Hello community members,
I work at a Tech. Services company.
Currently, I'm looking for the best Master Data Management (MDM) solutions to combine and master SCADA and financial data? We have up to 200 solar sites. Most digital asset management tools don't master and consolidate data.
Can you recommend a good MDM solution?
I appreciate the help!
Enterprise MDM Architect / Solution Arch at a energy/utilities company with 10,001+ employees
Jun 16, 2022
Hi @Desty Ondo Obou,
Digital Asset Management tools enable ingestion, storage, search and sharing of digital assets like Word documents, images, videos and so on. Typically these digital assets are associated with the master data (products, financial, customers, etc.). But the master data is managed elsewhere, either in the natural sources of these datasets or specialized MDM/PIM-related tools. Such setup is very common in retailers.
Depending on the data domain, your technology stack, and functional and non-functional requirements you can consider various tools. Finance data can be managed, for example in SAP MDG-F or you can evaluate multi-domain MDM solutions that will allow you to freely model your master data entities. Informatica MDM and Enterworks MDM are just two examples.
If you need more details, you can drop me a line and I am happy to help.
I work as a Program Leader (Supplier Core Data Management) at a Distributor company with 10K+ employees.
I have a couple of questions about the Master Data Management (MDM) domain architecture:
If we make an MDM application as a point of master data (i.e., supplier, customer, product, location, asset, etc.), how do these top 5 MDM applications support an intuitive/user-friend...
An MDM software should address all issues you pointed out.
My experience is with Stibo Systems, which offers a Multidomain Master Data Management platform.
The Multidomain MDM solution is a single platform that connects and integrates any number of master data domains based on customer business needs. The most common data domains are:
But several others can be included as well.
As a centralized, enterprise-wide system that collects and consolidates data assets across business systems such as ERP, CRM, and external sources. Multidomain MDM provides rich and high-quality data that can be shared across all channels inside and outside the enterprise to deliver relationship integrity.
It is not for IT users only; the purpose of the solution is to provide business benefits for business users through a user-friendly web interface, for them to manage their master data.
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A brief informal answer is that Master Data Management is a very specific data architecture to sustain a high-quality system of record aka "golden records" enabled by specialized MDM hub technology.
Data Governance covers primarily the people and process elements of data management through the implementation of associated organizational structures, roles, responsibilities, processes and standards in order to sustain well-managed and reliable data across the organization.
MDM and DG are complementary and each supports the other.
Data Governance (DG) is managing the data used in an organization for security, usability, availability and integrity. A sound data governance program includes a governing body or council, a defined set of procedures and a plan to execute those procedures.
Master Data Management (MDM) provides new tools, techniques and governance practices to enable businesses to capture, control, verify and disseminate data in a disciplined fashion. Combined with tools for data quality management, this provides the trusted information foundation that companies base their analytics on.
MDM solutions are more related to the technical process about data model (customer, supplier, material, products) and process for capture data, enrich data, quality of data, matching capabilities to avoid duplication, golden rules for records surviving, parse/parsing, etc.
Data Governance is more related to the Central Process - to create a specific workflow to request and process requests for the creation and update master data through workflow orchestration with approvals and enrichment under governance with visibility of the process and SLA´s Indicators.
You need to define a model for central or federate governance and create specific teams (with a responsibility) like Custodians, Stewards, Owners for each type of master data, and so on.
The DG solution addresses mainly business glossaries, policies, rules, meanings, complainces like GDPR, DG worflows, table references, data catalog, data flow (lineage, impact) and data profing; MDM must manage the main data of the business domains (customers, suppliers, products ...) however MDM must provide meanings of terms/semantic and definitions of the master data, so there is an intersection area between both; DG is a umbrella and MDM is focused on specific subset of definitions.
Data Governance is a collection of practices and processes which help to ensure the formal management of data assets within an organization.
Master data management is a technology-enabled discipline in which business and Information Technology work together to codify and ensure the uniformity, accuracy, stewardship, semantic consistency and accountability of an enterprise's official shared master data assets. MDM is the systemic technology that enables and enforces Data Governance.