Benefits of Master
Data Management
360 View of Core Data
Within our digitally powered economy, striving for better data is not enough – it needs to be sustainable. But as businesses continue to hoard data, it becomes almost impossible to separate the valuable from the valueless.
Without a rigorous approach to governance and management of Data, all of it is useless. Master data management (MDM) can help you mitigate this from the very start.
Is it time to clean up your data?
Keep reading as we explain the meaning and purpose of it, and how it brings order to chaos and the many benefits of master data management.
What is Master Data Management?
Master Data is the data at the core of your business. Detailing your customers, your suppliers, your products, and your employees – the entire reason for your business’s existence. Master data management allows you to identify and control your master data from multiple source systems – providing a single point of reference to essential data through implementing processes, governance, and standards.
This enables companies to avoid duplications and data conflicts so departments can work together in synchronicity.
For example, Business X has two source systems for customers, and each has a different email address for their customer Sam Brooks. As these systems are not managed properly, Business X runs the risk of upsetting Sam with irrelevant emails or information that is sent to the wrong place.
If a MDM initiative was in place, their systems would share the same information as the Data would have been managed properly, avoiding damaging customer relations.
Once implemented, MDM can support them in their journey towards becoming data driven.
Ready to get started?
Speak to our Agile Solution's Team on how we can help revolutionize your data and business.
Get in touchAchieve True Customer Centricity
Customer data is and should be one of the most valuable assets of any company. But if it’s providing pockets of insight as and when, and never the full picture, it’s time to take stock of how your customer data is being managed. Download our guide
Download hereReady to get started?
Speak to our Agile Solution's Team on how we can help revolutionize your data and business.
Get in touchAchieve True Customer Centricity
Customer data is and should be one of the most valuable assets of any company. But if it’s providing pockets of insight as and when, and never the full picture, it’s time to take stock of how your customer data is being managed. Download our guide
Download here360 View of Core Data
Within our digitally powered economy, striving for better data is not enough – it needs to be sustainable. But as businesses continue to hoard data, it becomes almost impossible to separate the valuable from the valueless.
Without a rigorous approach to governance and management of Data, all of it is useless. Master data management (MDM) can help you mitigate this from the very start.
Is it time to clean up your data?
Keep reading as we explain the meaning and purpose of it, and how it brings order to chaos and the many benefits of master data management.
What is Master Data Management?
Master Data is the data at the core of your business. Detailing your customers, your suppliers, your products, and your employees – the entire reason for your business’s existence. Master data management allows you to identify and control your master data from multiple source systems – providing a single point of reference to essential data through implementing processes, governance, and standards.
This enables companies to avoid duplications and data conflicts so departments can work together in synchronicity.
For example, Business X has two source systems for customers, and each has a different email address for their customer Sam Brooks. As these systems are not managed properly, Business X runs the risk of upsetting Sam with irrelevant emails or information that is sent to the wrong place.
If a MDM initiative was in place, their systems would share the same information as the Data would have been managed properly, avoiding damaging customer relations.
Once implemented, MDM can support them in their journey towards becoming data driven.
The Agile Approach
Agile Solutions are well placed to advise and implement Master Data Management strategies and toolsets. We work with a number of clients in this area, using technologies such as C360 from Informatica and Semarchy to provide Master Data Management solutions.
Why is it required?
Imagine your business as a jigsaw. Every piece needs to be in the right place for the picture to appear.
It’s the same with data. The data consumers need to be able to trust that the Data is in the right place at the right time – and treated appropriately – for them to access it. If something is out of sync or incompatible, then it will cause problems and prevent progress.
This is why master data management is required.
As businesses grow, they will invest in more relevant touchpoints. More touchpoints across multiple platforms create multiple data sources for that information to stream from. Different streams generate data that is raw and not standardized.
In short, it is scattered.
Scattered data is useless data, and cannot be deemed valuable. Side by side with your data governance framework, master data management can help bring it to one place where it can be organized, managed, and controlled – which delivers trust.
Key benefits of Master Data Management
Every organization is unique in what it would consider a benefit, but there are some core outcomes that any would deem a positive:
Single source of truth
In time, Master Data Management will bring together many disparate and inconsistent sources into one single source of truth, ready to be shared and used across your business. As mastering evolves, a golden record is created that contains the best possible Data – a single source of truth for all across the data democracy to access.
Data Quality
The core of any modern Data platform is accurate golden records of the highest quality and consistency. Master Data Management provides both a suitable place to apply restraints upon incoming raw Data to be managed and improves the inputs for processes further along the Data Governance chain.
Improved operations
From increased accessibility to improved integration, master data management breaks information from silos – improving operational efficiency, and eliminating guesswork.
Clean collection
The source of all data problems can be traced to the collection point. Once automated, MDM will bring optimization to the very start of the collection process – creating inputs that are clean for other downstream processes.
Data Compliance
As consumers become more aware of their personal data, many businesses are under instruction to adhere to regulatory requirements. Legislation like GDPR and the Data Protection Act 2018, among others, give the customer a right to be forgotten. When a customer asks for their Data, or for it to be removed in its entirety, you need to know where it is to achieve their request.
When implemented correctly, MDM can supply you with the answer. It will regulate data, making it easier to show what they have, where they have it, and how they deal with delete requests.
Consistency
Once an MDM platform is in place, it can follow the same pattern of guidelines set by your data governance framework – ensuring consistency and generating trust.
Benefit from the Agile Approach
Agile Solutions is well placed to advise and implement pragmatic strategies and toolsets. We can design a master data management solution that works in parallel with your data strategy and governance policies.
We understand taking the first step towards becoming data driven can mean a shift in culture. From strategy planning to implementation, Agile Solutions can help you at every stage. Book a discovery call to discuss your plans to become data driven.
