Every business and organization holds core files of essential data which are fundamental to tasks and operations. These are the master data files, and generally referenced whenever a task or operation is performed. Master data management, or MDM refers to the way in which these files are managed.
Virtual master data management has taken company files out of the filing cabinet and into the PC, providing a single source of basic data that can be referenced across multiple applications, processes and systems. Today, there are dozens of IT companies providing B2B (business to business) master data management services.
However, the data held by a system hardware or mechanical design company is radically different to that held by a retail store or legal firm. Engineering companies need specialized master data management services – people who know their way around areas like engineering bom management and the international material data system.
Master data management, even for a small company, can no longer be tackled simply by filing away paperwork in the appropriate In Trays. Laws have tightened tremendously on data storage, such that even the most basic of operations must be methodically logged and recorded. The volume of data stored on company information systems is growing at an exponential rate, swelled by health and safety legislation, environmental compliance directives, and general government bureaucracy.
Data is often held in multiple locations, where it becomes scattered, duplicated and incompatible with software updates. The net result is copy errors, data misinterpretation, data mismatch and lost or corrupted files. We at Enventure Technologies specialize in offering master data and enterprise data management solutions to engineering companies of all sizes.