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Master Data Management

 
…… the weakest data definition
 
As obvious this well-known proverb is in daily life, for your business it is of existential importance.  Continuously large amounts of data runs through the organization fuelling your Management Information Systems, giving insight of your business’ current status, past performances and future projections. For keeping this machinery running smooth, it is a must to have your data mastered.
A simple incorrect or undefined text field can cause enormous costly delays. And not unlikely it has to go through the full 12-month reporting cycle before it can be solved by the IT department. Just simply because the system does not allow to be changed halfway. Not to speak about historical recreations necessary for auditor needs or just for in-depth analysis.
Keeping data well defined and well managed is essential for every type of organization. It makes the difference of owning valuable sources of information or owning costly systems with a lot of worthless data. The field of Master Data Management is as clear as it gets.
 
Mastering your Data
With high discipline and clear procedures simple organizations can be managed via spread sheets.  And often all the data definitions and the relations with several systems are managed by one employee doing it next to his or her other responsibilities.
Though most larger organizations try to do this as well. It is the amount, complexity and the interrelationships within the organization which forces to choose for a proper Master Data Management tool.  
With a good working Master Data Management (MDM) tool high effort fault sensitive work will be replaced with more efficient and structured methods. Instead of requiring many analyst hours to match endless rows of data in Excel, the analyst can now concentrate on the proper data definitions and relationships, while the tool does the control work.
Also multi-source unstructured data can be managed to form a virtual single source . The MDM-tool ‘translates’ all the unique sources to a uniform and comprehensive set of data, creating enormous possibilities for new insights via dashboards, reports and scorecards.
 
In Control
A better MDM-tool uses clear and proven procedures to enable large groups of users to be in control of their own data. Enabling users to make changes totally independent of the IT department. 
Providing the organization a comprehensive set of roles based on a logical authorisation matrix to ensure compliancy. And with a built-in Change Procedure and Change Logging it qualifies for SOXA and Basel compliancy.
 
A powerful MDM-tool can also enforce its source and target systems, to follow the definitions as used, creating the single source of truth. Furthermore roll-backs and historical recreations of data and reports are of utmost importance for Business Users. Auditor checks can now go back as far the history is taken in the MDM-tool. And making extensive What-If scenarios possible with large or even full sets of data.
 
Oracle DRM
Oracle Data Relationship Management is such a tool. It helps proactively in managing master data changes. It empowers users creating their departmental perspectives while ensuring conformance to enterprise standards. And it connects different systems ranging from databases to financial, and from analytical to transactional systems.
 
 
Top Dimension is at your service when you are looking for an IT solution which really helps your Business. With our experienced consultants from both Business and IT and our long term experience with Oracle and Hyperion, we understand as no other the needs for financial reporting and analysis. 
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