Enhancing IBM Enterprise Market Management solutions with master data
A trusted base for EMM
Appendix: EMM and MDM glossary
Master Data is high-value, core information used to support critical business processes across the enterprise. It is at the heart of every business transaction, application, report, and decision. Typically, master data is duplicated in many systems and changes slowly over time. It needs to be available across the enterprise as shared operational data.
Master data domains are collections of master data about a particular topic or subject area. The domains discussed in this article are for people and products.
Party domain: This domain represents people and organization master data. The main issue around managing data about people is that they are hard to identify consistently from descriptive data. The result is that an individual may have many identities (such as a driver license number, an email address, a passport number, a phone number, and so on), all of which are transient forms of identification. The result is duplicate entries for an individual with out-of-date attributes.
Product domain: Product master data can typically be managed in a single central location such as InfoSphere MDM Collaborative Edition. The main issue around managing product master data is that multiple people need to populate and validate different subsets of the attributes. This needs coordination. There may be large complex product catalogs, whose content and structure need to be frequently changed to meet the demands of the business. This requires effective business processes that allow you to author the content and structure of products collaboratively and efficiently.
Master Data Management (MDM) is the set of processes around master data that manage the lifetime and visibility of the master data as well as processes to keep it normalized and de-duplicated, so that it can be trusted.
Reference data is a type of data that uses codes to represent string values. Reference data is managed in sets that are used to validate and represent attribute values that have a finite number of valid values. Individual codes change rarely, but the reference data sets may frequently have additions and deletions in them. For example, country codes stay the same for years but may occasionally be updated.
Person master data exposes a single trusted view of Person or Individual.
If the master data hub contains details of an individual's purchase of your products, in an account held with your organization, these people are said to be Customers.
A potential customer could be someone who is in the master data or someone you do not know about, and is known as a prospect.
A Profile is a set of customer attributes used by the EMM runtime environment. This data can be a subset of the customer data available in your master data hub, data collected in real time (for example, a user's click stream from their browser), or a combination of the two.
A product is something that can be sold, which has associated attributes and one or more unique identifiers. Products can be held in a master data hub. An EMM offer can be an opportunity for an individual to buy a product. The definition of offer is very flexible, and offers do not have to be product-related at all. They may be offers of a service or additional information.
A bundle product is a product that has other associated products. For example, telephone, cable television, and Internet services might be bundled as one product, with a discounted price on the bill. A master data hub understands the concepts of bundles and stores these relationships.