MDM Shouldn’t Be an Obstacle to Success
As businesses expand and the volume and variety and complexity of structured, unstructured and semi-structured big data increases relentlessly, it has become harder to create a consistent and accurate view of master data. Without the right Master Data Management (MDM) strategy, companies often fail to properly collect, store, and interpret business-critical information. What results is a disparate system that leads to poor customer engagement, reduction in supply chain efficiency, concealed risks, and interruption of multichannel product distribution. Additionally, MDM structures need to be “future-proofed,” so that data scientists can leverage AI to its full potential and transform the business.
An effective MDM strategy allows your organization to reconcile data discrepancies across applications and platforms to keep momentum moving forward. In addition, by generating a single source of truth (SSOT) for customer, supplier, product, and other business-related data entities, your organization can:
Make better-informed business decisions
Optimize business processes
Gain a powerful competitive advantage
Trianz Master Data Management Consulting
Digital champions are staying hypercompetitive by using artificial intelligence, machine learning, and analytic tools to turn raw data into actionable information.
What separates digital champions in data management?
Copyright © 2021 Trianz
Our MDM consultants can help you to develop a single, authoritative view of your business-critical data. We achieve this goal by automating the collection and storage of data from diverse sources, including sales, marketing, competitor data, and more.
Here are the steps we take in achieving an effective master data management solution:
First, our consultants determine the data storage solution based on the size and scope of your IT requirements. This can include on-site storage, public cloud, or hybrid infrastructure.
Once the master data is ingested into your new system, a self-service solution ensures employees can access the information required based on their role within the organization. Where appropriate, we will implement MDM analytics tools and services to scan the information, as well as provide customized insights that can help you grow your business. This is also where we future proof your MDM structures for AI initiatives.
Data Governance and Data Quality
Besides the direct analytics of your master data, our MDM strategy improves your data quality by eliminating bad or duplicate data for more efficient storage. In turn, this will cause a reduction in your financial costs and the time used to access and interact with said data.
Master Data Management Requires Data Governance
Copyright © 2021 Trianz
Perhaps the most important reason that companies are seeking MDM services is to make sure they are up-to-date and compliant with laws and regulations that help protect customer data and safeguard company privacy.
A good master data management strategy will keep data governance at the heart of every business decision. This will help streamline necessary audits, make sure your enterprise meets disaster recovery requirements, and help avoid burdensome fines or penalties for failing to comply with regulations like GDPR, CCPA, PCI-DSS, and HIPAA.