Master Data Management Market Analysis, by Deployment Type
Summary
Master Data Management (MDM) is a method of helping organizations in linking all critical and important data to a master file.
There is no one tried-and-true approach to establishing a
master data management capability.
As described above,
master data management is crucial.
Master data management addresses the fundamental issue of providing a foundation of high-quality data for operational efficiency, cross-selling and compliance-related efforts.
Master data management helps offer a single, complete view of all master data and provides information essential to business operations by helping to contribute to essential strategies and processes, said Darbyshire at a London conference this week.
Having a bottom-up enterprise
master data management strategy is key to giving executives line of sight over risk controls.
Some carriers have resources and appetite for $100 million IT initiatives in strategic areas such as policy administration systems and
master data management. But more carriers find themselves paralyzed by the lack of immediate return for such large expenditures.
For ICD-10 in particular, adopting a
master data management (MDM) approach can resolve several challenges with implementation of this new code set by establishing a single, centralized, controlled point of reference for disease/procedure codes, rules, mappings and translations that can be applied uniformly to all applications and processes.
Now, data virtualization and NoSQL virtual data warehouse solutions can be deployed in tandem to implement the full spectrum of data management enterprise solutions, ranging from larger-scale data integration projects to the most sophisticated
master data management strategies.