Seven Ways to Reduce IT Costs Using Master Data Management

Master Data Management software was developed to help enterprises align their master data assets—documents, Internet and intranet sites, e-mail, spreadsheets, charts and graphs, audio, video151;across multiple systems and departments. It also provides a 24/7 view into the system, plus reporting and analysis on all the data. This slide show offers “Seven Ways to Reduce IT Costs with Master Data Management.” Our source is Ravi Shankar, senior director of Product Marketing at Siperian, a provider of a “flexible” master data management platform. To see more detail from Mr. Shankar on these points, go here.

Point-to-point integrations are expensive to develop and maintain, but MDM centralizes common information (master data) and makes this information available at the different points within business processes.

Duplicate data acquisition from external data providers is an unnecessary expense. With MDM, third-party data is integrated directly into one system and distributed to all downstream applications.

By integrating data from disparate applications into a central MDM system, it becomes possible to cleanse all data across the enterprise at one time, saving staff time and expense.

Some companies outsource the deduplication of their data to an outside data cleansing services provider. This task is centralized in an MDM system.

By centralizing data for the enterprise, MDM makes it possible to reduce the amount of, or even eliminate, redundant data stores and systems.

Proprietary or antiquated custom masters such as a CIF (Customer Information File) or ODS (Operational Data Store) can be replaced with a configurable off-the-shelf MDM platform, saving significant costs associated with band-aiding a custom solution.

MDM eliminates compliance and management reporting costs by: a) managing a single version of the truth along with a history of all changes, and b) delivering this information to any reporting, business intelligence or data warehouse.