By rahulkamath on Aug 07, 2013
I had the pleasure of taking a front seat at the recently concluded MDM & Data Governance Summit 2013 in San Francisco’s Hyatt Fisherman’s Wharf. The session was extremely well attended. Of particular interest were speakers including Doug Cosby, VP Engineering for Oracle Data Relationship Management and Jeff Slatter, Associate Vice President, Finance at TD Bank.
Doug Cosby presented a strong case for master data management in the face of change. He discussed how changes can emerge from a variety of sources ranging from IT complexity, process complexity, new product innovation, regulatory changes, and of course, management injectors such as corporate reorganizations or mergers and acquisitions. He highlighted the use of Oracle Data Relationship Management (DRM) as an enabler of enterprise transformations: financial transformations as they relate to ERP/GL migration, consolidation, rationalization, or coexistence, etc., as well as business transformations including employee, organization, sales, or legal entity restructuring.
At the summit, Oracle announced a new module named Oracle Data Relationship Governance (DRG).
This announcement is significant for a number of reasons. First, this represents Oracle’s response to considerable demand in a new and exciting area of new product innovation. Hundreds of existing multi-national enterprise customers of Oracle Data Relationship Management (DRM) have long requested the ability to develop their own configuration-based workflow models to complement the implementation of multiple business entities for enterprise information management purposes.
Second, this module is a standalone data governance solution from the Oracle Master Data Management product family that helps companies model any business entity of their choice, specify its attribution, related business rules and then construct workflow models – through pure configuration – to create complex multi-stage workflows. With this approach, front line business users can participate as co-creators via change management and remediation workflows alongside line-of-business approvers as well as data stewards who ultimately are responsible for promoting valid changes to downstream applications including front-office, back-office, finance, HR and business analytics.
Jeff Slatter of TD Bank, the sixed largest bank in North America, gave a great testimonial of how change management and governance are critical for the finance function at this dynamic financial institution as it charts its growth path through both organic growth and acquisitions.
Jeff described how implementing an enterprise dimension management program allowed TD Bank to reduce the number of touch points for changes by 72%. Prior maintenance processes were manual, intensive and error prone. By consolidating, streamlining and aligning various user communities across operations and analytics, the bank was able to reduce the number of hierarchies and related attribution by over 80%.
Business users – instead of creating their own version – now are inclined to consume either the master default hierarchy or select from a set of alternate hierarchies as have been ordained by the cross-functional governance organization to build reports that are guaranteed to reconcile correctly. Custom hierarchies are clearly identifiable for specific needs that are not met by either the master or alternate hierarchies. The whole change management process relies on an efficient, scalable and shared system of entry and source of truth. Changes are processed with quick turnaround times, accuracy and data quality while new requests for hierarchies can be turned around within less than a day versus taking well over two weeks previously. DRM enables a self-service MDM environment for business users, who are further able to run what-if scenarios on-demand to evaluate the impact of planned changes. Once finalized, these changes can then be committed to production in ‘real time’ – enabling flexible, agile, real-time business processes.
For more information on Oracle MDM solutions, visit us at http://www.oracle.com/goto/mdm.