Need for Master Data Management (MDM)
Many enterprises have independent systems for different areas of their business that manage the same master data. Each of these systems, though managing the same master data will likely only store the elements that are needed for its own operation, resulting in no common definition of the master data elements.
In today’s competitive environment, collecting and managing
master data is one of the most significant necessities
for any enterprise to ensure quick, effective and efficient
responses to any critical business situation.
Banyan’s Master Data Management Solution
Banyan Solutions, an ISO 8000 - 110 certified company,
has long since been helping customers consolidate and
standardize their master data using a customized master
data management solution.
Banyan’s customized MDM solution follows the ISO 8000
– 110 principles and is centered on building a specific
set of metadata elements for each type of master data.
The set of master data elements for a specific concept
like ‘Customer’ is decided after gathering and consolidating
all its elements from disparate systems. Also a set of
rules for filling in each element is created and a map
between the existing system’s element and the new system’s
element is created. All records are then extracted from
the existing system, then standardized and populated as
per rules. There are cases in which the existing data
may need to be enriched or checked for accuracy, which
we provide as a service.
The only types of master data with a difference in procedure
will be for inventory/materials/spare parts, etc as
each individual item in the inventory will have its
own template/identification guide. Please refer to the
data cataloging page to better understand this procedure
and its advantages. Our data cataloging solutions complies
with the ISO 8000 – 110.
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for more information on Master Data Management solutions
Banyan’s Customized Master Data Management Software
Once the existing master data is
standardized, it is essential to ensure new data added
into the systems are maintained similarly. As a value
addition to the solution we provide, Banyan offers customized
software with primary features like management of master
data and ability to export this data into several formats
compatible with other systems. Banyan’s master data
management software can be customized to suit your business
environment and specific requirements including export
formats.
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Contact us for more information on Master Data Management
Software
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