The type of organization you run dictates the master data management program (MDM) you’ll need. Choosing the proper implementation style plays a role in meeting regulatory obligations. Improving the quality of data and data accessibility are other important factors.
There are four common MDM implementation styles to choose from. The one you choose depends on your goals, structure, and organization. Let’s look at an overview of these styles and how they help various types of businesses.
The Registry style
Spotting duplicates is the main reason a business uses this style. It accomplishes this goal by examining your source systems and running cleansing and matching algorithms. The registry then assigns unique global identifiers to duplicate records so that it locates a single version of the truth. This style doesn’t send data back to source systems. Instead, it cleans and matches cross-referenced information. The registry style assumes that the source system can manage data quality. It stores the information that’s needed to match data, such as record IDs, source system IDs, and key data values. This information is viewable when needed.
Registry style contains an attribute locator service as a reference for finding the truth value for a data element. If you need a complete view of a customer, each reference system builds it in real time. You’ll need central governance of the data to make sure the record is reliable, however. Those that have a large number of source systems across the globe prefer this style. This approach analyzes data without overwriting information in each source system. Since regulations vary from country to country, you’ll avoid consequences that could come from changing source data. You’ll have a read-only view of the data you need without master data modification. It’s a low-cost way to get rid of duplicates while keeping access to master data. The main drawback of this style is the latency factors.
This set-up stores, maintains, and enhances master data attributes. The hub becomes the source of truth and publishes the data back to the source systems after enhancement. Source systems receive updates published by the central hub, or system, giving consistency in the truth. For the interaction to take place, however, there must intrusion into the source systems. If an organization decides not to invest extra resources into data maintenance, or the data quality in source systems is poor and not current, this is the best system to use. The hub becomes the dominant source of truth and gives central monitoring of data quality. The biggest drawback is the time it takes to set-up this style. Transaction style requires complex ETL rules, intense data reconciliation, and synchronization. This adds time to the project. If you need a quicker fix, it might not be for your business.
This style takes master data from different sources and consolidates it into a single version of the truth, or golden record. The central hub then stores this golden record and uses it for reporting and as the reference point. Any updates to the master data are then sent to the sources. This style allows you to pull master data for existing systems and manage them a central location. Consolidated hubs are a cheap and quick way to manage your data and facilitate business-wide reports. When it comes to MDM implementation styles, this approach is best for analytics and reporting.
This style allows you to establish a single version of the truth in the same way the consolidation style does. The difference is that the hub stores master data while updates take place in the source systems. All the master data model attributes must have consistency. Cleansing must take place before uploading them into the MDM system. Master data changes can happen in both the MDS system and application systems. This makes the style more expensive to deploy than consolidation.
How MDM Helps Your Business
There are different ways MDM helps your business depending on the field you are in.
For Healthcare, you need a system that follows international regulations regarding patient privacy and information management. If patients don’t trust you to keep information private, your company will face stiff fines and a loss in consumer trust. MDM allows you to keep your patient, drug, and employee records secure. Access to information is still available to healthcare providers, but it blocks those that shouldn’t see info. You’ll save money on supplies as well, as MDM technology makes decision making easier and numbers based.
If you work in the automotive aftermarket industry, you know the challenges of sharing information across multiple locations. The industry is now global, with numerous companies operating plants different continents. Every country has their own laws in regards to data and how it’s stored and accessed. The proper MDM system gets rid of information you don’t need. It also gives you access to information in a way that meets global data requirements. You’ll maintain real-time inventory and sales records and be able to track your company’s performance.
Any business model that relies on product based sales needs up to the minute information on their inventory, sales, and market value. MDM systems provide this information, whether you have multiple locations throughout a city or across the country. International grocery locations benefit from the implementation of data management software as well.
Which Of The MDM Implementation Styles Is Right For You?
This question is difficult to answer without knowing the situation your business is in. Evaluating the vision of your business and the data needs of your company will determine which MDM implementation styles are best for you. Since 2000, we’ve helped businesses like yours meet their data needs. If you’re interested in the benefits of master data management, contact us today! We’ll work to find the perfect solution for your business.