In MDM (Master Data Management) there is the term Multi-Domain MDM being how we manage respectively parties, products, locations and other entity types and handling master data within a Multi-Channel environment encompassing offline, online and social channels is a huge challenge within MDM today. Yet another multi view of MDM is handling different facets of master data being:
Handling entities is the core of master data management. Ensuring that master data are fit for multiple purposes most often by ensuring real world alignment is the basic goal of master data management. Entity resolution is at key discipline in doing that. In the party master data domain doing Customer Data Integration (CDI) is the good old activity aiming at compiling all the customer data silos in the enterprise into a golden copy with golden records. Product Information Management (PIM) is another ancestor in the MDM evolution history predominately focusing at the entities.
A possible distinction between Master Entity Management and Master Relation Management is discussed in the post Another Facet of MDM: Master Relationship Management.
As we get better and better solutions for handling entities the innovation shifts to handling the relationships between entities. These relations exists for example in Multi-Channel environments by linking entities in the old systems of record with the same real world entities in the new systems of engagement as told in the post Social MDM and Systems of Engagement.
Getting the master data right the first time is crucial.
In product master data management getting to that stage is often done by managing a flow of events where the product data are completed and approved by a team of knowledge workers.
In party master data management a way of ensuring first time right is examined in the post instant Single Customer View. But that is only the start. Party master data has a life cycle with important events as:
- The party moves to a another location as explained in the post The Relocation Event
- The party cease to exist as reported in the post Undertaking in MDM