Master data management

Master data management refers to the management of this data in a company. Basic information about entities such as customers, suppliers, products or employees is referred to as master data. Master data management aims to ensure that this data is consistent, up-to-date and accurate. The effective management of master data contributes to improving data quality, increasing the efficiency of business processes and enabling well-founded decisions.

What does master data management involve?

Various tasks such as the collection, storage, maintenance, updating and provision of master data are included in master data management. It also includes setting up rules and processes to ensure data quality. By introducing standards and guidelines, data consistency is ensured. Ensuring data integrity is also important in order to avoid errors and inconsistencies. Other components of master data management include harmonizing data from diverse sources, removing duplicates in data sets, ensuring compliance with legal and privacy regulations, and making data available for various business applications. It is important that a company has well thought-out master data management, as this contributes to the efficiency and transparency of business processes and has a long-term impact on success.

The relevance of master data management in the EU

Master data management in the European Union (EU) is particularly important in the context of the General Data Protection Regulation (GDPR). It is necessary for companies operating in the EU to ensure that personal data is properly managed and protected. Companies can meet the requirements of the GDPR and avoid data breaches through effective master data management. Well-structured master data management also helps to ensure the transparency and traceability of data processing procedures. Companies can strengthen the trust of their customers and protect more sensitive information by managing master data correctly.

Master data management in Switzerland

In Switzerland, master data management is an important topic for businesses that want to effectively manage their data. By thoroughly maintaining their master data, Swiss companies can ensure that their business processes run smoothly and that well-founded decisions can be made. Orderly management of basic data is crucial for the competitiveness and long-term success of companies in Switzerland. Efficient master data management not only contributes to internal efficiency, but also to compliance with legal regulations and ensuring data quality. Swiss companies should therefore invest in the development and implementation of a holistic master data strategy in order to improve their databases and ensure company-wide data integrity.

Best practices in master data management

Companies should implement best practices to fully realize the benefits of master data management. These include implementing data governance structures, training employees to handle master data, regularly reviewing and updating data and introducing data quality measures. Companies can further increase their efficiency in master data management by automating processes and using data management tools. It is crucial for the success of master data management to promote close collaboration between the different departments of an organization through a holistic approach. By investing in appropriate resources and technology, companies can ensure that their master data is of the highest quality and generates long-term benefits for their business.