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Editorial Reviews. About the Author. Louise Kelly is Associate Professor at Alliant International University, San Diego. She teaches coruses on Strategic.
Table of contents

• MBA Dictionary of Business Management Methods
• A to Z of eBooks
• the-a-z-of-management-concepts-and-models
• Browse by Subject

Stream A equips you with rigorous quantitative approaches such as econometrics, experiments and behavioural statistics. You can use mixed-methods to leverage the strengths of varied quantitative techniques and to enrich the insights gained through your studies. Learn more about Stream A. Stream B allows a variety of qualitative methodological approaches including grounded theory, case studies, ethnography discourse analysis, and other methodological techniques. It also allows for mixed method studies, though if you are interested in a primarily quantitative study you should consider joining the methodology courses in Stream A, which will equip you with cutting edge quantitative methods and techniques.

Learn more about Stream B. Cookie statement Cookie control. International students Continuing education Executive and professional education Courses in education. Research at Cambridge. Book a CV review Applying Who are we looking for? Home About. About homepage. Programmes homepage. Executive Education homepage. Entrepreneurship homepage. Events homepage. Full events calendar All events taking place on campus Research seminars Admissions events all programmes. Alumni homepage. The information gathered from Big Data analytics can be linked to your master data and thereby provide new levels of insights.

A list of the parts or components that are required to build a product. Whether you operate as a Business-to-Business company, Business-to-Consumer company or any combination, Master Data Management can be applicable if you deal with large amounts of master data about, for instance, products, customers, assets, locations or employees. Business rules. Business rules are conditions or actions set up in your MDM solution that allow for the modification of your data.

According to your business rules, you can determine how your data is organized, categorized, enriched and managed. Business rules are typically used in workflows. The process of combining customer information acquired from internal and external sources to generate a consolidated customer view.

Change Management. The preparation and support of individuals, teams and organizations in making organizational change.

MBA Dictionary of Business Management Methods

A necessity in any MDM implementation if you want to maximize the ROI, as it is very much about changing processes and mindsets. As in data cleansing. Data cleansing eliminates the problems of useless data to ensure quality and consistency throughout the enterprise, and is an integral process of any decent Master Data Management process.

MDM solutions come in many variations, and a central question of today is whether to host it on-premises or in the cloud or a mix, called a hybrid. Cloud MDM is slowly on the rise, and many vendors offer the possibility to host in the cloud, but still the majority of companies choose an on-premise solution due to security concerns. It is outsourced to a third party and typically offered as a subscription service.

As in contextual Master Data Management. Sometimes known under the name situational MDM ref. Gartner Hype Cycle. It refers to the management of changeable master data as opposed to traditional, more static, master data. As products and services get more complex and personalized, so does the data, making the management of it equally complex. Learn more here.

A system that can help businesses manage business relationships and the data and information associated with them. For smaller businesses a CRM system can be enough to manage the complexity of customer data, but in most cases organizations have several CRM systems used to various degrees and with various purposes. For instance, the sales and marketing organization will often use one system, the financial department another, and perhaps procurement a third. MDM can provide the critical link between these systems.

It does not replace CRM systems but supports and optimizes the use of them. Customer Master Data Management. Also sometimes referred to as MDM of customer data. The aim is to get one single and accurate set of data on each of your business customers—the so-called degree customer view—across systems, locations and more, in order to create the best possible customer experience and optimize processes.

The business management of digital assets, most often images, videos, digital files and their metadata. Many businesses have a standalone or home-grown DAM solution, inhibiting the efficiency of the data flow and thereby delaying processes, such as on-boarding new products into an e-commerce site. MDM lets you handle your digital assets more efficiently and connects it to other data.

Data is a computing term to describe the characters, symbols, numbers and media that a computer system is storing. Data is unprocessed information. The process of eliminating redundant data in a data set, by identifying and removing extra copies of the same data, leaving only one high-quality data set to be stored. Data duplicates are a common business problem, causing wasted resources and leading to bad customer experiences.

When implementing a Master Data Management solution, thorough deduplication is a crucial part of the process. In the MDM world a domain is understood as one of several areas in which your business can benefit from data management, for example within the product data domain, customer data domain, supplier data domain, etc. Digital Transformation.

Refers to the changes associated with the use of digital technology in all aspects of human society. For businesses, a central aspect of Digital Transformation is the "always-online" consumer, forcing organizations to change their business strategy and thinking in order to deliver excellent customer experiences. Digital Transformation also has major impact on efficiency and workflows e. MDM can play a crucial role in driving digital transformations, as the backbone of these are data.

Data Universal Numbering System. The system is widely used as a standard business identifier. The management of the assets of an organization e.

Refers to enterprise systems and software used to manage day-to-day business activities, such as accounting, procurement, project management, inventory, sales, etc. Many businesses have several ERP systems, each managing data about products, locations or assets, for example. Data enrichment refers to processes used to enhance, refine or otherwise improve raw data. In the world of MDM, enriching your master data can happen by including third-party data to get a more complete view, for example, such as adding social data to your customer master data.

MDM eliminates manual product enrichment processes and replaces them with custom workflows, business rules and automation. A classification of objects of interest to the enterprise e. Extract, Transform and Load.

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A process in data warehousing, responsible for pulling data out of source systems and placing it into a data warehouse. Golden Record. In the MDM world, also sometimes referred to as "the single version of the truth. Data Governance is a collection of practices and processes aiming to create and maintain a healthy organizational data framework, by establishing processes that ensure that data is formally managed throughout the enterprise. It can include creating policies and processes around version control, approvals, etc.

Data governance is as such not a technical discipline but an indispensable discipline of a modern organization—and a fundamental supplement to any data management initiative. Global Standards One. The GS1 standards are unique identification codes used by more than one million companies worldwide. The standards aim to create a common foundation for businesses when identifying and sharing vital information about products, locations, assets and more. Hierarchy Management. An essential aspect of MDM that allows users to productively manage complex hierarchies spread over one or more domains and change them into a formal structure that can be used throughout the enterprise.

Products, customers and organizational structures are all examples of domains where a hierarchy structure can be beneficial e. A data hub or an enterprise data hub EDH is a database that is populated with data from one or more sources and from which data is taken to one or more destinations. Identity resolution.

A data management process where an individual is identified from disparate data sets and databases to resolve their identity. This process relates to Customer Master Data Management. One of the biggest advantages of an MDM solution is its ability to integrate with various systems and link all of the data held in each of them to each other.

A system integrator will often be brought on board to provide the implementation services. Internet of Things IoT.

Internet of Things is the network of physical devices embedded with connectivity technology that enables these "things" to connect and exchange data. IoT technology represents a huge opportunity—and challenge—for organizations across industries as they can access new levels of data. A Master Data Management solution supports IoT initiatives by, for example, linking trusted master data to IoT-generated data as well as supporting a data governance framework for IoT data.

A data lake is a place to store your data, usually in its raw form without changing it. Certain business disciplines such as advanced analytics depend on detailed source data.