Maxxphase Data Compatibility is an enhancement of traditional Master Data Management(MDM). Traditional MDM provides a consolidated view of master data, while data compatibility offers the means to directly share that master data with other compatible data systems. Beyond this, direct data sharing adds important functionality to MDM not previously possible.
Master Data Management
The implementation of MDM 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 implementation offers an enterprise-wide view of an organization's complete set of consolidated master data. Employing MDM 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. Compliant data systems are compatible. Ultimately, this makes your MDM more effective as your MDM is also a compatible data system. The data of your compatible MDM is now directly sharable throughout your Compatible Data Fabric.
Master Data Management
in the Compatible Data Fabric
Data Compatibility Standards form a standard foundation of each compatible data system, in which each compatible data system is an integral component of a Compatible Data fabric. The direct interoperability between each compatible data system in the Compatible Data Fabric 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.
Direct Data Enrichment
Compatible data systems directly shared data with other compatible data systems improving overall data content quality. Merely adding the Data Compatibility Standards to a data system resolves the conflicts in master data that makes data systems incompatible data silos. Beyond the data quality improvements, this addition of standards also instills direct interoperability across data systems. Because of the direct interoperability, every compatible data system is directly enriched with the data from every other compatible data system. Also, Master Data Management golden records are reusable and shared directly with every other compatible data systems. The results can be best characterized as a Compatible Data Fabric. The entire paradigm of how data systems interact is now significantly advanced.
Today, data breaches are not uncommon in business. Beyond that, many companies are having difficulty complying with new privacy regulations. With Data Compatibility, a business’s sensitive data can be stored in a Compatible Data Safe. This encrypted data is a reusable data component shared with the data of any other compatible data system using direct interoperability. The Compatible Data Safe is an essential addition for businesses that are only possible because of Direct Data Enrichment. Reusable data components become a significant enrichment to the Compatible Data Fabric as a single source of trusted information.