Master Data Management Certification
The number of discussions related to managing big data sources for its usefulness is increasing in the last few months. In business enterprises, many believe that big data will foster innovation, increase profits and maximize business value. However, there are certain key defined characteristics in big data that makes it difficult to tap its full potential. Organizations desiring to leverage big data for their business gains have to first understand certain basics like defining their master data. These key characteristics of big data include:
Volume: Data sets are big and stored in terms of petabytes and exabytes and growing. This volume cannot be handled by traditional relational database tools.
Variety: Information captured and stored in big data is unstructured, for example text, video, audio and images, variety also includes structured business data.
Velocity: This is referred to data in motion. Some examples include, data generated by sensors, mobile devices and so on. High speed data streams are difficult for IT to capture and store them.
Veracity: Veracity refers to authenticity of the information received. Again, this is tough because comments posted by customers on social networks related to a product or service can be relevant or exaggerated or even incorrect.
Hence, organisations need better methods to manage the above four characteristics to effectively use all the information. It is highly crucial for organisations to fully understand all the information circling around their business area, defining master data is the key to this understanding.
What is MDM?
The method named master data management (MDM) is a comprehensive technique that helps organizations to link all their critical information from different business departments in one single master file and use that file as a reference point. MDM when properly organized can streamline data sharing between personnel, departments, organisations and even with customers. The objective of developing MDM for an organisation is to create a trusted source of highly structured transaction data throughout the organisation. As organisations evolve in terms of expanding business operations, diversity, worker roles and computing applications, MDM offers value in terms of minimising confusion and optimising the efficiency of the organisation as a whole. However it is important to ensure that all departments and personnel must be trained on how master data is generated, captured, stored and accessed. Access related to changes or updating master data must be available to select few senior management, IT staff holding critical positions.
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