How Master Data Management helps enterprises to be successful with quality Data?
As the enterprises keep growing, they come across many challenges with Data. The correct and useful data adds more value to your business and on the contrary, inaccurate or poor data quality can have a huge impact on your business too, as most of the enterprises’ vital decisions depend on the data. Many enterprises now realize the importance of accurate, reliable, consistent, and high-quality data for their success.
Master Data Management is linking all the important elements of an Entity (customer, product, vendor, location, etc.) Data of an enterprise to a single point of Reference. MDM helps to make the business processes less redundant and also contributes to reduced errors.
Some of the reasons why Enterprises are opting for Master Data Management services include.
- Better managing marketing efforts
- Increasing customer retention
- Improving customer service
- Predicting sales trends
- Tracking social media Interaction
- Improving customer loyalty
- Ensuring customer privacy
Let us discuss some of the challenges of Master Data Management.
Data Quality – There are different versions of data available in any enterprise. The sources of the data might be coming from organizational functions, systems, locations, and Integration of the data is always a Challenge.
Lack of Data Governance – It is a challenge for enterprises to maintain Data Accuracy and security without the effort of collaborative authorization of data.
Data Replication – As the data is sourced from multiple sources, enterprises face the challenges of duplication of data which can have a huge impact on the Business Processes.
MDM is the most ideal solution for all your data problems and lets us understand why.
Critical and key business users in the enterprise can manage the master data with the help of robust processes and technology enablement provided by IT teams. MDM is not just possible only by IT or business teams in isolation. While IT can enable the technology, business teams need to participate in the process. Data Stewards have the access to reject or approve the data. The data quality controls entirely depend on the data stewards. Any change request in the master data can be made only after the approval from the Right authorities / Data Owners.
There are different flavors of MDM, centralized, registry model, collaborative and decentralized. With a single owner of the master data, you can centrally manage the data or de-centrally which are owned by the multiple entities.
With MDM solutions, there is a considerable amount of improvement in Data Quality and also business operations. Furthermore, you can also rely on a single source of truth of multiple systems. MDM includes the process of cleansing, integration, and transformation by enabling enterprises to experience, up-to-date, accurate, consistent, and publishing the unique golden records to be used in the downstream systems or often reference back to the source systems, MDM is also a key step to create the customer 360, degree view initiatives which help the organization to view the holistic view of the customer interactions with the enterprise.
Benefits of Master Data Management.
Improved Return on your Investment – With the availability of the right and high-Quality data standards, Enterprises can make swift and correct decisions that ultimately contribute to the businesses.
Better Data Compliance – MDM helps to minimize the chances of security breaches and provide Better Data compliance.
Faster Turn Around – MDM helps in automating the process with total error-free and saves enormous amounts of time.
Better Customer Service – By viewing the right historical Data of the Customers, Enterprises can predict well their customer’s behaviors and make sound decisions.
De-Duplicated Master Data – This helps automatically detecting the duplicate records instantly and creating a “Golden Record” for your key Master Data Objects.
Master Data Management and Data Governance Solutions count on Amurta’s DIP and Master Data Management platform that comes with very rich functionalities that are required by small to large enterprises globally. Please do contact us at +1 888 840 0098 or you can email us at sales@amurta.com and we would be happy to assist you.
