Master Data Management (MDM) has traditionally been about being better at utilizing and sharing internal registrations about our customers, suppliers, products, assets and other core business entities.
My latest work around master data management revolves around the concept of bringing in external data sources in order to make on-boarding processes more efficient and provide more accurate, complete and timely master data.
So, it was good to see that this approach is gaining more traction when attending the MDM Summit Europe 2013.
The old stuff
Andy Walker of BP presented how BP has built the management of party master data around aligning with the D&B WorldBase for business-to-business (B2B) customer and vendor master data.
Knowing about with which actual legal entities you are doing business and which external hierarchies they belong to is crucial for BP both in daily operations and when it comes to reporting and analysis utilizing party master data.
Using business directories isn’t new at all; it has been around for ages and from what I have seen: It works when you do it properly and consistently.
The new stuff
Big data was a hot topic on the conference. As reported in a post from the first day embracing big data may lead to Double Trouble with Social MDM and Big Data.
However, digging into big data and doing social MDM may certainly also provide new opportunities as we by utilizing these new sources actually may be able to obtain (or closing in at) a 360 degree view on various master data entity types. It is, as said and tweeted by Steve Jones of Capgemini, about looking outside-in.