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What is Master Data Management?

First off, what is Master Data Management? According to Gartner, Master data management (MDM) is a technology-enabled discipline in which business and IT work together to ensure the uniformity, accuracy, stewardship, semantic consistency and accountability of the enterprise’s official shared master data assets. Master data is the consistent and uniform set of identifiers and extended attributes that describes the core entities of the enterprise including customers, prospects, citizens, suppliers, sites, hierarchies and chart of accounts.

According to Oxcyon, it is a little more than that. Oxcyon thinks that merely monitoring this data is not enough. You need robust tools in which to reclassify it, relate it (to disparate data), and extract the BI & Analytics necessary to glean valuable patterns and intelligence from it. It is for this reason that we not only give you the tools to monitor the uniformity (or lack thereof), but to build automated processes to tweak it along the way. In this illustration, Centralpoint represents the central point in which all of your data is recorded, indexed, tagged, allowing you to analyze how it all comes together. It also allows you to see the interdependencies of your data (CCMS- Componentized Content (or Information) Management), treating each set of data (whether it be content you manage, or datasets from other systems) as objects. Master Data Management should be like your ACL (Access Control List), setting the rules over certain roles of users (via Active Directory, SAML or others) against the information they have the right to see, and within which audience or UI. Master Data Management should also allow you to take control, through automated means, to move, transform, and apply rich metadata along the way.

According to Oxcyon, all of these functions are required for successful Master Data Management.Although MDM is considered one finger on the hand, it ultimately touches, if not controls the many other functional areas within the diagram below. Traditionally, MDM is considered a tool which sits on the sidelines of these other functional areas; Oxcyon believes it plays a much larger role in the 'management' of these many functions.