What Is Master Data Governance?

TechDogs Avatar

When you think of a data governance system, you might imagine a bunch of people in suits sitting around a table and making decisions about what to do with the data they collect. But that's not it at all! So what is master data? Master data refers to any information used across multiple platforms and systems in your business. It's the stuff that makes up the core of your business. Think of customer names, addresses, phone numbers, and credit card numbers (to name a few). Everything that matters. Master data governance is the comprehensive management or handling of this data within a system. It means ensuring that all information is kept up-to-date and accurate across all platforms so people can always access precise details whenever they need them. Examples of master data include contact information, product codes, and account numbers. Master data is often used in business-critical functions, such as order entry and inventory management. When data is critical to the operations of a business, it is often called master data. If you're not a master data governance nerd, it might be hard to grasp the concept of "places, people and things. " let me break that down for you. Client identifiers are the "people" of your master data system. These references are used in CRM systems Product identifiers are the "things" of your master data system. These are references that get referenced by these same programs. Some definitions of master data exclude transactional data because, in financial transactions, credit card processing systems use the core "people" and "things" identifiers to document a transaction. Master data governance is more like the steering wheel. It's concerned with how that data gets used and what happens next. It ensures that everyone understands why this information matters so they can decide how best to store and protect it.

TechDogs

Related Terms by Governance Risk Compliance

Geographic Information Science (GISci)

You need to know where things are, right? From hiking trails to the capacity of your favorite lake, it's all about the location. Geographic information science (GISci), or GI Science, is multidisciplinary. It deals with data in a place and is often used for decision-making in urban and regional planning, public health, epidemiology, environmental science, and many others. The techniques and technologies used in this field are advanced and require high expertise. To process and analyze the data, experts in this field must understand the areas that produce the data. This is what makes the field of geographic information science so diverse. It involves generating data and information related to a particular location or area. It is used in different sectors, such as pharmaceuticals, agriculture, manufacturing, logistics, and marketing, to name a few. Geographic information science is also called geoinformatics. It is an interdisciplinary field that combines computer science, statistics, and cartography. In the last few years, this field has seen tremendous growth with the development of artificial intelligence (AI), machine learning, and blockchain, which have helped solve many problems in this field. It is a progressive, interdisciplinary field with applications in many different areas, such as social science, natural science, engineering, public policy, and business. The International Association of Geographical Information Systems (IAGI) is the largest professional association for GISci. The International Cartographic Association (ICART) has a Commission on GISci and a Working Group on GISci. GISci has many different definitions; however, all descriptions acknowledge the multidisciplinary nature of the field and its application in many other areas. The most widely accepted definition of GISci comes from the International Encyclopedia of Geography: GISci is a field of research examining GIS technology's applications, implications, and impacts. It is a science that gives you the power to see, understand and change the world in new ways.

...See More

Group Decision Support System (GDSS)

Group Decision Support System (GDSS) enhances digital communication and is essential to any project requiring group work. Don't you think it is necessary? Well then, read more; it's vital! GDSS technology is a great way to get a quick overview of what everyone in your team is doing or to get all the information you need about a particular task or project. It's also a great way to reflect on past projects, see what worked well and what didn't, and improve your processes. One of the best things about GDSS technology is that it makes it easy for everyone on your team to contribute ideas and suggestions without having to sit through long meetings or conference calls—all you have to do is log in! If you've ever been in a forum, you know how important it is to communicate effectively. Often, when we try to communicate with each other, we may find ourselves lost in the sea of emails and phone calls that can complicate the process. That's where group decision support systems (GDSS) come in: they're designed to help groups of people make decisions more quickly.GDSS proponents claim that these technologies can promote participation, help streamline group conduct and foster learning. Different vendors have begun to offer group decidedness support systems products like ThinkTank and Meeting Works, among others. There is a move to develop open-source tools, often called discussion support systems.GDSS is the term you probably won't be able to avoid anymore. It stands for "Group Decision Support System," a fancy saying, "website you can use to help your group make decisions. If you're wondering why we're so excited about this, we're in the middle of an explosion of new tools that make it easier for teams to collaborate online.

...See More

Groupthink

When you're in a group, well, you know, it's easy to get caught up in the moment and make bad decisions for your business. That's one of many reasons you should avoid groupthink. Groupthink is a psychological phenomenon where group members make poor decisions or ignore valid alternatives because of internal pressures from the group. It's more common among groups where members share backgrounds and there is no decision-making system or rules. Some organizations have used enterprise decision management (EDM) software to avoid this problem. EDM helps ensure that all stakeholders have input into important decisions—so that everyone can be sure they're making the right choice for their business. Groupthink is dangerous in business, where people from similar professional backgrounds tend to make up executive-level management. When a group of decision-makers is insulated from the realities of day-to-day operations, they can quickly become more concerned with the group's harmony than with the business's health. Whether provided by a piece of software or not, the effects of groupthink can be mitigated by proper decision-making procedures, including gathering feedback from outside members, using models and scenarios, creating metrics to evaluate past decisions, etc. It's easy for executives to get caught up in their little bubbles and forget what's going on at ground level. It's also easy for them to become complacent about their decisions. After all, they know other people think they're great—even if those people only say so because they don't want to rock the boat! Groupthink is especially prevalent in companies with similar backgrounds; employers must hire from different fields and cultures as often as possible. It's also essential for managers to make sure that employees feel comfortable voicing their opinions about how things could be done better (or even differently).

...See More
  • Dark
  • Light