Author: Rahul Kamath, Director, Product Management, Oracle Enterprise Performance Management
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
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 so that
front line business users can participate as co-creators within a data
governance change management and remediation workflows alongside
line-of-business approvers and data stewards to apply changes consistently
across consuming, 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
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
For more information on our MDM solutions, visit us at http://www.oracle.com/goto/mdm.