions, reference data, and master data assets. ![]() What is enterprise master data management software?Įnterprise master data management software ensures that business applications are aligned with each other through the consistent use of critical enterprise data elements, such as the chart of accounts. The benefits of master data management software is that it can provide transparency, accuracy, and efficiencies to the manual processes most businesses use when dealing with managing enterprise, product, and customer data. To keep this data in sync, many organizations rely on master data management software. Because of this, reporting and analytic solutions cannot be relied upon to help inform strategic and confident business decisions. Factor in mergers, growth, and globalization, and information can end up located across multiple, disconnected systems and databases, each of which are most likely housing different versions of the same information and of varying quality. When you consider the number of stakeholders in an organization-both internal and external-it can quickly become clear why it can be difficult to access current, accurate, and complete information stored across the business. This lack of visibility is more often than not due to the many disparate enterprise solutions and business functions that author and consume data. ![]() Key stakeholders often don’t know the data source, how accurate it is, or how to increase its value. What are the benefits of master data management?Īlthough everyone in the business uses master data, few people have visibility into its full lifecycle. ![]()
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