master data management


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master data management

The administration of the non-transactional data in an organization, such as customers, vendors, employees and products. Such data is contained in "master files," although the term master file has been mostly replaced with the term "database." Master data management is similar to data governance with the focus on the permanent data in an organization rather than transactions. See data governance and master file.
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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.
Master data management addresses the fundamental issue of providing a foundation of high-quality data for operational efficiency, cross-selling and compliance-related efforts.
These four areas will affect how businesses manage data, and what changes IT experts will need to make to their Master Data Management Systems to remain competitive.
Oracle Master Data Management is designed to consolidate, cleanse, and enrich key business data from across the enterprise and synchronize it with all applications, business processes, and analytical tools.
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.
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.