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Successful Reference Data Management

White Paper Published By: TopQuadrant
TopQuadrant
Published:  Mar 21, 2015
Type:  White Paper
Length:  16 pages

Data management is becoming more and more central to the business model of enterprises. The time when data was looked at as little more than the byproduct of automation is long gone, and today we see enterprises vigorously engaged in trying to unlock maximum value from their data, even to the extent of directly monetizing it. Yet, many of these efforts are hampered by immature data governance and management practices stemming from a legacy that did not pay much attention to data. Part of this problem is a failure to understand that there are different types of data, and each type of data has its own special characteristics, challenges and concerns. Reference data is a special type of data. It is essentially codes whose basic job is to turn other data into meaningful business information and to provide an informational context for the wider world in which the enterprise functions.  

This paper discusses the challenges associated with implementing a reference data management solution and the essential components of any vision for the governance and management of reference data.  It covers the following topics in some detail:

·      What is reference data?

·      Why is reference data management important?

·      What are the challenges of reference data management?

·      What are some best practices for the governance and management of reference data?

·      What capabilities should you look for in a reference data solution?



Tags : 
data management, data, reference data, reference data management, top quadrant, malcolm chisholm

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