Master Data Management (MDM) is desired for financial reporting, compliance management, supply chain management, privacy, security and more. Unfortunately, businesses are not getting their best return on investment when MDM draws its information from incompatible data systems.
Master Data Management
The implementation of a MDM database allows companies to consolidate and access master data-related information previously spread across incompatible data systems. Where individual data systems were previously disparate, an effective MDM offers an enterprise-wide view of an organization's complete master data. Employing a MDM database allows the totality of an organization's master data to be more easily managed and synchronized across these disparate systems.
MDM has tremendous impact organization-wide. There are major commercial benefits, such as improved business process efficiency, customer care, cross-selling and upselling, to name a few.
Employing Maxxphase Data Compatibility Standards brings incompatible data systems into compliance – all of them conform to the same standards set by our patented methodology. Ultimately, this makes your MDM more effective, unifying previously disparate data sources into one compatible master database.
Master Data Management
Data Compatibility Standards form the foundation of a single, consistent data environment, in which each data system is an integral component of the larger whole. The direct interoperability between each data system in the larger environment and the MDM itself empowers companies to easily integrate all enterprise data, including transactional data, decision support data and other types of content, including documents, presentations and videos.
Maxxphase Data Compatibility Standards doesn't just end within your organization, either. When other organizations employ the same Data Compatibility Standards, their data is now compatible with your data. Companies in the same industry that use the same data compatibility standards can seamlessly share data, supporting extended collaboration and improving cooperation industry-wide.
When data suppliers use the Maxxphase Data Compatibility Standards, their master reference data may be used to directly enrich your organization’s data. Your customer accounts' master data can be integrated with real-time credit scores and banking information from third-party vendors, for example. This real-time information sharing enriches your master data, improving the contextual insights your company receives simply by conducting business as usual. Compatible data suppliers may also open the door to effective customer prospecting in their compatible master data. The possibilities are unlimited with data systems that are directly interoperable.
A Method of Master Data Value Synchronization
The data integration hairball
collect and distribute master data values
Direct Access to All Master Data
Compatible master data may be directly incorporated
into any compatible data system
Incompatible versus. Compatible Master Data Management
Traditional MDM data systems are designed to work with other incompatible data systems, which requires a lot of legwork in moving and transforming data from one system to another and then back again. That excessive data movement and transformation increases overall expenses and total time to market, making incompatible MDM an unwieldy solution.
Maxxphase's Data Compatibility Standards eliminates data movement. Master data is a key component of data compatibility standards as it is one factor used to bind compatible data systems together. Compatible MDM provides a master data management foundation for the entire organization. As such, a compatible MDM database is directly interoperable with any other compatible data systems that use the same data compatibility standards.
In the end, compatible MDM saves a great deal of time and money by avoiding the old, clunky method of relying upon data movement and transformation. Applying data compatibility standards bolsters current MDM methods in several ways:
- Data compatibility depend upon master data to make data systems compatible.
- Data compatibility provides direct interoperability between a compatible MDM database and any compatible data system.
- Compatible master data can be directly and dynamically incorporated into any relevant compatible data system.
In short, by using Maxxphase Data Compatibility Standards, you are implementing a compatible form of MDM, and if you already have MDM, our patented methods upgrade your MDM. Now that is perfect synergy!