As databases grow larger and larger and financial companies become more responsible for documentation and information storage, you will probably start hearing a lot about master data management. Master data management is the data management discipline of identifying all of the organization’s critical data and placing rules and controls around it so that embarrassing and costly errors do not occur.
The first step an organization will take in implementing master data management is to identify all of the organization’s critical data. This can be a difficult task, as many departments view some data as worthless while another departments will think it is the most important. It is important to bring everyone across the organization together to find a consensus on what the most critical data actually is. Once this is done, work needs to be performed to analyze how people are using this data and to ensure there are no conflicting uses.
Read more…
