Businesses that follow a master data approach accept the necessity of using multiple data systems in today’s fast paced digital world, but recognize the overall limitation of these systems to work together and support the needs of the business.
Generally, three types of data systems are used in enterprises: transactional data, analytical data, and master data systems. In short, transactional data is operational data that describes time and numbers around business events, think sales, ordering, billing data found in critical information systems. Businesses can then analyze their transactional data to determine business performance, refining it as analytical data. Master data is core business data that describes key organizational entities typically used across many systems, think customers, products, inventory, suppliers, employees, and site locations. These are important non-transactional data points that provide context to events described in transactional data (a purchase is made more significant when a customer’s information is attached to it). The ability of an organization to manage these different data sets directly impacts its competitiveness.
Gartner defines Master Data Management (MDM) as:
"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."
Reltio is a next-generation MDM solution. It offers best in class Master Data Management system capabilities, including Identity Resolution, Data Quality, Dynamic Survivorship for contextual profiles, Universal ID across all your operational applications, Hierarchies, Enterprise Data Management Capabilities and Connected Graph to manage relationships, Progressive Stitching to create richer profiles over time, and Data Governance capabilities.