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Foundations First: Building MDM Capabilities to Achieve High Performance
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Ever experienced the frustration of searching for information you know you have but cannot find? Perhaps your data is in too many places. In an Accenture survey, 34 percent of respondents report that they do not manage master data much beyond individual systems.
However, inconsistent, inaccurate or inaccessible information could make the difference between keeping pace with the competition and losing market share.
Master data management is a set of processes to create and maintain a single view of customer, product or other core reference data that is shared across systems. It is multidisciplinary in nature, involving business process analysis, data profiling, data cleansing, data consolidation and reconciliation, data migration and data governance. It is fairly static in nature, acting as the foundation for a better information management strategy.