Master data management creates a common link to key data using a master file, streamlining data sharing and access across departments or locations. It reduces expenses and creates a more efficient work environment. Access can be restricted to certain data, allowing for customized access for different personnel.
Master data management is the ability to create a common link to all key data using a master data file. The master file, in turn, serves as a gateway to all data as well as serving as a common point of reference in overseeing the use of the data. Using master data management can help streamline the process of sharing common data across different departments or key personnel, eliminating the need for multiple copies of the same data residing in different locations on the network.
Master data management can also come very hand in hand with organizing access to files even in more complicated environments. In case a business has a number of offices across a large geographical area, the use of MDM can help make data recovery from any location quick and easy. Often, this is accomplished by using encrypted login credentials which ensure that data is only available to those requesting access to the master files involved. Using this model, it is possible for departments or offices to synchronize with the master file that is maintained on the corporate server and work with the files needed to carry out their job responsibilities.
While using master data management will work for any size business, the real benefit is for larger companies that maintain multiple offices or manufacturing facilities. Instead of each site creating and using separate key data, the master data management model allows everyone to use the same files. This helps reduce the operational expenses associated with maintaining a network, eliminates some of the work involved in distributing information, and overall leads to a more efficient work environment for all involved.
The beauty of master data management is that you can establish master files that provide broad access to key data, as well as master files that restrict access to certain data. For example, master data management could be used to create a master file that allows sales personnel access to accounting data on customer accounts assigned to each salesperson, while preventing access to sales data relating to customers served by other salespeople . At the same time, a regional sales manager might have access through master data management to view the invoiced revenue generated by all salespeople in his region. The corporate sales manager in turn would have access via master data management to view information about each sales region and its productivity level.
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