Mastering Transactional Reference Data
Day to day operations of the contemporary enterprise are driven by a set of critical, operational data. Typically, we think of this data as customer and product data, but there are more. Every industry has this supporting transactional data that ultimately contributes to the core objectives of any company, increased revenues and decreased costs.
Mastering this data is difficult. It resides in multiple sources. Ownership of the data presents political challenges and it is typically a moving target, often changing.
These data are all similar in characteristic and have these traits:
- State - transactional data undergoes a lifecycle of “states”. Typically we think of these states as new, pending, approved or terminated but they are native to the real life concept the data is modeling. Regardless, the state is central to the transaction the data supports and is a key trait.
- Collaboration - most transactions require interaction or collaboration between two operators (systems or people) to create or modify it and each has his role and rights in the transaction. The lifecycle of the data describes this flow.
- Complexity - typical reference data serves a single purpose as a lookup table; however, transactional reference data is not this simple. It is naturally complex in its valid forms, disparate in where it resides and often changes.
The Solution: Talend MDM
In order to provide a reliable master data to the enterprise, the solution should enable collaboration, help consolidate and complete data, increase accuracy, provide generic model, and adopt a data centric approach.
Making sense of this data, MDM provides a central repository with the necessary tools to allow the data to drive its lifecycle.
In order to make sense of this data and create a reliable master that can be shared across the organization you must first agree upon a model, outline the process and lifecycle of the data and then use a MDM tool to model and enforce policy. Talend MDM is useful as tool during the planning process as well as in production. It simplifies this difficult task. The unique Active Data Model allows you to modify the model in real time and have the various owners of the data review changes to the model, validations, workflow, user rights and translations though a collaborative interface and in real time. This iterative approach to data governance is unique to Talend MDM.
Transactional reference data in action
Logistics
A logistics company cannot reliably deliver customer freight without accurate route, vessel and location data.
Utilities
An oil and gas company requires complete information about oil wells, facilities and transport to fuel their operations and set production targets.
Telecom
Telecom companies analyze a mixed catalog of multi attribute equipment and service plan data to segment markets and decrease churn.
High Tech
High tech firms employ tiered and regional sales force data to effectively service customers and to optimize revenues in geographies or in accounts.
Insurance
Insurers maintain a wide range of policy data and need to understand their tiered distribution model to reach their customers and incent sales.