Everything Everywhere All at Data
These days, anyone working in the data industry is likely familiar with terms like "Data," "Master Data," "Data Management," and "Master Data Management" —or even their abbreviations like MDM or DM. The central role still is about data.
It’s a bit like the movie "Everything Everywhere All at Once": amidst all the chaos of the multiverse that Evelyn and Joy navigate, there’s a constant—love—that weaves through every challenge they face.
Similarly, in the ever-expanding universe of data, the importance of understanding and managing data consistently shines through.
In this series of articles, we aim to share some quick insights into Master Data Management (MDM).
Everything about MDM begins with the foundation of "Data". In fact, we could say that today, our lives revolve around "exhaling and inhaling" data at every moment.
But have you ever wondered—what exactly is data, and how has its definition evolved from the past to the present? Stick with this article to dive deeper and gain a better understanding of what data truly is.
Most people working with data have probably heard data consultants or data professionals mention terms like Master Data, Transaction Data, Reference Data, Structured Data, Personal Data, etc. among others. You might even find yourself thinking:
"Ugh... why do we need to complicate things by separating data into so many types? Can't it just be simpler?"
If that thought has crossed your mind, this is the perfect opportunity to explore this topic. We hope the insights shared here will spark some clarity and provide answers to your questions!
The Skeleton Dance of Master Data Management!
Much like the lyrics in Skeleton Dance by Super Simple Songs:
"The thigh bone's connected to the hip bone,
The hip bone's connected to the backbone,
The backbone's connected to the neck bone,
Doin' the skeleton dance."
What components come together to form the entire Master Data Management (MDM) architecture? And how do these components work in harmony to keep everything moving smoothly? Let's take an X-Ray view to examine the structure of Master Data Management (MDM).
Finger Family of Master Data Management - MDM Data Model
Think of a hand with five different fingers, each serving a unique purpose, yet working together to create wonders like brewing coffee or baking bread.
Similarly, what elements come together to shape the MDM Data Model? Shall we explore and count the fingers?
MDM, You are special - What makes MDM unique from Data Warehouse, Data Lake?
Most of us who work with data are familiar with accessing databases like SQL, SAP HANA, or Hadoop to retrieve, transform, and load data into targets such as Excel or BI tools.
When MDM is introduced, it’s natural to wonder, “Isn’t this just the same as the data warehouse or data lake I’m already using? Why do organizations need MDM? Isn’t it just a waste of corporate resources?”
Here, let’s take a closer look and compare these systems from several angles, including their purpose, data size usage, and the focus of Data Governance in MDM, Data Warehouses, and Data Lakes.
Grab Your Sunscreen and Shades to Bask in the Bright Side of Why MDM Matters
Here comes the sun...
Readers who understand the distinction between MDM and a Data Warehouse likely recognize how MDM can deliver the satisfying 'cha-ching' of financial value.
For anyone diving into this topic, don’t forget to grab your sunscreen and sunglasses—knowledge this bright might just leave you dazzled!
The Pursuit of Struggles: Overcoming Challenges in Implementing MDM
Before the sun rises, there’s always a dawn. During this phase, anything can happen if we’re not well-prepared. It’s crucial to identify potential challenges that may arise, such as technical complexities, data quality issues, change management hurdles, costs, and resource requirements.
Ultimately, success in navigating the dawn lies in fostering collaboration, where meaningful interactions between people play a pivotal role.
MDM's Dark Glory: Navigating Risks and Pitfalls
There's no doubt that the impressive outcomes of MDM can sometimes lead to a 'sunburn' effect if we overlook potential risks such as unrealistic expectations, implementation failures, hidden costs, and other unforeseen challenges.
To achieve MDM outcomes step by step, it is essential to assess and calculate risks carefully, taking proactive measures to minimize them as much as possible. Feel free to explore this topic further to see if what we've shared resonates with your perspective.
Inside Out of MDM - How is the MDM journey looks like?
At this point, we trust that you’ve gained a foundational understanding of MDM and hope the previous discussions have answered some of your questions. Now, let’s revisit how MDM begins, explore the intermediate stages that organizations of all sizes typically navigate, and look ahead to the future.
If you could 'time travel' back to the start of your MDM journey, what best practices could be applied to ensure that even the smallest beginnings grow into a sustainable and impactful implementation? By following these best practices, hope you can set a strong foundation for successful MDM outcomes.
Feel free to dive directly into any of the topics that catch your interest!