Posted on

Hierarchy in MDM: What and Why

What Is Hierarchy?

In master data management, hierarchy management is an essential component. It allows a comprehensive view of different domains within an organization. It links the relationship among customers, suppliers, products, locations, and other entities within the business. 

Hierarchy Used in Different Master Data Domains

Hierarchy in MDM is used in several domains, such as party master data, location master data, and product master data. Party master data includes the company, business contacts (customers, suppliers, and related business partners), and individuals (employees, customers, and contractors).  It deals with customers, providers, and other business entities. The accounts are settled in the department, legal representatives, and parent organization sequence at the national level; and then at the global level. 

Location master data occupies the external hierarchies around the globe ranging from continents to the down level to streets and buildings. In contrast, internal hierarchies include geographies such as sales districts and different regions in the organization. Product master data is related to external and internal products. External products may be UNSPSC, HS, ETIM, etc. Contrarily internal products are linked to reporting, purchasing, and sales of products, etc.

Posted on

Deduplication and Data Stewardship Process in MDM

Data Deduplication in MDM

In master data management, often the same data is duplicated across several departments, which can harm the business. That’s why data deduplication is necessary to maintain an accurate master data record. It includes the removal of duplicate data from the business database. Moreover, master data needs to be a single source of truth for the whole enterprise to maintain its consistency and efficacy. 

Data Duplication Strategies

Data deduplication has many advantages, such as improved cost savings. It helps improve analytics performance by providing the team with the most reliable data. It also helps the company provide a better customer experience.

Posted on

Machine Learning and Artificial Intelligence Advancements in MDM

Master data management deals with the accuracy and consistency of master data in any organization. Master data is the core data of any business and represents critical entities, including customers, products, providers, employees, equipment, locations, and cost centers. All these entities are efficient in their business management and functions. While creating master data assets, similar records are created and maintained as golden copies.

Traditional queries help find duplicate records or records that differ from each other. But the traditional queries cannot support the grouping of variations in similar records. In this case, machine learning helps the MDM system organize the master data in a better way.