Managing reference data intelligently
Reference data is the foundational context for organizational data, affecting reporting accuracy and data governance. However, reference data management is becoming increasingly complex with exploding data volumes. Organizations often struggle to maintain and take advantage of reference data because of inconsistent usage across the enterprise, a lack of visibility and transparency, and a lack of governance policies to remediate issues, which can result in significant operational risks and ramifications.
Organizations must incorporate reference data management into their data management strategy and when investing in a technology, they must seek a data governance solution with native reference data. Organizations need a solution that can manage complex relationships across the enterprise and enable governance, lineage, stewardship and operational efficiency.
This whitepaper defines the concept of reference data management and illustrates the challenges associated with reference data, the required capabilities for a valuable solution and the benefits of a data governance solution with native reference data management.