Enabling Single Source of Truth with MDM and Integration
Today’s technology has caused explosion of data. Organisations are faced with multiple sources of data that can provide valuable insights about its customers, operations and revenue stream. A major retail business transaction for example crosses over 30 different systems before an order is fulfilled and each of this system shares data across different domains. This includes product, location and customer data.
Another important global investment occurrence these days are large company mergers and acquisitions. Both organisations having various data which must be made available for operations. Establishing a single source of truth is a must to unite systems in real-time for both business unit operations to run seamlessly.
Build a solid and trusted data foundation with MDM and Integration
What is Single Source of Truth (SSOT)?
Organisations hold various data across its different operating systems. If these system work as silos, the business is unable to make data-driven decisions. Recognising the opportunities that these data hold, modern businesses are now adopting the single source of truth model.
A Single Source of Truth (SSOT) is aggregating in one location all data from different systems within the organisation. It is a single reference point for the company’s data.
Creating SSOT ensures availability and use of standardised and relevant data across operation. Enabling data-driven decisions based on data from the business as a whole. This prevents siloed and compartmentalised operation which losses business opportunities.
How to Obtain SSOT?
SSOT is obtained by aggregating all data sets and components to a primary single source of truth location. To do this, an integration strategy is required as well as an interface to host and surface data. Integration platforms such as Mulesoft connects all data from all sources to a master data management (MDM) system. A hub for the organisations master data, providing a visible and accessible single reference point.