More companies are now looking to implement Master Data Management as data becomes increasingly crucial to business operations. Due its importance, there are now significant ramifications for the way in which enterprises manage and maintain the integrity of data.
In fact, a whitepaper from Stibo Systems insists that the need to create, manage, and deliver a single version of the truth is crucial to digital and customer experience. However, executing this is also “more challenging than ever.”
Why Master Data Management?
Today, the ubiquitous use of mobile, IoT, and the cloud produces an overwhelming volume of data. As a result, more companies are now choosing to implement Master Data Management (MDM) in order to make data-driven decisions.
As the report observes, MDM provides complete, consistent access and visibility of product, customer, location, employee and supplier data. Indeed, it also enables an entire organisation to “make data-driven decisions that provide operational agility, time-to-value and revenue generation.”
Whether a company realises it or not, organisations now collect master data from more sources than ever before. For example, organisations derive customer information from loyalty programs, e-commerce sales, service calls, surveys, and third-party sources.
This is also true of product data, which results in a “vast deluge of streaming master data” from locations, customers, suppliers, and manufacturers. While leveraging incoming master data provides vital intelligence, many organisations are failing to take advantage of this critical corporate asset.
Why should you implement Master Data Management?
In effect, MDM enables companies to acquire, manage, and provide access to data that supports digital transformation. As the report notes, MDM creates a “complete end-to-end solution that drives innovation and achieves better business outcomes.”
MDM also improves data quality, as it effectively consolidates, cleanses, enhances, and governs data. Moreover, a recent study rom Aberdeen Group found MDM cuts labour costs by 67%.
In addition to this, MDM improves efficiency throughout the entire product and supply chain. Enterprises can thus “efficiently set product deadlines, establish milestones and handle change orders in seconds.”
MDM also provides a complete and reliable view of customers, which allows companies to supply premier personalisation and customer-centric targeting. Overall, it allows companies to provide exceptional customer experience.
MDM allows all relevant departments to access customer information at a glance, which is ultimately necessary to delivering outstanding service. Finally, MDM helps companies to achieve regulation and compliance, including GDPR.