- Asset Master Data Management -
What is Master Data Management?
According to ARC Advisory:
Master Data Management (MDM) - supports the global identification, linking, and synchronization of all data elements that help to fully explain:
- Assets
- Customers
- Employees
- Products
- Suppliers
MDM serves as a central system of record either by creating and managing a central database or through the use of a metadata layer that can pull a desired data attribute into a single view of the truth.
Inclusion/Exclusion Criteria - ARC is excluding tools that could be used to create a custom MDM solution. The focus of this solution is on Off the Shelf solutions. An MDM solution is seen as containing three types of product functionality:
- A Data Model
- Tools for Cleaning and Auditing the data elements that make up the system of record
- Tools for integration and synchronization
To be considered an off the shelf solution the data model should include prebuilt but customizable templates able to pull in Asset, Customer, Employee, Product, or Supplier data elements to create a system of record. Third party tools for Cleansing, Integration, Transformation, or Synchronization may be used to build the solution.
What is Asset Master Data Management?
A Single Version of the Truth for Asset Master Data
- A strategic business solution for the collaborative collection, transformation, deployment, and sustainment of high integrity asset information for all stakeholders including owner operators, design and engineering, procurement and construction organizations (EPCs) and equipment manufacturers
- Supports the entire asset information lifecycle (i.e. Design - Engineer - Operate - Maintain - Retire)
- Integrates people (owner operator, EPC, equipment manufacturers, etc.) and processes (engineering data handover, maintenance work management etc.) with applications (product data management, enterprise content management, enterprise asset management, asset performance management, etc) and information (structured and unstructured asset data and content)
