What is Master Data Management (MDM)?

Master data defines an organisation - chart of accounts, employees, projects, divisions, customers or suppliers. Master data management (MDM) is a concept by which a companies master data is owned, updated and distributed.

Given the relationship between our products and other applications used by our customers, MDM has become an important and necessary service that we provide to our customers.

A common and relevant example is the management of the Chart of Accounts across multiple applications such as the General Ledger, Purchasing, HR, Payroll, the enterprise data warehouse, the budgeting and forecasting solution and the financial consolidation solution. Each application has a different set of requirements about when the data must be updated and with what attributes. This MDM process is typically created as and when each individual application is implemented. Very little regard is given to the MDM process as a hole causing a misalignment of the master data across the organisation.

Designing and implementing a suitable MDM process and solution that encompasses the entire organisation will reduce the cost and effort of maintaining the data as well as improve the data quality across your organisation. This in turn contributes to reducing the budgeting and forecasting cycle time and month end close time.

GK Horizons work with our customers to understand their business and how the executives view and measure their company. This process identifies and prioritises the dimensions that are then used as the basis of the engagement from that point forward.

Contact us for more information on how MDM can benefit your organisation.

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