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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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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