During this short OCDQ Radio episode, special guest John Owens and I discuss the difference between metadata and data, explaining that metadata describes the context, structure, and format, whereas data describes the values.Read More
Henrik Liliendahl Sørensen, as usual, is facilitating excellent discussion around master data management (MDM) concepts via his blog. Two of his recent posts, Multi-Entity MDM vs. Multi-Domain MDM and The Real Estate Domain, have both received great commentary. So, in case you missed them, be sure to read those posts, and join in their comment discussions/debates.
A few of the concepts discussed and debated reminded me of the OCDQ Radio episode Demystifying Master Data Management, during which guest John Owens explained the three types of data (Transaction, Domain, Master), the four master data entities (Party, Product, Location, Asset), as well as, and perhaps the most important concept of all, the Party-Role Relationship, which is where we find many of the terms commonly used to describe the Party master data entity (e.g., Customer, Supplier, Employee).
Henrik’s second post touched on Location and Asset, which come up far less often in MDM discussions than Party and Product do, and arguably with understandably good reason. This reminded me of the science fiction metaphor I used during my podcast with John, a metaphor I made in an attempt to help explain the difference and relationship between an Asset and a Location.
Location is often over-identified with postal address, which is actually just one means of referring to a location. A location can also be referred to by its geographic coordinates, either absolute (e.g., latitude and longitude) or relative (e.g., 7 miles northeast of the intersection of Route 66 and Route 54).
Asset refers to a resource owned or controlled by an enterprise and capable of producing business value. Assets are often over-identified with their location, especially real estate assets such as a manufacturing plant or an office building, since they are essentially immovable assets always at a particular location.
However, many assets are movable, such as the equipment used to manufacture products, or the technology used to support employee activities. These assets are not always at a particular location (e.g., laptops and smartphones used by employees) and can also be dependent on other, non-co-located, sub-assets (e.g., replacement parts needed to repair broken equipment).
In Doctor Who, a brilliant British science fiction television program celebrating its 50th anniversary this year, the TARDIS, which stands for Time and Relative Dimension in Space, is the time machine and spaceship the Doctor and his companions travel in.
The TARDIS is arguably the Doctor’s most important asset, but its location changes frequently, both during and across episodes.
So, in MDM, we could say that Location is a time and relative dimension in space where we would currently find an Asset.
During this episode, special guest John Owens and I attempt to demystify master data management (MDM) by explaining the three types of data (Transaction, Domain, Master) and the four master data entities (Party, Product, Location, Asset), as well as, and perhaps the most important concept of all, the Party-Role Relationship, which is where we find many of the terms commonly used to describe the Party master data entity (e.g., Customer, Supplier, Employee).
John Owens is a thought leader, consultant, mentor, and writer in the worlds of business and data modelling, data quality, and master data management (MDM). He has built an international reputation as a highly innovative specialist in these areas and has worked in and led multi-million dollar projects in a wide range of industries around the world.
John Owens has a gift for identifying the underlying simplicity in any enterprise, even when shrouded in complexity, and bringing it to the surface. He is the creator of the Integrated Modelling Method (IMM), which is used by business and data analysts around the world. Later this year, John Owens will be formally launching the IMM Academy, which will provide high quality resources, training, and mentoring for business and data analysts at all levels.
You can also follow John Owens on Twitter and connect with John Owens on Linkedin. And if you’re looking for a MDM course, consider the online course from John Owens, which you can find by clicking on this link: MDM Online Course (Affiliate Link)
Demystifying Master Data Management
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Related OCDQ Radio Episodes
Clicking on the link will take you to the episode’s blog post:
- Master Data Management in Practice — Guests Dalton Cervo and Mark Allen discuss their book MDM in Practice, and how to properly prepare for a new MDM program.
- Data Driven — Guest Tom Redman (aka the “Data Doc”) discusses concepts from one of my favorite data quality books, which is his most recent book: Data Driven: Profiting from Your Most Important Business Asset.
- Making EIM Work for Business — Guest John Ladley discusses his book Making EIM Work for Business, exploring what makes information management, not just useful, but valuable to the enterprise.
- The Higher Education of Data Quality — Guest Mark Horseman discusses data quality and master data management in higher education, which is mostly focused on the challenges of managing data about students, courses, and tuition.
- Redefining Data Quality — Guest Peter Perera discusses his proposed redefinition of data quality, as well as his perspective on the relationship of data quality to master data management and data governance.
- The Johari Window of Data Quality — Guest Martin Doyle discusses helping people better understand their data and assess its business impacts, not just the negative impacts of bad data quality, but also the positive impacts of good data quality.