Reference Data Management

In today's digital world, businesses deal with a lot of information, like customer details and product codes. Organizing this data correctly is crucial to avoid mistakes and confusion. Reference Data Management (RDM) helps ensure all the essential information stays consistent and correct across different parts of a company.

What is Reference Data Management?

Organizations use Reference Data Management (RDM) to maintain the consistency and accuracy of critical data in various systems and applications. RDM manages and maintains essential information such as customer details, product specifications, or financial codes in a structured approach, serving as a backbone of data organization.

Use Cases

1. Financial Services: In banking and finance, RDM is crucial for managing reference data like currency codes, exchange rates, and financial instrument identifiers.

2. Healthcare: RDM helps manage reference data such as patient identifiers, medical codes (e.g., ICD-10, CPT), and drug classifications.

3. Retail: Retailers use RDM to manage product information, including SKUs, UPCs, and product categories.

4. Manufacturing: In manufacturing, RDM helps manage reference data like product specifications, part numbers, and supplier information.

5. Government: In Government, agencies use RDM to manage reference data such as geographic codes, tax identifiers, and regulatory classifications.

Reference Data Management

Reference Data Management (RDM) is a system designed to gather and organize similar attributes from various source systems into one centralized location and manage them.

Here's a breakdown of how Reference Data Management works:

• Managing Reference Data Units (RDUs): Create and delete RDUs, which act as containers for similar information and help organize and maintain reference data.

• Managing Attributes: Organizing and managing attributes within RDUs to structure and organize reference data is allowed.

• Tracking Metadata Changes: Track and analyze changes to metadata, such as titles, descriptions, and stewardship assignments.

• Audit Trails: Audit trails capture all reference data unit actions and changes, helping track attribute additions, deletions, and modifications over time.

• Collaboration: Collaborate and share information to ensure the correct alignment of all attributes.

• Alerts & Notifications: We trigger alerts and notifications for specific events, such as changes to attributes detected during connector profiling. This ensures that relevant stewards are promptly notified of any modifications to reference data.

• Security Measures: We implemented security measures to protect and safeguard reference data units.

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