The next concept is reference data which is really just master data. But it's a little different from some of your big complex core domains. So, reference data's typically just your simple list that you use to describe things, and most of your operational applications will already have reference data embedded in them, the simple example, the list of languages I just used. Your CRM and ERP applications both might have their own list of languages that obviously have overlapped.Read More
Given how technology-centric MDM projects tend to be, it might be surprising that technology doesn’t come into play until the fifth pillar. But in an ideal world, organizations would spend time upfront going through governance, getting their organization in place and starting to discuss current and future state processes and standards before they evaluate or adopt any technology.Read More
Customers often wonder why some organizations are able to get budget approval for their data management initiatives quickly, while others struggle to get funding. While they know there is a business need, they struggle to get buy-in, leading to a lengthy debate where the decision in some cases is to do nothing.Read More
Master Data Management (MDM) is a two part data management strategy applicable to organizations of every size in every industry. MDM includes the information definitions, business rules, and processes to provide and maintain consistent and accurate sets of master data, enabled by data management technology.Does IT facilitate the business in delivering an MDM solution? Yes.Can IT successfully deliver an MDM solution without a business need/sponsor? No.Read More
Master Data Management is two part data management strategy used by organizations of every size in every industry. It includes specific business processes combined with the technical infrastructure required to provide and maintain consistent and accurate sets of master data.Sometimes, we vendors in the data management world can make the easy complicated.But master data is important to everyone NO MATTER the size of your organization.Read More
In the business world, you often hear references to the "Total Lifetime Value of a Customer," the meaning of which sometimes varies. One permutation of lifetime value is calculated on an aggregate basis across all of your customers, answering the question, "What is the average value of a newly obtained customer?" The Aggregate Lifetime Value can be calculated based on simple financial metrics including revenue, profit, and customer retention.Read More
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